Austral Coal Limited 03 - Panel Publishes Reasons

The Takeovers Panel (the Panel) has today, published its reasons for its decision in relation to an application by Glencore International A.G. and Fornax Investments Limited (together, Glencore) received on 4 July 2005 in relation to the affairs of Austral Coal Limited (Austral). Details of the Panel's decision were announced on 8 July 2005 in Panel media release TP05/51 This release is available on the Panel's website at: Media Releases.

Austral Coal Limited 03(R) - Panel Publishes Reasons

The Takeovers Panel (the Panel) has today, published its reasons for its decision in relation to an application by Glencore International A.G. and Fornax Investments Limited (together, Glencore) received on 12 July 2005 for review of the Panel's decision in the Austral Coal 03 Proceedings in relation to the affairs of Austral Coal Limited (Austral). The President of the Panel declined to consent to the application for review.

Austral Coal Limited 03

These are the Panel’s reasons for declining to grant an extension of time under section 657C(3)(b) of the Corporations Act to permit an application by Glencore International A.G. and Fornax Investments Limited in relation to the affairs of Austral Coal Limited.

Austral Coal Limited 02 & 02(R) - Panel Publishes Reasons

The Takeovers Panel (the Panel) has today, published its reasons for its decision in relation to an application by Glencore International A.G. and Fornax Investments Limited (together, Glencore) and an additional application by ABN AMRO Bank N.V., Australian Branch (ABM AMRO), under section 657EA of the Corporations Act 2001 (Cth) (the Act) dated 30 June 2005 in relation to the affairs of Austral Coal Limited (Austral). Glencore and ABN AMRO applied to the Panel for a review of the decision of the sitting Panel (Initial Panel) in the Austral Coal Limited 02 proceedings (Austral 02) to make a declaration of unacceptable circumstances and final orders.

Austral Coal Limited 02R

These are the Panel’s reasons for its decision to make a declaration of unacceptable circumstances and final orders in relation to the failure by Glencore to disclose its combined direct holding and holdings of Hedge Shares under equity swaps it arranged in relation to Austral Coal on 22 March 2005, the day after this “Combined Holding” exceeded 5%, and Glencore’s failure to disclose 1% increases in the Combined Holding until Glencore’s announcements on 4 and 5 April 2005.

Austral Coal Limited 02

These are the Panel’s reasons for its decision to make a declaration of unacceptable circumstances and final orders in relation to the failure by Glencore to make timely disclosure regarding equity swap arrangements it entered into in relation to Austral Coal, which is the subject of a takeover offer by Centennial.
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