anl recommends mongoose acceptance

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    Company Announcement


    Target`s Statement - Off-market bid

    ANACONDA NICKEL LIMITED 2003-02-20 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    Anaconda Nickel Limited
    ACN 060 370 783

    TARGET'S STATEMENT

    The Independent Directors of ANL unanimously recommend that you

    ACCEPT IN THE ABSENCE OF ANY SUPERIOR OFFER

    the takeover offer for all of your Pre-Rights Issue ANL Shares from
    Mongoose Pty Ltd, a wholly owned subsidiary of MatlinPatterson Global
    Opportunities Partners LP

    The takeover offer for all of your Pre-Rights Issue ANL Shares
    accounts for only 6.67% of the total number of ANL Shares which will
    be on issue following completion of the Rights Issue



    So does this mean a further 93% dilution to existing shareholders?

    GZ
 
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