December 05, 2008 at 14:23 PM EST
Queensland Gas Company Limited (ASX:QGC) BG Group To Proceed To Compulsory Acquisition Of QGC

BG Group plc ("BG Group")(LON:BG) today announced that on Monday 8 December its wholly-owned subsidiary BG International (AUS) Investments Pty Limited ("BG AUS") intends to commence the compulsory acquisition of the remaining shares in Queensland Gas Company Limited ("QGC")(ASX:QGC) which it does not already own. As at the end of trading on 4 December 2008, BG AUS had increased its stake in QGC to 96.62% of the issued share capital by way of the recommended on-market offer announced on 28 October 2008.

BG AUS intends to move to compulsory acquisition of the outstanding QGC shares it does not own by lodging a compulsory acquisition notice on Monday 8 December, five business days prior to the end of the offer period, which will close at 4.00pm (AEST) on Monday 15 December 2008.

BG AUS expects that the ASX will suspend trading in QGC shares at, or shortly after, the close of trading on Monday 15 December 2008 in accordance with the ASX Listing Rules. If QGC shareholders have not sold their QGC shares into the BG AUS offer by that time, they will no longer have the opportunity to sell those QGC shares to BG AUS and receive payment for them within three business days, and will not be able to sell their QGC shares on ASX.

Instead, remaining QGC shareholders will have their QGC shares compulsorily acquired by BG AUS in accordance with the statutory procedure. Shareholders will have to wait at least a month before receiving the proceeds from the compulsory acquisition of their shares.

If QGC shareholders have any questions in relation to the BG Group recommended takeover of QGC or the compulsory acquisition process, they can call the BG Group offer information line on 1300 656 831 (within Australia) or +61 2 8986 9358 (callers outside Australia).

About QUEENSLAND GAS COMPANY LIMITED:

QGC is a publicly-listed gas production company that is focused on becoming an integrated energy supplier in Australia. The Company's successful exploration and appraisal activities have provided a solid foundation for future growth, with ample reserves of coal seam gas ready to meet Australia's growing demand for clean, efficient energy.

Contact:
BG Group
Communications Australia:
+61 (0) 419 588 166 - Rob Millhouse (BG Australia)
+61 (0) 2 8284 9901 - John Hurst (Cannings)

QGC
Corporate Communications:
Hedley Thomas
Out of hours Australia media mobile
+61 (0) 417 797 419
 


Source:

QUEENSLAND GAS COMPANY LIMITED

Copyright (C) 2008 ABN Newswire. All rights reserved.

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