GWR GROUP LIMITED — M&A Activity 2008

Feb 19, 2008

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T a k e o v e r s

P a n e l

MEDIA RELEASE

No: 14/2008

Wednesday, 20 February 2008

Golden West Resources Limited 03R – Golden West Resources Withdraws Application

The Panel advises that it has consented to Golden West Resources Limited’s ( GWR ) request to withdraw its review application to the Panel dated 13 February 2008 of the Panel’s decision not to make a declaration of unacceptable circumstances in relation to an application from GWR dated 30 January 2008 (see TP08/03) (see TP08/07).

GWR informed the Panel that it has made the request to withdraw its review application on the basis that the matter before the Panel is considered by GWR to properly be a matter of dispute between a current and former shareholder of GWR, and it is not appropriate for GWR to expend shareholders’ funds on the matter.

Having regard, among other things, to the application being a review of an earlier Panel decision, the Panel is satisfied that it is not against the public interest to consent to GWR withdrawing its application. On this basis, the Panel has accepted GWR’s request to withdraw its application.

The sitting Panel for the proceedings was Irene Lee, Simon McKeon (President) and Norman O’Bryan.

Allan Bulman Director, Takeovers Panel Level 47, 80 Collins Street Melbourne, VIC 3000 Ph: +61 3 9655 3597 allan.bulman@takeovers.gov.au