PowerTel Limited 03 – Panel Appointed for Third Application in Relation to PowerTel [05/08/2003] The Takeovers Panel

Tuesday, 5 August 2003

PANEL APPOINTED FOR THIRD APPLICATION IN RELATION TO POWERTEL

The Takeovers Panel advises that the President of the Panel has now appointed a Sitting Panel to consider the application received from the Roslyndale Syndicate (Roslyndale) seeking a declaration of unacceptable circumstances in relation to the affairs of PowerTel Limited (PowerTel). The application relates to the takeover bid announced by TVG Consolidation Holdings SPRL (TVG) for all of PowerTel's shares.

The sitting Panel comprises Teresa Handicott, Carol Buys and Chris Photakis.

The Panel also notes a correction to its media release dated 30 July 2003 in relation to Roslyndale's current application.

In that media release, it was stated that Roslyndale asserted that there is an agreement, arrangement or understanding between TVG, WilTel (PowerTel's major shareholder) and/or PowerTel in breach of section 606 of the Act. In fact, Roslyndale did not make such an assertion. Roslyndale did ask the Panel to make an inquiry to determine whether there was any agreement, arrangement or understanding between them in relation to the bid or the variation of the bid.

The Panel has not yet sought the views of the parties affected by the application and so has not yet formed any views in relation to it.

George Durbridge,
Director, Takeovers Panel
Level 47 Nauru House,
80 Collins Street, Melbourne VIC 3000
Ph: +61 3 9655 3553
george.durbridge@takeovers.gov.au