These are the Panel's Reasons for declining an application by MP Global under section 656A of the Corporations Act to vary a decision by ASIC to refuse to grant relief to MP Global to allow it to exercise all the Anaconda Rights it acquired under its Rights Offer, regardless of the number of Old Shares acquired under MP Global's Share Offer.

These are our reasons for deciding to make a declaration of unacceptable circumstances in relation to the affairs of Anaconda Nickel Limited following the acquisition of 41.5% of the New Shares in Anaconda by MP Global in circumstances where it was only entitled to acquire 35%. The Panel proposed orders requiring the Excess Shares to be sold by a stockbroker nominated by ASIC, but postponed making the orders pending the outcome of an application made by MP Global for a review of this decision.

These are the Review Panel's Reasons for: affirming the decision of the Anaconda 02-05 Panel to make an interim order requiring MP Global to advise the market of its intentions concerning the Independent Expert Condition in its Rights Offer and Share Offer; and requiring MP Global to make a similar announcement to the market concerning the ASIC Relief Condition in its Rights Offer and Share Offer.

These are our reasons for declining to make a declaration of unacceptable circumstances in response to an application by Hunter Hall Investment Management Limited (Hunter Hall) in its capacity as responsible entity for the Australian Value Trust, the Value Growth Trust and the International Ethical Fund under section 657C of the Corporations Act 2001 (Cth) (Act) dated 17 April 2003 (Application). Hunter Hall had applied to the Takeovers Panel (Panel) for a declaration of unacceptable circumstances and interim and final orders in connection with a takeover bid by Cephalon Australia Pty Limited (Cephalon) for all the shares in Sirtex Medical Limited (Sirtex).