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Investors Support PBL Exec Shuffle

9 June 2004

AUSTRALIA – As reported by the Sydney Morning Herald: "Investors have welcomed the appointment of John Alexander to the top job at the Packer-controlled Publishing & Broadcasting although the sudden departure of chief executive Peter Yates yesterday took them by surprise.

"PBL said former Macquarie Bank executive Mr Yates, who was appointed to the PBL job three years ago and had two years left of his contract, had left the company for 'personal reasons'.

"However, his departure in the middle of a $686 million hostile takeover bid for Perth casino has raised questions about his ability to get the deal over the line.

"…'The major project which Peter Yates had been working on at PBL in recent times was the ... bid for Perth casino Burswood. [So] the timing of Yates's departure seems slightly unusual given this bid is still live, with PBL yet to win acceptance of its $1.40-a-share bid by either the Burswood Board or Burswood shareholders.'

"...PBL also announced that retiring Optus CEO Chris Anderson had been appointed to the PBL board as a non-executive director…"

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