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AGL Energy Ltd Exceeds 75% Ownership In Australian Power & Gas, Declares Option Offer Unconditional

Thursday, 12 Sep 2013 07:33pm EDT 

AGL Energy Ltd and AGL APG Holdings Pty Limited (AGL) announced that AGL now has voting power in Australian Power and Gas Company Ltd (APG) in excess of 75% following the receipt of additional acceptances for approximately 32% of APG shares, including from APG's major shareholders and Directors. This follows AGL's announcement on Septemeber 12, 2013, declaring its off-market takeover offer for all of the ordinary shares in APG that AGL does not already own (Share Offer)\ unconditional. This also fulfils the ASX Waiver condition which is a key condition of AGL's off-market takeover offer for all of the options in APG (Option Offer), and AGL has now declared the Option Offer free from all defeating conditions. To facilitate a speedy close to the Option Offer, AGL will accelerate payment by despatching cheques to APG optionholders who accept the Option Offer no later than five business days after receipt of their valid acceptance. The Option Offer provides certain cash value to APG optionholders and is scheduled to close on October 11, 2013.