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SGL, SYDNEY GAS LTD
veeone
post Posted: Jan 2 2009, 03:11 PM
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AGL Energy again ups stake in Sydney Gas
January 2, 2009 - 3:18PM
Cashed-up AGL Energy Ltd has increased its stake in its takeover target Sydney Gas Ltd for the third time in as many trading days.
AGL on Friday upped its interest in the underperforming coal seam gas (CSG) producer from 30.9 per cent to 36.2 per cent.
Sydney Gas agreed to AGL's all-cash $171 million off-market takeover bid last week, sending its shares soaring 54.55 per cent to 42.5 cents on Wednesday, December 24.
AGL, Australia's largest energy retailer, last month acquired CSG interests from Molopo Australia and AJ Lucas Group.
AGL is leading a recent spate of consolidation in the small-cap, east coast CSG sector.
It is tipped to be the potential suitor of CSG explorer Eastern Star Gas Ltd, which this week reiterated that it had received several expressions of interest in both the company and its assets in the past year.
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veeone
post Posted: Dec 24 2008, 09:36 AM
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In reply to: mme on Wednesday 24/12/08 09:13am

It's a damn shame really and the directors could have held out for more you would think.
The other major shareholders have put their hands up to sell so not much hope for the little ole shareholders!!! Don't hold either but have others in this sector.
By in gloom sell in boom they say!!!
Buyers of the smaller companies in the CSG sector are going to reap the rewards! Unfortunately alot of the profits are heading offshore!! conco,shell etc.
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mme
post Posted: Dec 24 2008, 09:13 AM
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In reply to: veeone on Wednesday 24/12/08 08:50am

You have to wonder given QGC's previous bid who's being ripped off here??!! grrr.gif biggrin.gif Not holding.

