Anaconda Nickel Limited 16 – Interim Orders Made in Relation to Anaconda 16 Application [26/02/2003] The Takeovers Panel

Wednesday, 26 February 2003

INTERIM ORDERS MADE IN RELATION TO ANACONDA 16 APPLICATION

The Panel advises that on Friday 21 February it made interim orders in relation to the Anaconda 16 application.

The application for the interim order was from Anaconda Nickel Ltd (Anaconda) and formed part of the Anaconda 16 application by Anaconda.

The Anaconda 16 application relates, amongst other things, to an agreement between a subsidiary of MatlinPatterson Global Opportunities Partners LP (MP Global) and Australian Investments United Pty Ltd (AIU) under which MP Global seeks to transfer certain shares, being approximately 6% of Anaconda, to AIU.

The shares sought to be transferred under the agreement are the shares in Anaconda allotted to MP Global under applications made by MP Global pursuant to the exercise of Anaconda rights which resulted in MP Global holding shares in excess of the proportion that it held at midnight on 13 February 2003, at the close of the Rights Offer (Excess Shares).

The Panel's interim orders seek to maintain the current circumstances until the Panel has dealt with the whole application.

The sitting Panel is currently taking submissions from persons potentially involved in the Anaconda 16 application and therefore has not yet formed views on the application.

Nigel Morris,
Director, Takeovers Panel
Level 47 Nauru House,
80 Collins Street, Melbourne VIC 3000
Ph: +61 3 9655 3501
nigel.morris@takeovers.gov.au