❓ Minister Moore provides a detailed update on the AlintaGas float, outlining the structure of the initial public offering, allocation of securities to retail and institutional investors, and participation restrictions to avoid conflicts of interest. Interjection from Hon Ravlich questions relevance.
AnsweredQoN 161Legislative Council
QuestionView source ↗
Can the minister update the House on the AlintaGas float and advise of any benefits to Western Australia? Hon N.F. MOORE
AnswerView source ↗
The sale of AlintaGas moved into its final phases on Monday, 11 September with the opening of the initial public offer of securities. The stakeholding in the initial public offer represents 55 per cent of AlintaGas issued securities. This is an opportunity for retail investors to own securities in the leading Western Australian natural gas distribution and sales company, with at least 75 per cent of the securities available in the public offer made available to Western Australians. The public offer of 88 million AlintaGas securities in total is structured into the retail offer and the institutional offer. The retail offer is for 66 million securities at the offer price of $2.25 each. The retail offer allocates two-thirds - 44 million securities - to members of the public by direct application and one-third - 22 million securities - to retail investors by way of a broker firm allocation. Over 221 000 people have pre-registered for the public offer and each should soon receive the AlintaGas public offer document and priority application forms for securities. A strong flow of applications for securities from pre-registrants is expected given the high level of pre-registration received. This could lead to the 44 million securities allocated for direct application being fully subscribed well before the intended close of 6 October. In such an event, the offer may need to be closed early and a scaling back of the number of securities per applicant undertaken. It is intended to give three days’ notice of any early closure and there will be announcements in the media each day of the notice period. If the public offer is over-subscribed and a pre-registrant’s application is accepted, the pre-registrant will receive a priority entitlement, being a guaranteed minimum allocation that is 25 per cent greater than the minimum allocation to those who have not pre-registered. The minimum allocation will be set by the State after the close of the institutional offer, which is expected in early October. Pre-registrant applications are expected to each receive at least 500 securities, the minimum number that can be applied for. Twenty-two million securities have been allocated to the six share broking companies appointed as managers of the AlintaGas public offer for offer to their retail investor clients. Up to 10 per cent of each broker’s allocation may be allocated to interstate clients. The maximum allocation for any retail investor is 10 000 securities. Twenty-two million securities will be available to institutional investors, with the indicative price range between $2.10 and $2.40. Institutions will bid for the securities during the institutional book build period, expected to be on 12 and 13 October 2000. The final institutional price is expected to be announced on or before 16 October and AlintaGas securities will be listed on the Australian Stock Exchange from 17 October. To ensure there is no perception of a conflict of interest, ministers, ministerial officers involved in the sale process, members and alternate members of the AlintaGas sale steering committee, and staff of the ASSC secretariat are not to participate in the initial public offer. The same applies to advisers to the ASSC and the principals of the joint lead managers who were involved in setting final offer prices. Directors of AlintaGas may participate and obtain securities in the public offer only through the institutional offer. Senior executives of AlintaGas may participate in the retail offer as a direct applicant, but not as a broker client. The allocation to any individual is not to exceed 10 000 securities. Of the 88 million securities on offer, approximately 0.4 per cent are to be offered to AlintaGas employees under the exempt employee share plan. Hon Ljiljanna Ravlich interjected. Hon N.F. MOORE: Does Hon Ljiljanna Ravlich have a problem? Hon Ljiljanna Ravlich: What does this have to do with the question, and how much longer have you got to go? The PRESIDENT: Order! If Hon Ljiljanna Ravlich will let the minister finish, I can get on with the next question. Hon Ljiljanna Ravlich: I will be 98 by the time he is finished. Hon N.F. MOORE: I am usually quite happy, when there is a long answer, to extend question time, but if someone like Hon Ljiljanna Ravlich carries on like a pork chop, I am not. If she wants to do that, she can go for her life. The answer continues: The completion of the AlintaGas sale will see the emergence of a new private sector energy utility headquartered in Western Australia, owned by a significant number of local investors and with recourse to the substantial Australian and overseas experience and expertise of its cornerstone investor. The sale minimises the risk to the State as the market is fully liberalised and maximises the return to the community of Western Australia, enabling some of the net sale proceeds to be invested in worthwhile projects of benefit to the community.
