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Adj to MAYWAP/MAYWAA & Request for Trading Halt

Document date:  Thu 08 Oct 1998
Published:  Thu 08 Oct 1998 00:00:00
Document No:  141642
Document part:  A
Market Flag:  Y

HOMEX - Melbourne                                                     

Australia and New Zealand Banking Group Limited as issuer of American
Call Warrants and European Put Warrants over ordinary shares in Mayne
Nickless Limited issued under an Offering Circular dated 29 May 1998
advises that, effective 9 October 1998, the warrants will be adjusted
to take account of the recently announced rights issue of Cable &
Wireless Optus shares to be offered to holders of Mayne Nickless

ANZ Bank has determined, with the consent of ASX, that the adjustment
in clause 4.5(b) of the Terms of Issue is not appropriate, and that
the Exercise Price and the Underlying Parcel for the warrants will be
adjusted in the same way as the adjustment to Exchange Traded Options
announced by ASX in Notice to Clearing Members Number 86 of 6
October. The adjustment to the Call and Put Warrants will be
effective 9 October, and will be based on the trading in Mayne
Nickless shares on 8 October, as set out in paragraph 2 under the
heading "Adjustment Procedure" in the ASX Notice. Note that the
adjustment to the Exchange Traded Options will be effective 8
October. The adjustment will stand irrespective of the Cable &
Wireless Optus offer proceeding.

There will be a trading halt on the Call Warrants and Put Warrants
until 12 noon 8 October.

Any holder of Call Warrants who exercises on 8 October will receive
shares in Mayne Nickless cum entitlement to Cable & Wireless Optus
shares and ex dividend.

Any questions as to this notice should be directed to Mark Morris at
ANZ Securities on 9322 6441.

Details of the adjustment will be made by further announcement after
close of trading today.