Takeovers Panel Makes New Restraining Order On Millstream Equities Limited

06 July 2001

The Takeovers Panel has made a further order restraining Millstream Equities Limited from acquiring securities or any interest in or rights relating to securities in Montana Group (NZ) Limited unless in compliance with the Takeovers Code.

The restraining order is for 21 days from today. It follows an initial order restraining Millstream Equities Limited made by the Panel on Sunday 1 July.

The Panel met in Auckland today to consider whether Millstream Equities Limited had acted in compliance with the Takeovers Code when it announced on 29 June 2001 that it had made an "irrevocable promise" to shareholders of Montana Group (NZ) Limited to purchase their shares at a price of $4.80 per share.

The Takeovers Panel heard from representatives of Allied Domecq Plc/Millstream Equities Limited and Lion Nathan Limited.

The Panel decided that Millstream Equities Limited intended not to act in compliance with the Takeovers Code and made the subsequent restraining order.

A copy of the decision of the Panel will be available from the Secretary of the Panel at the above address on Monday.