Great Mines Limited – Panel Publishes Reasons [06/02/2004] The Takeovers Panel

Friday, 6 February 2004

GREAT MINES LIMITED – PANEL PUBLISHES REASONS

The Takeovers Panel has today published the reasons for the decision of the Panel in the proceedings (the Proceedings) relating to Great Mines Limited (GML).

The Proceedings arose from an application made on 10 December 2003 by the Australian Securities and Investments Commission (ASIC) in relation to the off-market scrip takeover bid of Citigold Corporation Limited (CTO) for all of the issued ordinary shares in GML.

The Proceedings concluded following acceptance by the Panel of undertakings provided by CTO. The conclusion of the Proceedings was announced on 9 January 2004 in Panel media release TP 04/04.

The Panel was Chris Photakis (sitting President), Marie McDonald and Simon Withers.

The reasons of the Initial Panel in the Proceedings are available on the Panel’s website.

The earlier Panel media releases mentioned in this media release are available on the Panel’s website.

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