17th Nov 2008 08:05
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News Release |
17 November 2008
BG Group acquires relevant interest in more than 90 per cent of Queensland Gas Company
Intention to proceed with compulsory acquisition
BG Group plc ("BG Group" - LSE:BG.L) announces that its wholly-owned subsidiary BG International (AUS) Investments Pty Limited ("BG AUS") has at the close of trading on the Australian Securities Exchange on Friday, 14 November acquired a relevant interest in more than 90 per cent of Queensland Gas Company Limited ("QGC" - ASX:QGC), under its unconditional on-market takeover bid for QGC.
BG AUS intends to compulsorily acquire the remaining QGC shares, but does not intend to commence the compulsory acquisition process until later in the offer period, which will expire on 15 December 2008, unless extended.
QGC shareholders should be aware that trading will be suspended in QGC shares five business days after a compulsory acquisition notice is sent by BG AUS.
This will mean that, if shareholders have not sold their shares into the bid by that time, BG AUS would not be able to purchase further shares on market under the bid and pay for those shares within three business days.
Instead, remaining shareholders would have to wait at least one month to be paid under the compulsory acquisition process.
How to Accept
J.P. Morgan Securities Australia Limited (together with its affiliates, "J.P Morgan") has been appointed as the on-market broker to acquire QGC shares on ASX on behalf of BG Group's wholly-owned Australian subsidiary, BG International (AUS) Investments Pty Limited ("BG Australia").
QGC shareholders can only accept BG Group's cash offer by selling their QGC shares on-market on ASX through a stockbroker. QGC shareholders who hold their shares in Issuer Sponsored Holdings will need to appoint a broker to sell their shares on ASX. QGC has appointed Austock Securities Limited and ABN AMRO Morgans Limited to provide broking services to QGC shareholders who do not have a stockbroker.
In line with usual ASX practice, QGC shareholders will receive the proceeds of the sale of their shares on a T+3 basis, i.e. within three trading days after their sale. QGC shareholders can contact BG Group's offer information line on +61 2 89869358 (callers outside Australia) or 1300 656 831 (callers within Australia, toll free) or should consult their financial or other professional adviser.
Contacts
BG Group
Communications Australia:
+61 (0) 419 588 166 - Rob Millhouse (BG Australia)
+61 (0) 2 8284 9901 - John Hurst (Cannings)
Communications UK:
+44 (0) 118 929 3110 - Jo Thethi
Out of hours media mobile: +44 (0) 791 718 5707
Investor Relations - +44 (0) 118 929 3025
QGC
Corporate Communications:
Hedley Thomas
Out of hours Australia media mobile
+61 (0) 417 797 419
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Notes to Editors:
BG Group plc (LSE: BG.L) is a world leader in natural gas, with a strategy focused on connecting competitively-priced resources to specific, high-value markets. Active in 27 countries on five continents, BG Group has a broad portfolio of exploration and production, Liquefied Natural Gas (LNG), transmission and distribution and power generation business interests. It combines a deep understanding of gas markets with a proven track record in finding and commercialising reserves.
Website: www.bg-group.com
There are matters discussed in this media information that are forward looking statements. Such statements are only predictions and actual events or results may differ materially. For a discussion of important factors which could cause actual results to differ from the forward looking statements, refer to BG Group's annual report and accounts for the year ended 31 December 2007. BG Group does not undertake any obligation to update publicly, or revise, forward looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.
Related Shares:
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