The Takeovers Panel has today published the reasons for the decision of the Panel in the proceedings relating to Great Mines Limited (GML).

The Panel has been informed that there is market interest in the progress of this matter. Accordingly, it wishes to inform the market that it has decided to conduct a proceeding with respect to the application from Village Roadshow Limited (VRL) dated 23 January 2004 which was the subject of Panel media release TP 04/08, released on 29 January 2004.

The Panel has received an application from Village Roadshow Limited dated 23 January 2004 alleging that unacceptable circumstances arise as a result of alleged contraventions of section 672B of the Corporations Act 2001 (Cth) (Act).

The Panel announces that on 27 January 2004, it received an application from Mildura Investment Company Pty Limited pursuant to section 657A of the Corporations Act 2001 (Cth) (the Act) for a declaration of unacceptable circumstances in relation to MIC’s takeover bid for all of the ordinary shares in The Mildura Co-Operative Fruit Company Limited.

The Takeovers Panel has received an assurance from Messrs PJ & JP O’Shea that they will provide additional evidence supporting their application to the Panel concerning the Pre-Bid Agreement between FKP Limited and two substantial shareholders in Forest Place relating to the current bid by FKP for shares in Forest Place.

The Panel has concluded the proceeding held as a result of the application made by Novus Petroleum Limited on 6 January 2004 following acceptance by the Panel of undertakings to the Panel provided by Medco Energi (Australia) Pty Ltd, which has made an off-market cash takeover bid for shares in NVS.

The Panel has concluded the proceeding arising from the application made by the Australian Securities and Investments Commission (ASIC) on 10 December 2003 alleging unacceptable circumstances in relation to the off market scrip takeover bid of Citigold Corporation Limited for all of the issued ordinary shares in Great Mines Limited.

The Panel has received an application from Peter Joseph O’Shea and John Patrick O’Shea dated 7 January 2004 alleging unacceptable circumstances in relation to the affairs of Forest Place Group Limited.

The Panel wishes to correct its announcement earlier today regarding the application from Messrs Peter and John O’Shea in relation to Forest Place Group Limited.

The Panel has received an application from Novus Petroleum Limited (NVS) dated 6 January 2004 alleging unacceptable circumstances in relation to the off-market takeover bid by Medco Energi (Australia) Pty Ltd for all of the issued ordinary shares in NVS