AMP Shopping Centre Trust 02 – Review Application in Relation to AMP Shopping Centre Trust [15/05/2003] The Takeovers Panel

Thursday, 15 May 2003

REVIEW APPLICATION IN RELATION TO AMP SHOPPING CENTRE TRUST (No 1)

The Panel advises that today it has received an application for review of the AMP Shopping Centre Trust (No. 1) (ART) decision in relation to the affairs of ART.

The application from AMP Life Limited (AMP Life) seeks a review of the decision of the Sitting Panel to make a declaration of unacceptable circumstances and orders preventing ART's interests in five major shopping centres being bought out solely because AMP Henderson Global Investors Ltd. is removed as Responsible Entity of ART following a successful takeover bid for ART.

AMP Life submits that the orders made by the Sitting Panel are beyond the power of the Panel, are not appropriate orders for the Sitting Panel to make and are a manifestly incorrect decision.

The Sitting Review Panel has not yet sought the views of persons affected and therefore has not yet formed any views on the application.

The President of the Panel has appointed Michael Tilley, Karen Wood and Denis Byrne to be the Sitting Review Panel to consider 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