Hon N.F. MOORE replied: The sale of AlintaGas moved into its final phases on Monday, 11 September with the opening of the initial public offer of securities. The stakeholding in the initial public offer represents 55 per cent of AlintaGas issued securities. This is an opportunity for retail investors to own securities in the leading Western Australian natural gas distribution and sales company, with at least 75 per cent of the securities available in the public offer made available to Western Australians. The public offer of 88 million AlintaGas securities in total is structured into the retail offer and the institutional offer. The retail offer is for 66 million securities at the offer price of $2.25 each. The retail offer allocates two-thirds - 44 million securities - to members of the public by direct application and one-third - 22 million securities - to retail investors by way of a broker firm allocation. Over 221 000 people have pre-registered for the public offer and each should soon receive the AlintaGas public offer document and priority application forms for securities. A strong flow of applications for securities from pre-registrants is expected given the high level of pre-registration received. This could lead to the 44 million securities allocated for direct application being fully subscribed well before the intended close of 6 October. In such an event, the offer may need to be closed early and a scaling back of the number of securities per applicant undertaken. It is intended to give three days’ notice of any early closure and there will be announcements in the media each day of the notice period. If the public offer is over-subscribed and a pre-registrant’s application is accepted, the pre-registrant will receive a priority entitlement, being a guaranteed minimum allocation that is 25 per cent greater than the minimum allocation to those who have not pre-registered. The minimum allocation will be set by the State after the close of the institutional offer, which is expected in early October. Pre-registrant applications are expected to each receive at least 500 securities, the minimum number that can be applied for. Twenty-two million securities have been allocated to the six share broking companies appointed as managers of the AlintaGas public offer for offer to their retail investor clients. Up to 10 per cent of each broker’s allocation may be allocated to interstate clients. The maximum allocation for any retail investor is 10 000 securities. Twenty-two million securities will be available to institutional investors, with the indicative price range between $2.10 and $2.40. Institutions will bid for the securities during the institutional book build period, expected to be on 12 and 13 October 2000. The final institutional price is expected to be announced on or before 16 October and AlintaGas securities will be listed on the Australian Stock Exchange from 17 October. To ensure there is no perception of a conflict of interest, ministers, ministerial officers involved in the sale process, members and alternate members of the AlintaGas sale steering committee, and staff of the ASSC secretariat are not to participate in the initial public offer. The same applies to advisers to the ASSC and the principals of the joint lead managers who were involved in setting final offer prices. Directors of AlintaGas may participate and obtain securities in the public offer only through the institutional offer. Senior executives of AlintaGas may participate in the retail offer as a direct applicant, but not as a broker client. The allocation to any individual is not to exceed 10 000 securities. Of the 88 million securities on offer, approximately 0.4 per cent are to be offered to AlintaGas employees under the exempt employee share plan. Hon Ljiljanna Ravlich interjected. Hon N.F. MOORE: Does Hon Ljiljanna Ravlich have a problem? Hon Ljiljanna Ravlich: What does this have to do with the question, and how much longer have you got to go? The PRESIDENT: Order! If Hon Ljiljanna Ravlich will let the minister finish, I can get on with the next question. Hon Ljiljanna Ravlich: I will be 98 by the time he is finished. Hon N.F. MOORE: I am usually quite happy, when there is a long answer, to extend question time, but if someone like Hon Ljiljanna Ravlich carries on like a pork chop, I am not. If she wants to do that, she can go for her life. The answer continues: The completion of the AlintaGas sale will see the emergence of a new private sector energy utility headquartered in Western Australia, owned by a significant number of local investors and with recourse to the substantial Australian and overseas experience and expertise of its cornerstone investor. The sale minimises the risk to the State as the market is fully liberalised and maximises the return to the community of Western Australia, enabling some of the net sale proceeds to be invested in worthwhile projects of benefit to the community.
The sale of AlintaGas moved into its final phases on Monday, 11 September with the opening of the initial public offer of securities. The stakeholding in the initial public offer represents 55 per cent of AlintaGas issued securities. This is an opportunity for retail investors to own securities in the leading Western Australian natural gas distribution and sales company, with at least 75 per cent of the securities available in the public offer made available to Western Australians. The public offer of 88 million AlintaGas securities in total is structured into the retail offer and the institutional offer. The retail offer is for 66 million securities at the offer price of $2.25 each. The retail offer allocates two-thirds - 44 million securities - to members of the public by direct application and one-third - 22 million securities - to retail investors by way of a broker firm allocation. Over 221 000 people have pre-registered for the public offer and each should soon receive the AlintaGas public offer document and priority application forms for securities. A strong flow of applications for securities from pre-registrants is expected given the high level of pre-registration received. This could lead to the 44 million securities allocated for direct application being fully subscribed well before the intended close of 6 October. In such an event, the offer may need to be closed early and a scaling back of the number of securities per applicant undertaken. It is intended to give three days’ notice of any early closure and there will be announcements in the media each day of the notice period. If the public offer is over-subscribed and a pre-registrant’s application is accepted, the pre-registrant will receive a priority entitlement, being a guaranteed minimum allocation that is 25 per cent greater than the minimum allocation to those who have not pre-registered. The minimum allocation will be set by the State after the close of the institutional offer, which is expected in early October. Pre-registrant applications are expected to each receive at least 500 securities, the minimum number that can be applied for. Twenty-two million securities have been allocated to the six share broking companies appointed as managers of the AlintaGas public offer for offer to their retail investor clients. Up to 10 per cent of each broker’s allocation may be allocated to interstate clients. The maximum allocation for any retail investor is 10 000 securities. Twenty-two million securities will be available to institutional investors, with the indicative price range between $2.10 and $2.40. Institutions will bid for the securities during the institutional book build period, expected to be on 12 and 13 October 2000. The final institutional price is expected to be announced on or before 16 October and AlintaGas securities will be listed on the Australian Stock Exchange from 17 October. To ensure there is no perception of a conflict of interest, ministers, ministerial officers involved in the sale process, members and alternate members of the AlintaGas sale steering committee, and staff of the ASSC secretariat are not to participate in the initial public offer. The same applies to advisers to the ASSC and the principals of the joint lead managers who were involved in setting final offer prices. Directors of AlintaGas may participate and obtain securities in the public offer only through the institutional offer. Senior executives of AlintaGas may participate in the retail offer as a direct applicant, but not as a broker client. The allocation to any individual is not to exceed 10 000 securities. Of the 88 million securities on offer, approximately 0.4 per cent are to be offered to AlintaGas employees under the exempt employee share plan. Hon Ljiljanna Ravlich interjected. Hon N.F. MOORE: Does Hon Ljiljanna Ravlich have a problem? Hon Ljiljanna Ravlich: What does this have to do with the question, and how much longer have you got to go? The PRESIDENT: Order! If Hon Ljiljanna Ravlich will let the minister finish, I can get on with the next question. Hon Ljiljanna Ravlich: I will be 98 by the time he is finished. Hon N.F. MOORE: I am usually quite happy, when there is a long answer, to extend question time, but if someone like Hon Ljiljanna Ravlich carries on like a pork chop, I am not. If she wants to do that, she can go for her life. The answer continues: The completion of the AlintaGas sale will see the emergence of a new private sector energy utility headquartered in Western Australia, owned by a significant number of local investors and with recourse to the substantial Australian and overseas experience and expertise of its cornerstone investor. The sale minimises the risk to the State as the market is fully liberalised and maximises the return to the community of Western Australia, enabling some of the net sale proceeds to be invested in worthwhile projects of benefit to the community.
