AGL successfully reaches over 90 per centownership of Australian Power and Gas Company Limited
AGL Energy Limited (AGL) today announced that it has acquired relevant interests in more than 90% of both the issued shares and options in Australian Power and Gas Company Limited (APK). This follows acceptances of its separate takeover offers for the issued shares (Share Offer) and options (Option Offer) in APK1. Accordingly, AGL intends to immediately proceed with compulsory acquisition of both classes of securities.
AGL will therefore not extend the Share Offer or the Option Offer and declares each Offer to be final. Each Offer will close as scheduled at 7.00pm AEST on 11 October 2013.
Payment to APK shareholders and optionholders who accept the Offers before the closing date will be dispatched no later than five business days after receipt of a valid acceptance. Shareholders or optionholders whose shares or options are acquired under the compulsory acquisition process will not receive payment for at least one month. Copies of documents to be sent to shareholders and optionholders to implement compulsory acquisition are attached.
APK shareholders and optionholders who have not already accepted the Offers are encouraged to do so before the close of the Offer Periods to receive payment more quickly than through the compulsory acquisition process.
Shareholders or optionholders requiring additional assistance or who have any questions in relation to the Offers should call the AGL Offer Information Line on 1800 426 150 (toll-free for calls made within Australia) or +61 1800 426 150 (for calls made from outside Australia) from Monday to Friday between 8:30 am and 5:30pm (AEST).
1 The Share Offer and the Option Offer (together the Offers) are made by AGL APG Holdings Pty Limited, a wholly owned subsidiary of AGL.
AGL is one of Australia's leading integrated renewable energy companies and is taking action toward creating a sustainable energy future for our investors, communities and customers. Drawing on 175 years of experience, AGL operates retail and merchant energy businesses, power generation assets and an upstream gas portfolio. AGL has one of Australia's largest retail energy and dual fuel customer bases. AGL has a diverse power generation portfolio including base, peaking and intermediate generation plants, spread across traditional thermal generation as well as renewable sources including hydro, wind, landfill gas and biomass. AGL is Australia's largest private owner and operator of renewable energy assets and is looking to further expand this position by exploring a suite of low emission and renewable energy generation development opportunities.