Cobra Rescources Limited – Panel Makes Interim Orders in Cobra Rescources Limited Proceedings [20/05/2003] The Takeovers Panel

Tuesday, 20 May 2003

PANEL MAKES INTERIM ORDERS IN COBRA RESOURCES LIMITED PROCEEDINGS

The Panel advises that it has today made interim orders in relation to the Cobra Resources Limited proceedings.

The application from the Australian Securities and Investments Commission is in connection with Mr Terry Norman Stephens' announcements on 28 April 2003 and 5 May 2003 of his intention to make a takeover bid for all the share capital of Cobra, and other circumstances surrounding the offer.

The Panel has made interim orders that Mr Stephens not:

(a) dispatch the Bidder's Statement to Cobra shareholders; or

(b) acquire any Cobra shares, where this would result in his voting power in Cobra exceeding 20%,

until the Panel has made its decision in these proceedings.

The Panel notes that Mr Stephens offered to provide these undertakings. However, the Panel believed that Cobra shareholders and the market would have greater certainty in relation to the affairs of Cobra and a quicker process if it made interim orders with immediate effect, rather than proceeding by way of signed undertakings.

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

The sitting Panel has not yet received submissions in the Cobra proceedings 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