The public offer of 88 million AlintaGas securities in total is structured into the retail offer and the institutional offer. The retail offer is for 66 million securities at the offer price of $2.25 each. The retail offer allocates two-thirds - 44 million securities - to members of the public by direct application and one-third - 22 million securities - to retail investors by way of a broker firm allocation. Over 221 000 people have pre-registered for the public offer and each should soon receive the AlintaGas public offer document and priority application forms for securities. A strong flow of applications for securities from pre-registrants is expected given the high level of pre-registration received. This could lead to the 44 million securities allocated for direct application being fully subscribed well before the intended close of 6 October. In such an event, the offer may need to be closed early and a scaling back of the number of securities per applicant undertaken. It is intended to give three days’ notice of any early closure and there will be announcements in the media each day of the notice period. If the public offer is over-subscribed and a pre-registrant’s application is accepted, the pre-registrant will receive a priority entitlement, being a guaranteed minimum allocation that is 25 per cent greater than the minimum allocation to those who have not pre-registered. The minimum allocation will be set by the State after the close of the institutional offer, which is expected in early October. Pre-registrant applications are expected to each receive at least 500 securities, the minimum number that can be applied for. Twenty-two million securities have been allocated to the six share broking companies appointed as managers of the AlintaGas public offer for offer to their retail investor clients. Up to 10 per cent of each broker’s allocation may be allocated to interstate clients. The maximum allocation for any retail investor is 10 000 securities. Twenty-two million securities will be available to institutional investors, with the indicative price range between $2.10 and $2.40. Institutions will bid for the securities during the institutional book build period, expected to be on 12 and 13 October 2000. The final institutional price is expected to be announced on or before 16 October and AlintaGas securities will be listed on the Australian Stock Exchange from 17 October. To ensure there is no perception of a conflict of interest, ministers, ministerial officers involved in the sale process, members and alternate members of the AlintaGas sale steering committee, and staff of the ASSC secretariat are not to participate in the initial public offer. The same applies to advisers to the ASSC and the principals of the joint lead managers who were involved in setting final offer prices. Directors of AlintaGas may participate and obtain securities in the public offer only through the institutional offer. Senior executives of AlintaGas may participate in the retail offer as a direct applicant, but not as a broker client. The allocation to any individual is not to exceed 10 000 securities. Of the 88 million securities on offer, approximately 0.4 per cent are to be offered to AlintaGas employees under the exempt employee share plan. Hon Ljiljanna Ravlich interjected. Hon N.F. MOORE: Does Hon Ljiljanna Ravlich have a problem? Hon Ljiljanna Ravlich: What does this have to do with the question, and how much longer have you got to go? The PRESIDENT: Order! If Hon Ljiljanna Ravlich will let the minister finish, I can get on with the next question. Hon Ljiljanna Ravlich: I will be 98 by the time he is finished. Hon N.F. MOORE: I am usually quite happy, when there is a long answer, to extend question time, but if someone like Hon Ljiljanna Ravlich carries on like a pork chop, I am not. If she wants to do that, she can go for her life. The answer continues: The completion of the AlintaGas sale will see the emergence of a new private sector energy utility headquartered in Western Australia, owned by a significant number of local investors and with recourse to the substantial Australian and overseas experience and expertise of its cornerstone investor. The sale minimises the risk to the State as the market is fully liberalised and maximises the return to the community of Western Australia, enabling some of the net sale proceeds to be invested in worthwhile projects of benefit to the community.
