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Western Australians can apply for AlintaGas shares from Monday
8/09/2000 5:35 PM
Western Australians can apply for securities in the AlintaGas retail offer at $2.25 per security from Monday, September 11.
Energy Minister Colin Barnett said today mailing of the public offer document to more than 220,000 people who pre-registered their interest in buying securities in AlintaGas was at an advanced stage.
He said he expected most people who pre-registered would receive their offer document in the next few days.
“The AlintaGas initial public offer (IPO) is scheduled to close on Friday, October 6,” Mr Barnett said
“Applications accompanied by cheques can be lodged by mail or delivered to either the joint lead managers, co-managers or the share registry and must be received before the closing time and date of the offer.
“The offer timetable is indicative only and investors are encouraged to submit their applications as early as possible after the opening date. The State reserves the right to vary the dates of the offer, including closing the offer early.”
Mr Barnett said in line with previous undertakings, at least 75 per cent of the securities in the public offer were being offered to Western Australian retail and institutional investors and there was every expectation the Government’s concept of having tens of thousands of Western Australian shareholders would be realised.
He said the number of people who pre-registered and were consequently guaranteed a 25 per cent premium over the minimum allocation indicated the high level of community support for WA’s gas utility.
“Given the large number of pre-registrations demand is expected to be high,” Mr Barnett said.
“People who have not pre-registered and wish to buy AlintaGas securities can still go into the general pool, where the only difference is the minimum allocation will be lower than that of pre-registrants.”
Mr Barnett said the State reserved the right to reject applications from any investors who were considered to have lodged multiple applications.
He said the AlintaGas public offer represented 55 per cent of the company’s issued capital and was expected to raise about $198 million.
It comprised a retail offer of 66 million securities to the public at an application price of $2.25 per security, plus an institutional offer of up to 22 million securities with an indicative price range of $2.10 to $2.40.
The final price in the institutional offer would be set by a book-build process to take place after closure of the public offer period.
The result of the institutional offer would be announced shortly before AlintaGas securities were listed on the Australian Stock Exchange on Tuesday, October 17.
Mr Barnett said the price of securities to the public may change because retail investors would pay the lower of the retail application price of $2.25 and the final institutional price.
He said on completion of the IPO, AlintaGas would have 160 million securities on issue with a market capitalisation of approximately $360 million based on the retail application price.
“Total income to the State from the sale of AlintaGas will be around $967 million, which exceeds initial expectations and therefore is a very satisfactory result,” Mr Barnett said.
“This comprises about $198 million being raised in the IPO, $319.5 million for 72 million securities to be issued to the cornerstone investor Utilicorp/United Energy and $450 million repayment by way of debt finance.
“The road to privatisation of AlintaGas - Australia’s last government-owned gas utility - began in 1993 with the Carnegie Report which dealt with the restructuring of the State Energy Commission of Western Australia(SECWA).
“AlintaGas and Western Power were created from the former SECWA in 1995 and since that time the corporatised AlintaGas has operated very successfully and profitably under an independent board.
“The announcement on July 31 of Utilicorp/United Energy as the cornerstone investor adds further credibility and depth to AlintaGas.
“I am confident the combination of what the cornerstone investor brings to the table and the underlying strength of the AlintaGas business will create a dynamic company which will serve Western Australians well in the future.”
Mr Barnett said the financial adviser to the State on the sale was Deutsche Bank AG.
He said the joint lead managers to the public offer were Hartley Poynton, Macquarie Equity Capital Markets and Paterson Ord Minnett, with co-managers D J Carmichael, J B Were and CIBC World Markets.”
Media contact: Diana Callander 9222 9699
ALINTAGAS IPO INFORMATION
Public offer opens Monday 11 September
Public offer closes Friday 6 October
Institutional offer opens Thursday 12 October
Institutional offer closes Friday 13 October
Final price and allocation Monday 16 October
Listing on the ASX Tuesday 17 October
Where to lodge share applications
AlintaGas Public Offer Computershare Registry Services
Locked Bag 40 GPO Box D182
Welshpool WA 6986 Perth WA 6840
Level 2, 45 St George’s Tce Perth WA 600
With the Joint Lead Managers to the issue
Hartley Poynton Macquarie Equity Capital Markets Paterson Ord Minnett
141 St George’s Tce 77 St George’s Tce 2 The Esplanade
Perth WA 6000 Perth WA 6000 Perth WA 6000
Applications also may be lodged:
with any office of the co-managers listed in the corporate directory in the public offer document;
on-line at the AlintaGas Website, then lodge a print-out of the electronic confirmation form, with a cheque or bank draft, at the share registry.
Further information on the AlintaGas IPO is available from the IPO call centre on
13 15 27 and on the AlintaGas website
Revenue return to WA of $967 million
$450 million (estimate) repayment of State debt by AlintaGas.
$198 million (estimate) for 88 million shares in the public offer.
$319.5 million for 72 million shares sold to the cornerstone investor.
AlintaGas post float
88 million shares to be issued to the public and institutions.
72 million shares to be issued to the cornerstone investor.
Initial market capitalisation $360 million (estimate)