Skip To Content
Skip To Navigation
Go to whole of WA Government search
Search By Minister
Search By Region
Search By Portfolio
Subscribe to Email
Manage my subscriptions
Unsubscribe from Email
Barnett Liberal National Government
Carpenter Labor Government
Gallop Labor Government
Court Coalition Government
Lawrence Labor Government
Strong institutional bidding for AlintaGas securities.
11/10/2000 3:38 PM
Energy Minister Colin Barnett confirmed today that bidding by financial institutions for 22 million securities in AlintaGas had closed substantially oversubscribed.
“Institutions are paying a final institutional price of $2.45 for stapled securities in AlintaGas, which is a premium to the $2.25 per security paid by the general public,” Mr Barnett said.
It exceeds the indicative range of $2.10 to $2.40 set before the book-build process began and is a very positive way to complete the final phase of privatisation of the State’s major gas utility.
“Institutional bidding was exceptionally strong with bids covering in excess of seven times the number of securities available. Of the 43 institutions allocated securities in AlintaGas, 14 are in Western Australia.”
Mr Barnett said the institutional book-build followed the trend set in the retail offer to the public which closed nine days early and was also heavily oversubscribed, with more than 100,000 people applying for securities.
“The whole process has proved a very good result for the investing public and the State and it has sent a strong signal to the market in readiness for the listing of AlintaGas on the Australian Stock Exchange next Tuesday, October 17,” the Minister said.
“The AlintaGas allocation policy, including the number of securities allocated to priority and general applicants, will be advertised on Monday, October 16 in The West Australian, Financial Review and the Australian.
“From that day successful applicants will be able to check their allocations on the AlintaGas website -
and via the AlintaGas offer information line on 13 15 27.
“Investors will be able to buy and sell AlintaGas securities from Tuesday October 17 when AlintaGas lists on the Australian Stock Exchange.
“Holding statements and refunds due will be despatched by mail no later than Monday, October 23.”
Mr Barnett said the Government was very pleased with the way privatisation of AlintaGas continued to be received by financial markets and the community.
“In a period of difficult market conditions we have achieved an incredibly strong response to the AlintaGas IPO,” he said.
“This speaks volumes for the strength of the WA economy and for AlintaGas as a company.
“As the institutional price of $2..45 exceeds the public price of $2.25 per security, the return to WA from the sale of AlintaGas will exceed the figure of $967 million that we have stated in recent months.”
The financial adviser to the State on the offer is Deutsche Bank AG. The joint lead managers to the public offer are 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