A strong flow of applications for securities from pre-registrants is expected given the high level of pre-registration received. This could lead to the 44 million securities allocated for direct application being fully subscribed well before the intended close of 6 October. In such an event, the offer may need to be closed early and a scaling back of the number of securities per applicant undertaken. It is intended to give three days’ notice of any early closure and there will be announcements in the media each day of the notice period. If the public offer is over-subscribed and a pre-registrant’s application is accepted, the pre-registrant will receive a priority entitlement, being a guaranteed minimum allocation that is 25 per cent greater than the minimum allocation to those who have not pre-registered. The minimum allocation will be set by the State after the close of the institutional offer, which is expected in early October. Pre-registrant applications are expected to each receive at least 500 securities, the minimum number that can be applied for. Twenty-two million securities have been allocated to the six share broking companies appointed as managers of the AlintaGas public offer for offer to their retail investor clients. Up to 10 per cent of each broker’s allocation may be allocated to interstate clients. The maximum allocation for any retail investor is 10 000 securities. Twenty-two million securities will be available to institutional investors, with the indicative price range between $2.10 and $2.40. Institutions will bid for the securities during the institutional book build period, expected to be on 12 and 13 October 2000. The final institutional price is expected to be announced on or before 16 October and AlintaGas securities will be listed on the Australian Stock Exchange from 17 October. To ensure there is no perception of a conflict of interest, ministers, ministerial officers involved in the sale process, members and alternate members of the AlintaGas sale steering committee, and staff of the ASSC secretariat are not to participate in the initial public offer. The same applies to advisers to the ASSC and the principals of the joint lead managers who were involved in setting final offer prices. Directors of AlintaGas may participate and obtain securities in the public offer only through the institutional offer. Senior executives of AlintaGas may participate in the retail offer as a direct applicant, but not as a broker client. The allocation to any individual is not to exceed 10 000 securities. Of the 88 million securities on offer, approximately 0.4 per cent are to be offered to AlintaGas employees under the exempt employee share plan. Hon Ljiljanna Ravlich interjected. Hon N.F. MOORE: Does Hon Ljiljanna Ravlich have a problem? Hon Ljiljanna Ravlich: What does this have to do with the question, and how much longer have you got to go? The PRESIDENT: Order! If Hon Ljiljanna Ravlich will let the minister finish, I can get on with the next question. Hon Ljiljanna Ravlich: I will be 98 by the time he is finished. Hon N.F. MOORE: I am usually quite happy, when there is a long answer, to extend question time, but if someone like Hon Ljiljanna Ravlich carries on like a pork chop, I am not. If she wants to do that, she can go for her life. The answer continues: The completion of the AlintaGas sale will see the emergence of a new private sector energy utility headquartered in Western Australia, owned by a significant number of local investors and with recourse to the substantial Australian and overseas experience and expertise of its cornerstone investor. The sale minimises the risk to the State as the market is fully liberalised and maximises the return to the community of Western Australia, enabling some of the net sale proceeds to be invested in worthwhile projects of benefit to the community.
If the public offer is over-subscribed and a pre-registrant’s application is accepted, the pre-registrant will receive a priority entitlement, being a guaranteed minimum allocation that is 25 per cent greater than the minimum allocation to those who have not pre-registered. The minimum allocation will be set by the State after the close of the institutional offer, which is expected in early October. Pre-registrant applications are expected to each receive at least 500 securities, the minimum number that can be applied for. Twenty-two million securities have been allocated to the six share broking companies appointed as managers of the AlintaGas public offer for offer to their retail investor clients. Up to 10 per cent of each broker’s allocation may be allocated to interstate clients. The maximum allocation for any retail investor is 10 000 securities. Twenty-two million securities will be available to institutional investors, with the indicative price range between $2.10 and $2.40. Institutions will bid for the securities during the institutional book build period, expected to be on 12 and 13 October 2000. The final institutional price is expected to be announced on or before 16 October and AlintaGas securities will be listed on the Australian Stock Exchange from 17 October. To ensure there is no perception of a conflict of interest, ministers, ministerial officers involved in the sale process, members and alternate members of the AlintaGas sale steering committee, and staff of the ASSC secretariat are not to participate in the initial public offer. The same applies to advisers to the ASSC and the principals of the joint lead managers who were involved in setting final offer prices. Directors of AlintaGas may participate and obtain securities in the public offer only through the institutional offer. Senior executives of AlintaGas may participate in the retail offer as a direct applicant, but not as a broker client. The allocation to any individual is not to exceed 10 000 securities. Of the 88 million securities on offer, approximately 0.4 per cent are to be offered to AlintaGas employees under the exempt employee share plan. Hon Ljiljanna Ravlich interjected. Hon N.F. MOORE: Does Hon Ljiljanna Ravlich have a problem? Hon Ljiljanna Ravlich: What does this have to do with the question, and how much longer have you got to go? The PRESIDENT: Order! If Hon Ljiljanna Ravlich will let the minister finish, I can get on with the next question. Hon Ljiljanna Ravlich: I will be 98 by the time he is finished. Hon N.F. MOORE: I am usually quite happy, when there is a long answer, to extend question time, but if someone like Hon Ljiljanna Ravlich carries on like a pork chop, I am not. If she wants to do that, she can go for her life. The answer continues: The completion of the AlintaGas sale will see the emergence of a new private sector energy utility headquartered in Western Australia, owned by a significant number of local investors and with recourse to the substantial Australian and overseas experience and expertise of its cornerstone investor. The sale minimises the risk to the State as the market is fully liberalised and maximises the return to the community of Western Australia, enabling some of the net sale proceeds to be invested in worthwhile projects of benefit to the community.
