Ann: TOV: Energy Resources of Australia Ltd Review Panel Decision, page-2

This day RIO received adverse legal judgment, the RIO Board losing comprehensively in the dock and on appeal. Text of the judgement below, not happy reading for RIO sholders, given the RIO Board's already tarnished reputation.

ERA is now worth a hell of a lot more IMHO, and the assets can be turned around out of RIO's dealings with them.

Great day for ERA sholders. I wonder whether it is now worth the higher multiples and the $720 million that everyone has been saying and not the lowball $85.42 million. Mind you RIO will receive the benefit of the increase in ERA's market cap, but will now have to functionally deal with the mining and the asset.

Energy Resources of Australia Limited 02R – Review Panel Decision

The review Panel has affirmed the decision of the initial Panel to make a declaration of unacceptable circumstances in Energy Resources of Australia Limited (Annexure A) and varied the initial Panel’s orders (Annexure B). The review Panel was satisfied that orders prohibiting Rio Tinto1 from compulsorily acquiring shares in Energy Resources of Australia Limited (ERA) as a consequence of ERA’s entitlement offer would be unfairly prejudicial to Rio Tinto and therefore removed those orders. The review Panel considered it was appropriate to require Rio Tinto to formintentions regarding compulsory acquisition in the event that Rio Tinto becomes a 90% holder in ERA’s ordinary shares (as a result of the entitlement offer and underwriting agreement) and for ERA to provide further disclosure of Rio Tinto’s intentions to its shareholders. The review Panel also considered it was appropriate to further extend the entitlement offer timetable by 15 business days for ERA shareholders to consider the additional disclosure. The sitting Panel was Jeremy Leibler, Bruce McLennan and Karen Phin (sitting President).The Panel will publish its reasons for the decision in due course on its website www.takeovers.gov.au.