Takeovers Panel Issues Restraining Order on Millstream Equities Limited

01 July 2001

The Takeovers Panel has made an 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.

This follows an announcement on 29 June 2001 that Millstream Equities Limited 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 considers that that may have the effect of increasing the percentage of voting rights held by Millstream Equities Limited and controlled by Allied Domecq Plc.

The Panel considers that Millstream Equities Limited and/or Allied Domecq Plc "may not have acted or may not be acting or may intend not to act" in compliance with the Takeovers Code. On the information available to the Panel it is not currently satisfied that section 23(b) of the Takeovers Act 1993 exempts Millstream Equities Limited and/or Allied Domecq Plc from compliance with the Takeovers Code.

The Panel will hold a meeting to determine whether to exercise its powers under section 32. The meeting will be held on Friday 6th July 2001. The meeting will not be open to the public.

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Contact: David Jones, Deputy Chairperson of the Takeovers Panel, phone 09 367 8791