Breakfree 04(R) – Review Panel Publishes Reasons [05/04/2004] The Takeovers Panel

Monday, 05 April 2004

BREAKFREE 04(R) - REVIEW PANEL PUBLISHES REASONS

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

The Proceedings related to a declaration made on 24 October 2003 and announced on 27 October 2003 that unacceptable circumstances existed in relation to the affairs of BreakFree, in proceedings at first instance brought by BreakFree (BreakFree 04) concerning an announcement by S8 Limited that it would not proceed with a scrip bid for shares in BreakFree (see media release TP 106/2003).

S8 applied for review of that decision within the two-day limit for applications for review, but before the BreakFree 04 Panel had decided what orders to make, if any. In the event, no orders were made.

Once the BreakFree 04 proceedings were complete, the Review Panel reviewed the decision to make the declaration, and on 18 December 2003 announced that it had upheld and expanded the declaration, on slightly different grounds (see media release TP 03/123).

The reasons of the Review Panel in the Proceedings are available on the Panel’s website at: Decisions and the earlier Panel media releases mentioned in this media release are 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