Colin Barnett

Colin Barnett

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    AlintaGas public offer to close early

    26/09/2000 12:35 PM
     
    26/9/00

    Western Australians have until the end of the week to apply for shares in AlintaGas.

    Energy Minister Colin Barnett said the retail offer for stapled securities in AlintaGas would close at 5 pm (WST) on Friday, (September 29) - nine days ahead of schedule.

    Mr Barnett said applications with cheques would be received by the share registry, Computershare, until close of business on Friday.

    There would be a final round of advertising to ensure the early closure information and the opportunity to be involved was seen throughout the State.

    “Early closure is no surprise,” the Minister said.

    “It has been foreshadowed in financial circles since 222,000 people pre-registered their interest in buying AlintaGas stapled securities at $2.25.

    “This compares with the price of $4.38 paid by Utilicorp/United Energy for 45 per cent in AlintaGas and the position of cornerstone shareholder.

    “Early closure will ensure those who applied for shares receive a reasonable number of stapled securities.

    “The offer is already over subscribed so there will be some scaling back.”

    Mr Barnett said the huge interest in the privatisation of the State’s major gas utility company endorsed the State Government's decision to make at least 75 per cent of the securities in the public offer available to Western Australia retail and institutional investors.

    He said the Government’s sale steering committee went to considerable lengths to inform the public about all phases and all aspects of the AlintaGas privatisation.

    At its peak level of interest in a single day the Initial Public Offer call centre handled 2,680 call and its website recorded more than 800 hits.

    “AlintaGas is expected to list on the Australian Stock Exchange on October 17 with an estimated market capitalisation of $360 million,” Mr Barnett said.

    “This comprises 72 million stapled securities to be issued to the cornerstone investor and 88 million stapled securities to be issued to public and institutions.

    “The institutional offer of up to 22 million stapled securities with an indicative price range of $2.10 to $2.40 occurs on October 9 and 10 with the final price and allocation taking place on Wednesday, October 11.

    “The price of stapled securities to the public can still change because retail investors have the advantage of paying the lower price of the retail application price of $2.25 and the final institutional price.”

    Mr Barnett said the financial adviser to the State on the offer was Deutsche Bank AG.

    He said the joint lead managers to the public offer were Hartley Poynton, Macquarie Equity Capital Markets and Paterson Ord Minnet with co-managers DJ Carmichael, J B Were and CIBC World Markets.

    Media contact: Diana Callander 9222 9699