scale back of applications to 73% and slight delay in...

scale back of applications to 73% and slight delay in listing

Share Purchase Plan Update
The directors of Westralian Gas and Power Limited (“WGP”) wish to advise that the Company
has had an unexpected strong response to the Share Purchase Plan (“SPP”), with a high
number of applications on the day of closing, Friday 12 October 2007.
Under ASX Listing Rule 7.1 a company must not issue or agree to issue securities representing
more than 15% of the number of fully paid ordinary securities on issue for the preceding 12
month period without shareholder approval. ASX Listing Rule 7.2 provides exceptions to ASX
Listing Rule 7.1.
ASX Listing Rule 7.2 (exception 15) states that an issue of securities does not require
shareholder approval under a share purchase plan if the number of securities issued is not
more than 30% of the number of fully paid ordinary securities already on issue ("30% Rule").
The 30% Rule limits the number of shares available to the Company for issue under the WGP
SPP to 17,217,750 shares. Approximately, 23,678,000 shares have been applied for under the
SPP.
The Board has determined that it will scale back the number of shares issued against each
valid application received, on a pro rata basis, to issue an amount of shares within the 30%
Rule, as opposed to undertaking the timely and more expensive process of obtaining
shareholder approval to issue the full amount of the shares applied for under the SPP.
Based on preliminary calculations the number of shares issued will be reduced to
approximately 73% of the number of shares applied for. For example, a $5,000 application for
43,479 shares is likely to be reduced to an issue of approximately 32,000 shares. A refund
cheque for the amount of the excess (without interest) will be provided to the applicants once
processing is completed by the share registry.
If as a result of the scaling back, you do not wish to participate in the SPP then confirm this in
writing and request a full refund of you application monies before 5pm WST Monday 22
October 2007. Please communicate this to the share registry. Correspondence should be
marked for the attention of Yvonne Cecil at Computershare Perth, GPO Box D182 Perth WA
6840 or by facsimile on 08 9323 2033.


The final amount raised under the SPP is now expected to be announced in the week
commencing Monday 22 October 2007, once the scaling back is processed and all applications
finalised. Shares issued under the SPP are still expected to be quoted on the ASX later in the
week commencing Monday 22 October 2007.
WESTRALIAN GAS AND POWER LIMITED
Dean McKenzie
Company Secretary