 
veeone
post Posted: Dec 24 2008, 08:50 AM
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The Board of Sydney Gas Ltd (SGL) has unanimously agreed to recommend acceptance of
an unsolicited bid by AGL Energy Limited (AGL) for its shares at 42.5 cents a share in the
absence of a superior proposal. Each of the Directors of SGL intends to accept the bid for
any shares owned or controlled by them, again in the absence of a superior proposal.
Recently, AGL acquired the Gloucester Basin, a significant coal seam gas opportunity in
near proximity to similar tenements held by SGL in the Hunter Valley. The SGL Board
considers that these are significant opportunities for the long term supply of gas in NSW
and, while they have complete confidence in them as prospects, their long term
development is best placed in the hands of AGL as AGL has the capacity to meet the
significant funding requirements to ensure the tenements are fully developed. In
recommending the bid for its shares, the SGL Board believes it has considered the best
interests of shareholders and the company’s employees.
SGL will prepare and lodge a target statement with ASIC within 7 days of the despatch of
the AGL offer and will then send the target statement to all SGL shareholders
>
The Offer represents a:
» 55% premium to the SGL closing price of $0.275 on Monday 22
December 2008, the last full day of trading in SGL shares prior to this
announcement;
» 117% premium to the 30 day volume weighted average price of SGL
shares; and a
» 92% premium to the 90 day volume weighted average price of SGL
shares.
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veeone
post Posted: Dec 24 2008, 07:13 AM
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AGL set to burst at the seamsClancy Yeates
December 24, 2008
THE wave of consolidation sweeping through the NSW coal-seam gas industry has rolled into AGL Energy, which is crouched to pounce on the troubled explorer Sydney Gas.
Shares in AGL, Sydney Gas and its 20 per cent shareholder AJ Lucas were locked in trading halts yesterday, pending the announcement of a takeover play before the market opened this morning.
It is understood AGL will offer Sydney Gas shareholders close to 40c a share - a premium of 45 per cent on the target's pre-trading halt price of 27.5c - valuing Sydney Gas at about $160 million. It is unclear if the offer is cash, shares or a combination.
Companies in the deal were tight-lipped, but an informed source said they were within a whisker of agreement, pending late negotiations involving Babcock & Brown, which has a 6.5 per cent stake in Sydney Gas. Given its debt woes, the cash-strapped investment group is expected to welcome the offer.
The deal follows a string of buy-outs in the coal-seam gas sector - the energy market darling of the year.
Foreign oil companies poured billions into the sector, but investment ran mostly to Queensland reserves that had been earmarked for liquified natural gas export.
Recent activity - including AGL's $370 million purchase last week of reserves in the Gloucester Basin from Molopo Australia and AJ Lucas - shows energy giants are watching NSW.
Sydney Gas would protect AGL from expected rises in the gas price flowing from green energy demand by giving it additional reserves.
AGL is a 50 per cent exploration partner with Sydney Gas in the Hunter, where the target last month said it had defined 25,000 petajoules, a large potential resource, from coal seams.
The offer may also signal the final chapter on the chequered history of Sydney Gas, which has churned through 26 directors since 2002, and in 2006 made a colossal blunder by rebuffing a takeover bid offering one Queensland Gas share for every two Sydney Gas shares.
icon13.gif The AGL deal is expected to offer shareholders about one seventh of what they would have received if Sydney Gas had sold to QGC, which was bought by BG Group of Britain for $5.75 a share in October.
In the past week Sydney Gas shares have risen 49 per cent, including a 20 per cent rise on Monday. An ASX spokesman said the exchange had noticed the movements and would investigate pre-halt share trading once details of the takeover were available
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veeone
post Posted: Dec 23 2008, 04:41 PM
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AGL tipped to bid for Sydney GasDecember 23, 2008 - 2:12PM
AGL Energy, Australia's top energy retailer, triggered speculation it was making a bid for Sydney Gas after both stocks were halted from trade pending a major transaction.
Sydney Gas, a junior coal seam gas producer worth about $110 million, said in a short statement it would make an announcement about a takeover bid, but did not name the bidder.
Separately, AGL telegraphed a "material transaction", but gave no details.
Shares in mining services firm AJ Lucas Group, which owns a fifth of Sydney Gas, were also suspended.
"Looking at the companies that have requested a trading halt, it would suggest AGL is going to make a takeover bid for Sydney Gas," said Adam Dixon, a fund manager at Ausbil Dexia.
A source with knowledge of the deal told Reuters that AGL, which already has a joint venture agreement with Sydney Gas to develop a coal-seam gas field in New South Wales state, was launching a cash takeover bid for Sydney Gas.
AGL said it expected to make an announcement before the start of trading on Wednesday.
AGL, which has boosted its balance sheet with a string of divestments worth over $3 billion over the past year, has said it is seeking acquisitions to increase its gas reserves to reduce purchases on the wholesale gas market after a sharp rise in prices over the past two years.
Last week, AGL moved to shore up its coal-seam gas reserves in New South Wales by paying AJ Lucas Group and Molopo Australia $370 million for exploration ground in the Gloucester Basin.
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mme
post Posted: Dec 23 2008, 09:21 AM
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In reply to: mme on Tuesday 23/12/08 09:18am

And looking at their announcement it appears SGL will be t/o by AJL! biggrin.gif

 
mme
post Posted: Dec 23 2008, 09:18 AM
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In reply to: blueice on Tuesday 23/12/08 09:01am

Well AJL is also in a halt!! biggrin.gif

 
blueice
post Posted: Dec 23 2008, 09:01 AM
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Take over bid announced this morning - good luck to holders............I missed out ..................

 
Barra
post Posted: Dec 18 2008, 10:22 AM
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QUOTE (Col Lector @ Wednesday 17/12/08 02:50pm)


G'day Col

Seems someone thinks a cashed up AJL is good news for SGL wink.gif

Volumes are encouraging but if the pattern holds it will probably slip any minute to close at par..

Chrs

Barra

 
 


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