The purchase price for each stapled security is 96c, a 3% discount to the average price over the past 10 days after adjusting for the April 2003 distribution.

"This is the third year we have made an offer under the plan, which has been well supported by our shareholders in the past,' said Envestra chairman, John Allpass.

"In 2002, almost 50% of shareholders subscribed for additional stapled securities.

"Based on the current annual distribution of 9.5c per security, the cash yield on the new securities is expected to be 9.9%."

The offer is close will close on 26 March and is not transferable.