Interesting a possible recall if liquASX and Media release
AGL declares Sydney Gas Offer
unconditional
27 January 2009
AGL Energy Limited (AGL) today announced that the two major shareholders of Sydney
Gas Limited (SGL), A J Lucas Group and Babcock & Brown, have sold their entire
shareholdings in SGL to AGL through on-market transactions. Consequently, AGL now
has voting power in SGL of 77.54%.
AGL has today declared its Offer free from defeating conditions and advises that it will
dispatch cheques to shareholders who accept AGL’s Offer no later than 3 business days
after its receipt of their valid acceptance.
SGL’s Target’s Statement was released to ASX on 19 January 2009. In it the SGL
Directors state that they unanimously recommend that SGL shareholders accept AGL’s
Offer in the absence of a superior proposal and set out the reasons for that
recommendation. The SGL Directors also state in the Target’s Statement that they
intend to accept AGL’s Offer in respect of the SGL shares they own or control personally,
in the absence of a superior proposal.
AGL’s Offer represents a 55% premium to the closing price of SGL shares on 22
December 2008, the last trading day before the Offer was announced and a 117%
premium to the VWAP of SGL shares over the 30 trading days prior to that dayidated :
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- .. an interesting theory..
BNB
babcock & brown limited