The Australian Securities and Investments Commission (ASIC) today applied to the Takeovers Panel for a declaration of unacceptable circumstances in relation to the affairs of Cobra Resources Limited (Cobra).

On 7 May 2003, Cobra released an announcement to the Australian Stock Exchange (ASX) which attached a document titled ‘Bidders Statement’ (sic) received from Mr Terry Stephens on 6 May 2003.

The Bidder’s statement has not been lodged with ASIC, as required under the Corporations Act.

On 8 May 2003, ASIC sent a letter to Mr Stephens setting out concerns in relation to alleged substantial procedural and disclosure breaches of the Corporations Act and the ASX Business Rules, requesting that the concerns be addressed.

ASIC is concerned that there is uncertainty in relation to the status of the bid, which could result in the market being uninformed.

ASIC has applied to the Takeovers Panel for orders that Mr Stephens be restrained from proceeding with the bid.

ASIC is unable to comment further on the matter while it is before the Takeovers Panel.