Emperor Mines Limited 01

These are the Panel’s reasons for making a declaration of unacceptable circumstances and orders concerning the affairs of Emperor Mines Ltd. The declaration and orders related to a rights issue proposed by Emperor and supported by its major shareholder, Durban Roodeport Deep Ltd. The rights issue was pitched at a ratio of four rights for every ten shares held. It was non-renounceable and priced at $0.45, which was a discount of 33% to the market price of Emperor shares immediately before the announcement of the Rights Issue. The Panel’s orders were directed at reducing the likelihood of DRD consolidating control of Emperor at a deep discount and where other shareholders did not have a reasonable and equal opportunity to share in the benefits which would flow to DRD.

Skywest Limited 04

These are our reasons for making a declaration of unacceptable circumstances and final orders in relation to offers to acquire options made during the off-market takeover bid by CaptiveVision Capital Limited for all of the issued shares in Skywest Limited.

General Property Trust - Panel Publishes Reasons

The Takeovers Panel has today published the reasons for its decision in relation the application from GPT Management Limited as responsible entity of General Property Trust (GPT) dated 3 December 2004 alleging unacceptable circumstances in relation to the off-market takeover bid by Stockland Trust Management Limited as the responsible entity for Stockland Trust for all the ordinary units in GPT.

Australian Leisure & Hospitality Group Limited 03 - Panel Publishes Reasons

The Takeovers Panel (the Panel) has today published the reasons for its decision in relation to the application from CMM Hotel & Retail Investments Pty Ltd dated 18 October 2004 alleging unacceptable circumstances in relation to the off-market takeover bid by Bruandwo Pty Limited for all the ordinary shares in Australian Leisure & Hospitality Group Limited.

Details of the Panel’s decision were announced on 22 October 2004 in Panel media release TP04/99, available on the Panel’s website at: Media Releases.

General Property Trust

These are the Panel’s reasons for concluding proceedings without making a declaration of unacceptable circumstances and orders concerning the affairs of General Property Trust. The Panel accepted an undertaking from Stockland Trust to send a supplementary bidder’s statement with Stockland’s bidder’s statement, in a form approved by the Panel, which addressed the Panel’s concerns. Stockland's bid for all of the units of GPT offered Stockland securities as consideration. The Panel was concerned about the date selected by Stockland to value the securities it was offering as consideration and the date Stockland selected to value GPT units when discussing the value of its bid and comparing that value to the value of GPT units.

Australian Leisure and Hospitality Group Limited 03

These are the Panel’s reasons for: (a) making interim orders on 18 October 2004, extending the closing date of Bruandwo Pty Ltd’s bid for all of the shares in Australian Leisure & Hospitality Group Ltd; and (b) accepting undertakings from Bruandwo Pty Ltd, to resolve the application by CMM Hotel & Retail Investments Pty Ltd in relation to the affairs of Australian Leisure & Hospitality Group Ltd.