International Marine Services Limited and Submarines Australasia Limited may not intend to comply with the Takeovers Code

25 November 2002

Submarines Australasia Limited (SAL) recently sent a notice of meeting to its shareholders including notice of a proposed allotment of 10,000,000 SAL shares to International Marine Services Limited (IMSL).

The Takeovers Code requires that the notice of meeting include a statement whether there is any agreement between IMSL and any other person about the allotment, holding or control of the shares to be allotted, or about the exercise of the voting rights.

The notice did not include the statement, and therefore may not comply with the Code. Any subsequent allotment of shares by SAL to IMSL could therefore be made on the basis of a notice of meeting which may not comply with the Code.

The Takeovers Panel considers that SAL and IMSL may not have acted or may not be acting or may intend not to act in compliance with the code.

The Panel will meet to determine whether to exercise its powers under section 32 of the Takeovers Act at 10am on Wednesday 27 November 2002. The meeting will be a private meeting.

The Panel's notice of meeting is published on its website.