Twenty-two million securities have been allocated to the six share broking companies appointed as managers of the AlintaGas public offer for offer to their retail investor clients. Up to 10 per cent of each broker’s allocation may be allocated to interstate clients. The maximum allocation for any retail investor is 10 000 securities. Twenty-two million securities will be available to institutional investors, with the indicative price range between $2.10 and $2.40. Institutions will bid for the securities during the institutional book build period, expected to be on 12 and 13 October 2000. The final institutional price is expected to be announced on or before 16 October and AlintaGas securities will be listed on the Australian Stock Exchange from 17 October. To ensure there is no perception of a conflict of interest, ministers, ministerial officers involved in the sale process, members and alternate members of the AlintaGas sale steering committee, and staff of the ASSC secretariat are not to participate in the initial public offer. The same applies to advisers to the ASSC and the principals of the joint lead managers who were involved in setting final offer prices. Directors of AlintaGas may participate and obtain securities in the public offer only through the institutional offer. Senior executives of AlintaGas may participate in the retail offer as a direct applicant, but not as a broker client. The allocation to any individual is not to exceed 10 000 securities. Of the 88 million securities on offer, approximately 0.4 per cent are to be offered to AlintaGas employees under the exempt employee share plan. Hon Ljiljanna Ravlich interjected. Hon N.F. MOORE: Does Hon Ljiljanna Ravlich have a problem? Hon Ljiljanna Ravlich: What does this have to do with the question, and how much longer have you got to go? The PRESIDENT: Order! If Hon Ljiljanna Ravlich will let the minister finish, I can get on with the next question. Hon Ljiljanna Ravlich: I will be 98 by the time he is finished. Hon N.F. MOORE: I am usually quite happy, when there is a long answer, to extend question time, but if someone like Hon Ljiljanna Ravlich carries on like a pork chop, I am not. If she wants to do that, she can go for her life. The answer continues: The completion of the AlintaGas sale will see the emergence of a new private sector energy utility headquartered in Western Australia, owned by a significant number of local investors and with recourse to the substantial Australian and overseas experience and expertise of its cornerstone investor. The sale minimises the risk to the State as the market is fully liberalised and maximises the return to the community of Western Australia, enabling some of the net sale proceeds to be invested in worthwhile projects of benefit to the community.
Twenty-two million securities will be available to institutional investors, with the indicative price range between $2.10 and $2.40. Institutions will bid for the securities during the institutional book build period, expected to be on 12 and 13 October 2000. The final institutional price is expected to be announced on or before 16 October and AlintaGas securities will be listed on the Australian Stock Exchange from 17 October. To ensure there is no perception of a conflict of interest, ministers, ministerial officers involved in the sale process, members and alternate members of the AlintaGas sale steering committee, and staff of the ASSC secretariat are not to participate in the initial public offer. The same applies to advisers to the ASSC and the principals of the joint lead managers who were involved in setting final offer prices. Directors of AlintaGas may participate and obtain securities in the public offer only through the institutional offer. Senior executives of AlintaGas may participate in the retail offer as a direct applicant, but not as a broker client. The allocation to any individual is not to exceed 10 000 securities. Of the 88 million securities on offer, approximately 0.4 per cent are to be offered to AlintaGas employees under the exempt employee share plan. Hon Ljiljanna Ravlich interjected. Hon N.F. MOORE: Does Hon Ljiljanna Ravlich have a problem? Hon Ljiljanna Ravlich: What does this have to do with the question, and how much longer have you got to go? The PRESIDENT: Order! If Hon Ljiljanna Ravlich will let the minister finish, I can get on with the next question. Hon Ljiljanna Ravlich: I will be 98 by the time he is finished. Hon N.F. MOORE: I am usually quite happy, when there is a long answer, to extend question time, but if someone like Hon Ljiljanna Ravlich carries on like a pork chop, I am not. If she wants to do that, she can go for her life. The answer continues: The completion of the AlintaGas sale will see the emergence of a new private sector energy utility headquartered in Western Australia, owned by a significant number of local investors and with recourse to the substantial Australian and overseas experience and expertise of its cornerstone investor. The sale minimises the risk to the State as the market is fully liberalised and maximises the return to the community of Western Australia, enabling some of the net sale proceeds to be invested in worthwhile projects of benefit to the community.
To ensure there is no perception of a conflict of interest, ministers, ministerial officers involved in the sale process, members and alternate members of the AlintaGas sale steering committee, and staff of the ASSC secretariat are not to participate in the initial public offer. The same applies to advisers to the ASSC and the principals of the joint lead managers who were involved in setting final offer prices. Directors of AlintaGas may participate and obtain securities in the public offer only through the institutional offer. Senior executives of AlintaGas may participate in the retail offer as a direct applicant, but not as a broker client. The allocation to any individual is not to exceed 10 000 securities. Of the 88 million securities on offer, approximately 0.4 per cent are to be offered to AlintaGas employees under the exempt employee share plan. Hon Ljiljanna Ravlich interjected. Hon N.F. MOORE: Does Hon Ljiljanna Ravlich have a problem? Hon Ljiljanna Ravlich: What does this have to do with the question, and how much longer have you got to go? The PRESIDENT: Order! If Hon Ljiljanna Ravlich will let the minister finish, I can get on with the next question. Hon Ljiljanna Ravlich: I will be 98 by the time he is finished. Hon N.F. MOORE: I am usually quite happy, when there is a long answer, to extend question time, but if someone like Hon Ljiljanna Ravlich carries on like a pork chop, I am not. If she wants to do that, she can go for her life. The answer continues: The completion of the AlintaGas sale will see the emergence of a new private sector energy utility headquartered in Western Australia, owned by a significant number of local investors and with recourse to the substantial Australian and overseas experience and expertise of its cornerstone investor. The sale minimises the risk to the State as the market is fully liberalised and maximises the return to the community of Western Australia, enabling some of the net sale proceeds to be invested in worthwhile projects of benefit to the community.
