27 September 2005

The Takeovers Panel met on 20 September 2005 to consider complaints by Peter Yealands Investments Limited and Mr David Rankin about the target company statement issued by Oyster Bay Marlborough Vineyards Limited in response to Delegat's Wine Estate Limited's partial takeover offer of 7 July 2005. That offer closed on 19 September 2005.

The Panel found that it was not satisfied that Oyster Bay complied with the Code in that the target company statement omitted information about the market value, encumbered and unencumbered, of Oyster Bay's freehold and leasehold vineyards that could reasonably have been expected to be material to decisions by Oyster Bay's shareholders to accept or reject Delegat's offer.

The Panel has released a detailed statement of reasons for its decision.

The statement of reasons is being released to the public as part of Panel's function to promote public understanding of takeovers law and practice.