BG Proceeds with Compulsory Acquisition of Queensland Gas Co.
BG announced that on Monday, December 8, its wholly-owned subsidiary BG International (AUS) Investments Pty Limited intends to commence the compulsory acquisition of the remaining shares in Queensland Gas Company Limited which it does not already own. As at the end of trading on December 4, 2008, BG AUS had increased its stake in QGC to 96.62% of the issued share capital by way of the recommended on-market offer announced on October 28, 2008.
BG AUS intends to move to compulsory acquisition of the outstanding QGC shares it does not own by lodging a compulsory acquisition notice on Monday, December 8, five business days prior to the end of the offer period, which will close at 4.00pm (AEST) on Monday, December 15, 2008.
BG AUS expects that the ASX will suspend trading in QGC shares at, or shortly after, the close of trading on Monday, December 15, 2008 in accordance with the ASX Listing Rules. If QGC shareholders have not sold their QGC shares into the BG AUS offer by that time, they will no longer have the opportunity to sell those QGC shares to BG AUS and receive payment for them within three business days, and will not be able to sell their QGC shares on ASX.
Instead, remaining QGC shareholders will have their QGC shares compulsorily acquired by BG AUS in accordance with the statutory procedure. Shareholders will have to wait at least a month before receiving the proceeds from the compulsory acquisition of their shares.
If QGC shareholders have any questions in relation to the BG Group recommended takeover of QGC or the compulsory acquisition process, they can call the BG Group offer information line on 1300 656 831 (within Australia) or +61 2 8986 9358 (callers outside Australia).
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Company: Queensland Gas Co. more info
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