Of the 88 million securities on offer, approximately 0.4 per cent are to be offered to AlintaGas employees under the exempt employee share plan. Hon Ljiljanna Ravlich interjected. Hon N.F. MOORE: Does Hon Ljiljanna Ravlich have a problem? Hon Ljiljanna Ravlich: What does this have to do with the question, and how much longer have you got to go? The PRESIDENT: Order! If Hon Ljiljanna Ravlich will let the minister finish, I can get on with the next question. Hon Ljiljanna Ravlich: I will be 98 by the time he is finished. Hon N.F. MOORE: I am usually quite happy, when there is a long answer, to extend question time, but if someone like Hon Ljiljanna Ravlich carries on like a pork chop, I am not. If she wants to do that, she can go for her life. The answer continues: The completion of the AlintaGas sale will see the emergence of a new private sector energy utility headquartered in Western Australia, owned by a significant number of local investors and with recourse to the substantial Australian and overseas experience and expertise of its cornerstone investor. The sale minimises the risk to the State as the market is fully liberalised and maximises the return to the community of Western Australia, enabling some of the net sale proceeds to be invested in worthwhile projects of benefit to the community.
Hon Ljiljanna Ravlich interjected. Hon N.F. MOORE: Does Hon Ljiljanna Ravlich have a problem? Hon Ljiljanna Ravlich: What does this have to do with the question, and how much longer have you got to go? The PRESIDENT: Order! If Hon Ljiljanna Ravlich will let the minister finish, I can get on with the next question. Hon Ljiljanna Ravlich: I will be 98 by the time he is finished. Hon N.F. MOORE: I am usually quite happy, when there is a long answer, to extend question time, but if someone like Hon Ljiljanna Ravlich carries on like a pork chop, I am not. If she wants to do that, she can go for her life. The answer continues: The completion of the AlintaGas sale will see the emergence of a new private sector energy utility headquartered in Western Australia, owned by a significant number of local investors and with recourse to the substantial Australian and overseas experience and expertise of its cornerstone investor. The sale minimises the risk to the State as the market is fully liberalised and maximises the return to the community of Western Australia, enabling some of the net sale proceeds to be invested in worthwhile projects of benefit to the community.
Hon N.F. MOORE: Does Hon Ljiljanna Ravlich have a problem? Hon Ljiljanna Ravlich: What does this have to do with the question, and how much longer have you got to go? The PRESIDENT: Order! If Hon Ljiljanna Ravlich will let the minister finish, I can get on with the next question. Hon Ljiljanna Ravlich: I will be 98 by the time he is finished. Hon N.F. MOORE: I am usually quite happy, when there is a long answer, to extend question time, but if someone like Hon Ljiljanna Ravlich carries on like a pork chop, I am not. If she wants to do that, she can go for her life. The answer continues: The completion of the AlintaGas sale will see the emergence of a new private sector energy utility headquartered in Western Australia, owned by a significant number of local investors and with recourse to the substantial Australian and overseas experience and expertise of its cornerstone investor. The sale minimises the risk to the State as the market is fully liberalised and maximises the return to the community of Western Australia, enabling some of the net sale proceeds to be invested in worthwhile projects of benefit to the community.
Hon Ljiljanna Ravlich: What does this have to do with the question, and how much longer have you got to go? The PRESIDENT: Order! If Hon Ljiljanna Ravlich will let the minister finish, I can get on with the next question. Hon Ljiljanna Ravlich: I will be 98 by the time he is finished. Hon N.F. MOORE: I am usually quite happy, when there is a long answer, to extend question time, but if someone like Hon Ljiljanna Ravlich carries on like a pork chop, I am not. If she wants to do that, she can go for her life. The answer continues: The completion of the AlintaGas sale will see the emergence of a new private sector energy utility headquartered in Western Australia, owned by a significant number of local investors and with recourse to the substantial Australian and overseas experience and expertise of its cornerstone investor. The sale minimises the risk to the State as the market is fully liberalised and maximises the return to the community of Western Australia, enabling some of the net sale proceeds to be invested in worthwhile projects of benefit to the community.
The PRESIDENT: Order! If Hon Ljiljanna Ravlich will let the minister finish, I can get on with the next question. Hon Ljiljanna Ravlich: I will be 98 by the time he is finished. Hon N.F. MOORE: I am usually quite happy, when there is a long answer, to extend question time, but if someone like Hon Ljiljanna Ravlich carries on like a pork chop, I am not. If she wants to do that, she can go for her life. The answer continues: The completion of the AlintaGas sale will see the emergence of a new private sector energy utility headquartered in Western Australia, owned by a significant number of local investors and with recourse to the substantial Australian and overseas experience and expertise of its cornerstone investor. The sale minimises the risk to the State as the market is fully liberalised and maximises the return to the community of Western Australia, enabling some of the net sale proceeds to be invested in worthwhile projects of benefit to the community.
