Apa Group · ASX:APA
Apa — Australian Pipeline Trust — Merger or Acquisition (August 2006)
8 slides from Apa's merger presentation, Aug 22, 2006
Slide 1: Takeover Offer for GasNet
Slide 2: Important notice and disclaimer
Important notice and disclaimer ‘The purpose of this Presentation is to provide general infermation about the proposed acquisition of GasNet Ausiralia Group (GasNet). It is nota recommendation that any person makes any investment decision in relation to Australian Pipeline Trust (APA) or GasNet. Thi
Slide 3: Cash offer of $3.10 per GasNet stapled security
Cash offer of $3.10 per GasNet stapled. security “The offer values. GasNet at $452m ~— Conditions less onerous than the Colonial offer ~—- Accelerated payment terms. ~- - APAis the sole bidder —. Joint bidding agreement with BBI.terminated -- ~ = APA can identify greater value given its complementar
Slide 4: Outstanding offer to GasNet securityholders
Outstanding offer to GasNet securityholders «Superior to the Colonial offer, GasNet’s Independent Expert valuation range and GasNet'’s historic trading levels. «Higher price, less onerous conditions: expect Board recommendation 40%, 36.5% Offer price premia 30.2% 30% 20% 14.0% 3, “40% 5.8% 76 %o Gas
Slide 5: Strategic rationale
Strategic rationale Highly complementary business to APA’s existing asset portfolio * Meets APA’s investment criteria and enhances ability to. grow securityholder distributions ° Reinforces APA’s position as a leading owner and operator of energy transmission assets in Australia * Greater gas flows
Slide 6: Significant synergistic benefits
Significant synergistic benefits Better use of the NSWIVIC - Oo Interconnect _ “c= “Increased gas throughput. —.-Other opportunities include gas storage services «Increased competition of ~ APA’s Moomba to Sydney Pipeline with the Eastern Gas) : ~ Pipeline « Expansion opportunities in VIC and WA * R
Slide 7: Details of the offer
Details of the offer Key terms.and conditions — 50.1% minimum acceptance — Accelerated payment terms (5 business days) after the offer becomes unconditional — . Broker handling fee — The offer price will be reduced by GasNet’s distributions — Other conditions.as.set out in the ASX Announcement on 22
Slide 8: We Deliver Energy
Australian Pipeline Trust — Merger or Acquisition (August 2006) on 6ix