Prudential Investment Company of Australia Limited – Panel Publishes Reasons [01/03/2004] The Takeovers Panel

Monday, 1 March 2004

PRUDENTIAL INVESTMENT COMPANY OF AUSTRALIA 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 Prudential Investment Company of Australia Limited (Prudential).

The Proceedings arose from an application made on 3 October2003 FEXCO Investments Australia Pty Limited (FIA) concerning the refusal by the Australian Securities and Investments Commission (ASIC) to modify an instrument granted by ASIC under section 655A of the Corporations Act 2001 in relation to the off-market joint takeover bid by FIA for all of the issued ordinary shares in Prudential.

The Proceedings concluded with the Panel making a declaration amending the instrument issued by ASIC. The conclusion of the Proceedings was announced on 21 October 2003 in Panel media release TP 03/104.

The Panel was Andrew Knox (sitting President), Karen Wood and Elizabeth Alexander.

The reasons of the Panel in the Proceedings are available on the Panel’s website at: Decisions

The earlier Panel media release mentioned in this media release is available on the Panel’s website at: Media Releases

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