Hon Ljiljanna Ravlich: I will be 98 by the time he is finished. Hon N.F. MOORE: I am usually quite happy, when there is a long answer, to extend question time, but if someone like Hon Ljiljanna Ravlich carries on like a pork chop, I am not. If she wants to do that, she can go for her life. The answer continues: The completion of the AlintaGas sale will see the emergence of a new private sector energy utility headquartered in Western Australia, owned by a significant number of local investors and with recourse to the substantial Australian and overseas experience and expertise of its cornerstone investor. The sale minimises the risk to the State as the market is fully liberalised and maximises the return to the community of Western Australia, enabling some of the net sale proceeds to be invested in worthwhile projects of benefit to the community.
Hon N.F. MOORE: I am usually quite happy, when there is a long answer, to extend question time, but if someone like Hon Ljiljanna Ravlich carries on like a pork chop, I am not. If she wants to do that, she can go for her life. The answer continues: The completion of the AlintaGas sale will see the emergence of a new private sector energy utility headquartered in Western Australia, owned by a significant number of local investors and with recourse to the substantial Australian and overseas experience and expertise of its cornerstone investor. The sale minimises the risk to the State as the market is fully liberalised and maximises the return to the community of Western Australia, enabling some of the net sale proceeds to be invested in worthwhile projects of benefit to the community.
The answer continues: The completion of the AlintaGas sale will see the emergence of a new private sector energy utility headquartered in Western Australia, owned by a significant number of local investors and with recourse to the substantial Australian and overseas experience and expertise of its cornerstone investor. The sale minimises the risk to the State as the market is fully liberalised and maximises the return to the community of Western Australia, enabling some of the net sale proceeds to be invested in worthwhile projects of benefit to the community.
Hon N.F. MOORE replied: The sale of AlintaGas moved into its final phases on Monday, 11 September with the opening of the initial public offer of securities. The stakeholding in the initial public offer represents 55 per cent of AlintaGas issued securities. This is an opportunity for retail investors to own securities in the leading Western Australian natural gas distribution and sales company, with at least 75 per cent of the securities available in the public offer made available to Western Australians. The public offer of 88 million AlintaGas securities in total is structured into the retail offer and the institutional offer. The retail offer is for 66 million securities at the offer price of $2.25 each. The retail offer allocates two-thirds - 44 million securities - to members of the public by direct application and one-third - 22 million securities - to retail investors by way of a broker firm allocation. Over 221 000 people have pre-registered for the public offer and each should soon receive the AlintaGas public offer document and priority application forms for securities. A strong flow of applications for securities from pre-registrants is expected given the high level of pre-registration received. This could lead to the 44 million securities allocated for direct application being fully subscribed well before the intended close of 6 October. In such an event, the offer may need to be closed early and a scaling back of the number of securities per applicant undertaken. It is intended to give three days’ notice of any early closure and there will be announcements in the media each day of the notice period. If the public offer is over-subscribed and a pre-registrant’s application is accepted, the pre-registrant will receive a priority entitlement, being a guaranteed minimum allocation that is 25 per cent greater than the minimum allocation to those who have not pre-registered. The minimum allocation will be set by the State after the close of the institutional offer, which is expected in early October. Pre-registrant applications are expected to each receive at least 500 securities, the minimum number that can be applied for. Twenty-two million securities have been allocated to the six share broking companies appointed as managers of the AlintaGas public offer for offer to their retail investor clients. Up to 10 per cent of each broker’s allocation may be allocated to interstate clients. The maximum allocation for any retail investor is 10 000 securities. Twenty-two million securities will be available to institutional investors, with the indicative price range between $2.10 and $2.40. Institutions will bid for the securities during the institutional book build period, expected to be on 12 and 13 October 2000. The final institutional price is expected to be announced on or before 16 October and AlintaGas securities will be listed on the Australian Stock Exchange from 17 October. To ensure there is no perception of a conflict of interest, ministers, ministerial officers involved in the sale process, members and alternate members of the AlintaGas sale steering committee, and staff of the ASSC secretariat are not to participate in the initial public offer. The same applies to advisers to the ASSC and the principals of the joint lead managers who were involved in setting final offer prices. Directors of AlintaGas may participate and obtain securities in the public offer only through the institutional offer. Senior executives of AlintaGas may participate in the retail offer as a direct applicant, but not as a broker client. The allocation to any individual is not to exceed 10 000 securities. Of the 88 million securities on offer, approximately 0.4 per cent are to be offered to AlintaGas employees under the exempt employee share plan. Hon Ljiljanna Ravlich interjected. Hon N.F. MOORE: Does Hon Ljiljanna Ravlich have a problem? Hon Ljiljanna Ravlich: What does this have to do with the question, and how much longer have you got to go? The PRESIDENT: Order! If Hon Ljiljanna Ravlich will let the minister finish, I can get on with the next question. Hon Ljiljanna Ravlich: I will be 98 by the time he is finished. Hon N.F. MOORE: I am usually quite happy, when there is a long answer, to extend question time, but if someone like Hon Ljiljanna Ravlich carries on like a pork chop, I am not. If she wants to do that, she can go for her life. The answer continues: The completion of the AlintaGas sale will see the emergence of a new private sector energy utility headquartered in Western Australia, owned by a significant number of local investors and with recourse to the substantial Australian and overseas experience and expertise of its cornerstone investor. The sale minimises the risk to the State as the market is fully liberalised and maximises the return to the community of Western Australia, enabling some of the net sale proceeds to be invested in worthwhile projects of benefit to the community.
