Perth stockbrokers boost marketing team in lead up to AlintaGas public float

6/8/00
The influential team of financial advisers and stockbrokers for the sale of 55 per cent of AlintaGas to the public has been expanded with the appointment of three local broking firms as co-managers to the issue.
Energy Minister Colin Barnett said today the Financial Adviser to the State on the offer is Deutsche Bank AG, which was appointed financial adviser to the State on the overall sale of AlintaGas in March 1999.
Mr Barnett said three joint lead managers Hartley Poynton Limited, Macquarie Equity Capital Markets Limited and Paterson Ord Minnett Ltd were appointed in September 1999 and joining the list today as co-managers were D J Carmichael, J B Were and CIBC World Markets."
"With a team of this calibre directly engaged in the sales and marketing of securities in AlintaGas we are confident of a positive result for the State, the company and for Western Australians,' the Minister said.
"The joint lead managers and co-managers have all expressed their enthusiasm for the float of AlintaGas and have confirmed they will be making AlintaGas a priority.
"One major advantage of appointing a team with such a spread of expertise is that it will provide the investing public with access to a broad range of research and other data, initially on the cornerstone investor, and shortly on AlintaGas Limited, as the IPO is progressed.
"The successful cornerstone bidder for AlintaGas - US energy company UtiliCorp United, with its Australian associate United Energy - was announced last week.
"It acquired 45 per cent of AlintaGas and it has been satisfying to see the positive reaction expressed for this development by the financial sector and the community.
"UtiliCorp and United Energy can only add depth to the very sound AlintaGas asset and brand.
"United Energy has a major gas and electricity business in Victoria where it has an interest in over one million customers.
"UtiliCorp and United Energy are paying $319.5 million for 72 million AlintaGas securities.
"The remaining 88 million securities on issue are being offered to the public and the Government remains committed to giving as many West Australians as possible the opportunity to invest.
"This is the reason for the selection of such a strong team of Perth stockbrokers.
"It is our hope that at least 75 per cent of the securities to be sold in the offer will be owned by up to 100,000 WA holders."
Mr Barnett said initiatives to achieve this included the opportunity for Western Australians to pre-register through media advertising, personalised letters already sent to the 420,000 AlintaGas clients, on the web pages of AlintaGas and the brokers to the float and via the special IPO call centre set up for the float on 13 15 27.
He said pre-registration allowed people to indicate their interest in purchasing securities on a no-obligation basis and gain a priority position.
The pre-registration period opened on Wednesday and there had been a very strong interest shown in the opening three days, which indicated Western Australians were keen to be involved in the privatisation of the last major Government-owned gas utility in Australia.
Pre-registration closes on August 18. The public offer is expected to open on Monday, September 11 and close on Friday, October 6. Pre-registrants will receive an offer document in the first few days of the offer period.
Mr Barnett said it was anticipated that AlintaGas Limited would start trading on the Australian Stock Exchange on Tuesday October 17.
He said the State reserved the right to change any of the estimated dates including extending the offer or closing the offer early.
Media contact: Diana Callander 9222 9699