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Prompts changes in Ticor and Magnetic Minerals Agreements

Ticor Resources Pty Ltd and Magnetic Minerals Limited directors have agreed to amend the terms of agreements under which the directors were required to accept a takeover bid by Ticor. The changes follow ASIC concerns that one clause in the agreement advantaged Magnetic directors, in the event of a higher bid. This clause stipulated the directors would receive additional payment (above the $0.55 per share) in the event Ticor sold the shares purchased from the directors into a higher bid. However such a payment was not available to other Magnetic shareholders. Ticor announced a takeover bid for Magnetic in December 2002, and the bidder

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