The Takeovers Panel advises that it has today released its final policy on Lock-Up devices. The final version follows public consultation on a draft which the Panel released on 2 August. Lock-up devices include Break Fees, No-Shop and No-Talk Agreements, and Asset Lock-up Agreements.

The Director of the Panel, Mr. Nigel Morris, said that the Panel was pleased to have received very positive market response to the draft, and the underlying policy has changed little, although the text has been reworked in some areas to make it more useable, in response to feedback received.

The Panel advises that it has declined to make a declaration of unacceptable circumstances and final orders in relation to one of the applications by AngloGold concerning the proposed bid by Newmont Mining Corporation for Normandy Mining (the Normandy No.2 application).

The Panel advises that it has reached a decision on the application by Newmont Mining Corporation concerning the modified handling fees that AngloGold announced on 3 December. The modified handling fees were to be payable to brokers whose clients accepted AngloGold's offer for Normandy on or before 11 December 2001.

The Panel advises that it has today received an application by Newmont in relation to the current bid by AngloGold for Normandy. The application relates to AngloGold's announcement yesterday concerning modified handling fees payable to brokers under its bid. The application is for interim and final orders and for a declaration of unacceptable circumstances under section 657A of the Corporations Act.

The Panel advises that the Pinnacle No.11 Panel has today published the reasons for its decision to make a declaration of unacceptable circumstances and final orders in relation to Vanteck (VRB) Technology Corp's (Vanteck) takeover bid for Pinnacle VRB Ltd (Pinnacle).

The Panel advises that it has commenced proceedings in an application by AngloGold in relation to the proposed bid by Newmont Mining for Normandy. The application is for a declaration of unacceptable circumstances under section 657A of the Corporations Act.

The Panel has decided to consider whether documents setting out the terms of the Plan of Arrangement, which Newmont and Franco-Nevada announced on 14 November had been agreed between them, should be disclosed to the market and to Normandy shareholders.

The Takeovers Panel advises that it has finalised its Rules for Proceedings, and has posted them on its website.

The Panel had been operating on draft Rules while the draft was out for public consultation.

The revised Rules take into account the comments received by interested practitioners and market participants.

The President of the Panel, Mr Simon McKeon, said that he was very pleased with the input from market practitioners, which the Panel considers vitally important to its efficient and effective operation.

The Panel advises that it yesterday received a further application by AngloGold in relation to the proposed bid by Newmont Mining Corporation for Normandy. The application seeks a declaration of unacceptable circumstances in relation to a break fee which was agreed in a deed of undertaking dated 14 November 2001 between Normandy and Newmont.

Under the break fee arrangement Normandy agrees, in certain circumstances where Newmont's bid is not successful, to pay various costs incurred by Newmont up to a cap of A$38.33 million.

The Panel advises that it has today received an application by AngloGold in relation to the proposed bid by Newmont Mining Corporation for Normandy. The application is for a declaration of unacceptable circumstances under section 657A of the Corporations Act.

AngloGold had asserted that

The Panel advises that it has today ended the interim order under section 657E of the Corporations Act that it made on 22 November 2001. Normandy Mining is now free to dispatch its target's statement. Anglogold applied last week to the Panel for an interim order concerning Normandy's target's statement in response to AngloGold's takeover bid for Normandy.