BreakFree Limited 02 – Panel Affirms ASIC Decision [10/09/2003] The Takeovers Panel

Wednesday, 10 September 2003

BREAKFREE 02 - PANEL AFFIRMS ASIC DECISION

The Takeovers Panel advises that it has decided to affirm the decision by the Australian Securities & Investments Commission to refuse to consent under ASIC Class Order 00/0344 to the early dispatch of an amended bidder's statement from S8 Limited (S8) concerning its takeover bid for BreakFree Limited (BreakFree).

S8 announced its takeover bid on 11 July 2003. The amended bidder's statement consolidates the original statement dated 19 August 2003 with the supplementary statement dated 2 September 2003.

The Panel concluded that there were substantive issues in the continuing dispute between BreakFree and S8 as to whether aspects of the amended bidder's statement are misleading in a material respect. On that basis, the Panel agreed with ASIC that it was not appropriate to consent to the early dispatch of the bidder's statement.

The Panel will post its full reasons for this decision on its website www.takeovers.gov.au when they have been settled.

The sitting Panel for the proceedings was Kathleen Farrell (sitting President), Peter Cameron (sitting deputy President) and Meredith Hellicar.

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