ALINTA: The Australian Competition and Consumer Commission has decided that it will not accept Alinta's offer of varied undertakings in relation to Alinta's proposal to take an increased interest in APT and subsequently control APT, ACCC chairman, Graeme Samuel, said.
On September 8, 2006, the ACCC began market inquiries relating to the draft varied undertaking proposal put forward by Alinta. The draft proposal put forward would let Alinta retain its ownership of APT on condition that certain assets, including the Moomba to Sydney Pipeline, Parmelia Pipeline and GasNet, are divested.
"The ACCC will not accept the current offer of a varied undertaking from Alinta", Samuel said. "The ACCC has significant concerns in relation to the structure and enforceability of the varied undertaking as it currently stands. The ACCC is now waiting for Alinta to respond. The ACCC notes that Alinta may engage in further undertaking negotiations.
"Alinta must still divest all of its interest in APT within a specified confidential period of the AGL-Alinta joint merger proposal and not appoint or vote on any directors. The ACCC accepted an undertaking to that effect on August 3, 2006 and that undertaking remains in force."
The draft proposed varied undertaking put forward by Alinta is available on the ACCC's website, www.accc.gov.au, by following the link to Mergers and then the link to Mergers register.
The earlier accepted undertaking, from August 3, 2006, is available on the ACCC's website by following the link to Mergers, then Mergers Register then Recently Completed.
The ACCC says the August 3 undertaking and the draft proposed varied undertaking contain clauses requiring Alinta to divest the Agility contracts involving the supply of management and operational services to the Moomba to Sydney and Parmelia Pipelines.
Scheme of Arrangements: The Federal Court of Australia has approved The Australian Gas Light Company (AGL) and Alinta Limited scheme of arrangements required to implement the recommended proposal which was approved by AGL and Alinta Shareholders on Friday October 6.
AGL says the AGL scheme, which will see AGL’s infrastructure assets merged with Alinta and the subsequent separation of AGL Energy, became legally effective on October 11.
AGL scheme participants (other than Ineligible Overseas AGL Shareholders) will be entitled to receive 0.57831 new Alinta Shares (rounded to four decimal places) and one AGL Energy share for each AGL share held by them on the AGL scheme record date (7pm on October 18).
Transaction confirmation statements in relation to these entitlements will be dispatched to shareholders on the transaction implementation date, October 25.
AGL Energy shares and new Alinta shares are expected to trade on the Australian Stock Exchange on a deferred settlement basis from October 12 until October 25, and on an ordinary basis from October 26.
AGL shareholders with any queries about their entitlements or any other matters should call the AGL shareholder information line on 1800 824 522 or +61 2 8280 7012 (international) between 8.30am and 5.30pm (Sydney time) Monday to Friday.
ANTARES ENERGY: William Hassell acquired 10,000 shares at $0.43 per share in an on market purchase on October 6. He now holds a total of 175,000 ordinary fully paid shares and 15,000 convertible notes. Richard Elliott acquired 50,000 convertible notes at $2.04 per note in on market trade on October 5, taking his total holding, held directly and indirectly, to 2,500,000 ordinary fully paid shares and 382,487 $2 convertible notes maturing on October 30, 2013.
ARROW ENERGY: Matthew Capital Partners changed its substantial shareholding to 7.52 % on October 10.
BABCOCK & BROWN ENVIRONMENTAL INVESTMENTS LTD: John Graham disposed of 10,000 fully paid ordinary shares for $20,000.00 in on market trade on October 5.
BHP BILLITON: DA Crawford acquired 4000 ordinary shares at A$24.99 per share in on market trade on October 5. He now holds, indirectly, 33,127 ordinary shares.
BOW ENERGY: Ron Prefontaine acquired 10,000 and 35,000 ordinary shares for $8065 in on market trades on October 5, 6 & 9,. He now holds, direct and indirect, 5,095,606 ordinary shares and 428,566 options exercisable at $0.20 expiring March 31, 2008. In a further on market transaction on October 9, Prefontaine acquired 10,000 ordinary shares for $1800, taking his total holding, direct and indirect, to 5,105,606 ordinary shares and 428,566 options exercisable at $0.20 and expiring on March 31, 2008.
CLOUGH LTD: Murray & Roberts Holdings Ltd decreased their substantial holding to 46.75% on October 10.
EASTERN STAR GAS: Three Crowns Investments Pty Ltd ceased to be a substantial shareholder on October 5.
ENERGY DEVELOPMENTS LTD: Infratil & Infratil Australia Ltd increased its substantial holding to 25.58% on October 4.
ENTEK ENERGY LIMITED: Ian Sandover acquired 270,000 shares for $50,575 in on market trade on October 11. Following this transaction, he now holds a total of 375,000 Ordinary Shares, held indirectly.
GASNET AUSTRALIA GROUP: Australian Pipeline Limited/APT Pipelines Ltd (APA Group) increased its substantial shareholding to 60.03% on October 9.
NIDO PETROLEUM: JPMorgan Chase & Co. and its affiliates became a substantial shareholder on October 9 with a voting power of 6.17%.
ODYSSEY ENERGY: Due to 12,000,000 new shares being issued in the company, the voting power of Argonaut Ltd decreased to 7.94% on September 29.
QUEENSLAND GAS COMPANY: Santos CSG became a substantial shareholder on October 10 with a voting power of 3.86%.
SAMSON OIL & GAS LIMITED: Terence M Barr acquired 30,000 ordinary shares and 69,000 ordinary shares for $28,110 in on market trade on October 11, following which he now holds, indirectly, a total of 4,000,000 unlisted 25c options, 4,000,000 unlisted 45c options, 30,000 ordinary shares and 69,000 ordinary shares.
SUN RESOURCES: Brian and Valerie Williams increased their substantial shareholding to 6.8% on September 29.
TAP OIL: UBS Nominees and its related bodies corporate increased its substantial shareholding to 6.89%.
