AuIron Energy Limited – Panel Publishes Reasons [04/12/2003] The Takeovers Panel

Thursday, 4 December 2003

AUIRON ENERGY LTD: PANEL PUBISHES REASONS

The Panel has today published the reasons for its decision in the proceedings (the Proceedings) relating to AuIron Energy Ltd (AuIron).

The Proceedings arose from an application made on 10 September 2003 by Westchester Financial Services Pty Limited (Westchester) in relation to the affairs of AuIron. The Proceedings considered, amongst other things, the information provided to shareholders for the purposes of a general meeting held to seek shareholder approval of the acquisition by AuIron of the Yarrabee Coal Company Pty Ltd, in exchange for a substantial interest in AuIron. The Panel decided to make no declaration or final order. The conclusion of the Proceedings was announced on 22 September 2003 in Panel media release TP 03/88.

The Panel was Jeremy Schultz (sitting President), Marian Micalizzi and Alice McCleary.

The reasons of the Panel in the Proceedings are available on the Panel's website at: http://www.takeovers.gov.au/Content/Decisions/decisions.asp

The earlier Panel media release mentioned in this media release is available on the Panel's website at: http://www.takeovers.au/Content/MediaReleases/MediaReleases.asp

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