Brisbane, Oct 10, 2008 AEST (ABN Newswire) - Queensland Gas Company Limited (ASX:QGC)(PINK:QGSCF) has reached an important milestone in its agreed takeover offer for Sunshine Gas - with acceptances by Sunshine shareholders now exceeding 51.8 per cent of Sunshine’s shares.
KEY POINTS
- Queensland Gas Company (QGC) past 50 per cent in agreed takeover of Sunshine Gas
- QGC intends to declare the bid unconditional upon ACCC clearance on or before 16 October
- QGC expects the ACCC's decision on or before 16 October
- QGC intends to settle acceptances received before 5pm on 14 October by Friday 17 October
QGC intends to declare the bid unconditional immediately upon receiving satisfactory clearance from the Australian Competition and Consumer Commission (ACCC). The ACCC has advised that it intends to release its decision on or before Thursday 16 October.
In the event of the bid being declared unconditional on or before 16 October, QGC intends to settle acceptances (which are received before 5pm on Tuesday 14 October) on or before Friday 17 October.
QGC intents to settle acceptances which are received after 5pm on Tuesday 14 October within five business days after the bid becomes unconditional or receipt of acceptance, whichever is the later.
Of the 4,192 Sunshine shareholders, 1,875 have already accepted QGC's unanimously recommended offer as of 9 October. Sunshine's largest shareholder and Sunshine’s Voting Directors have already accepted. Sunshine shareholders are being offered the following alternatives:
1. Five QGC shares for every eight Sunshine shares; or
2. $1.65 cash per Sunshine share and two QGC shares for every seven Sunshine shares
QGC Managing Director Richard Cottee said today the weighting of 61 per cent for the all scrip option represents a vote of confidence in the quality of QGC's scrip, assets and management.
"We have made excellent progress with the bid in the month since QGC's offer opened," Mr Cottee said. "I believe we are in a strong position now to complete this friendly takeover and further develop the 30,000 square kilometres of Sunshine acreage. I urge all Sunshine shareholders to accept and, upon ACCC approval, receive their QGC scrip or their QGC scrip and payment."
Since QGC's 8 September offer, which continues to be unanimously recommended by the Voting Directors of the Sunshine Board (all of whom have accepted for all the shares they own or control):
- Sunshine's largest shareholder with 21.61 per cent of the shares has accepted the all scrip option
- QGC has increased its Proved (1P) reserves by 16 per cent and its Proved and Probable (2P) reserves by 12 per cent
- An Independent Expert Report has concluded that the QGC offer is ‘fair and reasonable'
- Most shareholders to accept to date have followed the lead of Sunshine's largest shareholder and opted for the all scrip option
Contact
Information for Media:
Mr Hedley Thomas
General Manager
Communications and External Relations
Direct: +61 7 3020 9043
Mobile: +61 417 797 419
ASX Contact:
Mr Mark Anning
Company Secretary
Direct: +61 7 3020 9012
Information for investors:
Mr Ian Davies
Chief Financial Officer
Direct: +61 7 3020 9040
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