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.

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.

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.

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.