AGL acquires additional interest in Sydney Gas

Published: 29-Jan-2009

By: Staff Writer Staff Writer Staff Writer

AGL Energy has announced that the two major shareholders of Sydney Gas, AJ Lucas Group and Babcock & Brown, have sold their entire shareholdings in Sydney Gas to AGL through on-market transactions. Consequently, AGL now has 77.54% voting power in Sydney Gas.

AGL has declared its offer free from defeating conditions and advises that it will dispatch cheques to shareholders who accept AGL's offer no later than three business days after its receipt of their valid acceptance.

In Sydney Gas's (SGL) target's statement, SGL directors stated that they unanimously recommend that 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. The offer is unconditional and is scheduled to close on February 13, 2009.

The company'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 day.

AGL Energy is an Australian energy provider and energy producer with a full suite of renewable generation, providing natural gas and electricity to more than six million Australians.

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