The sale of AlintaGas moved into its final phases on Monday, 11 September with the opening of the initial public offer of securities. The stakeholding in the initial public offer represents 55 per cent of AlintaGas issued securities. This is an opportunity for retail investors to own securities in the leading Western Australian natural gas distribution and sales company, with at least 75 per cent of the securities available in the public offer made available to Western Australians. The public offer of 88 million AlintaGas securities in total is structured into the retail offer and the institutional offer. The retail offer is for 66 million securities at the offer price of $2.25 each. The retail offer allocates two-thirds - 44 million securities - to members of the public by direct application and one-third - 22 million securities - to retail investors by way of a broker firm allocation. Over 221 000 people have pre-registered for the public offer and each should soon receive the AlintaGas public offer document and priority application forms for securities. A strong flow of applications for securities from pre-registrants is expected given the high level of pre-registration received. This could lead to the 44 million securities allocated for direct application being fully subscribed well before the intended close of 6 October. In such an event, the offer may need to be closed early and a scaling back of the number of securities per applicant undertaken. It is intended to give three days’ notice of any early closure and there will be announcements in the media each day of the notice period. If the public offer is over-subscribed and a pre-registrant’s application is accepted, the pre-registrant will receive a priority entitlement, being a guaranteed minimum allocation that is 25 per cent greater than the minimum allocation to those who have not pre-registered. The minimum allocation will be set by the State after the close of the institutional offer, which is expected in early October. Pre-registrant applications are expected to each receive at least 500 securities, the minimum number that can be applied for. Twenty-two million securities have been allocated to the six share broking companies appointed as managers of the AlintaGas public offer for offer to their retail investor clients. Up to 10 per cent of each broker’s allocation may be allocated to interstate clients. The maximum allocation for any retail investor is 10 000 securities. Twenty-two million securities will be available to institutional investors, with the indicative price range between $2.10 and $2.40. Institutions will bid for the securities during the institutional book build period, expected to be on 12 and 13 October 2000. The final institutional price is expected to be announced on or before 16 October and AlintaGas securities will be listed on the Australian Stock Exchange from 17 October. To ensure there is no perception of a conflict of interest, ministers, ministerial officers involved in the sale process, members and alternate members of the AlintaGas sale steering committee, and staff of the ASSC secretariat are not to participate in the initial public offer. The same applies to advisers to the ASSC and the principals of the joint lead managers who were involved in setting final offer prices. Directors of AlintaGas may participate and obtain securities in the public offer only through the institutional offer. Senior executives of AlintaGas may participate in the retail offer as a direct applicant, but not as a broker client. The allocation to any individual is not to exceed 10 000 securities. Of the 88 million securities on offer, approximately 0.4 per cent are to be offered to AlintaGas employees under the exempt employee share plan. Hon Ljiljanna Ravlich interjected. Hon N.F. MOORE: Does Hon Ljiljanna Ravlich have a problem? Hon Ljiljanna Ravlich: What does this have to do with the question, and how much longer have you got to go? The PRESIDENT: Order! If Hon Ljiljanna Ravlich will let the minister finish, I can get on with the next question. Hon Ljiljanna Ravlich: I will be 98 by the time he is finished. Hon N.F. MOORE: I am usually quite happy, when there is a long answer, to extend question time, but if someone like Hon Ljiljanna Ravlich carries on like a pork chop, I am not. If she wants to do that, she can go for her life. The answer continues: The completion of the AlintaGas sale will see the emergence of a new private sector energy utility headquartered in Western Australia, owned by a significant number of local investors and with recourse to the substantial Australian and overseas experience and expertise of its cornerstone investor. The sale minimises the risk to the State as the market is fully liberalised and maximises the return to the community of Western Australia, enabling some of the net sale proceeds to be invested in worthwhile projects of benefit to the community.
The public offer of 88 million AlintaGas securities in total is structured into the retail offer and the institutional offer. The retail offer is for 66 million securities at the offer price of $2.25 each. The retail offer allocates two-thirds - 44 million securities - to members of the public by direct application and one-third - 22 million securities - to retail investors by way of a broker firm allocation. Over 221 000 people have pre-registered for the public offer and each should soon receive the AlintaGas public offer document and priority application forms for securities. A strong flow of applications for securities from pre-registrants is expected given the high level of pre-registration received. This could lead to the 44 million securities allocated for direct application being fully subscribed well before the intended close of 6 October. In such an event, the offer may need to be closed early and a scaling back of the number of securities per applicant undertaken. It is intended to give three days’ notice of any early closure and there will be announcements in the media each day of the notice period. If the public offer is over-subscribed and a pre-registrant’s application is accepted, the pre-registrant will receive a priority entitlement, being a guaranteed minimum allocation that is 25 per cent greater than the minimum allocation to those who have not pre-registered. The minimum allocation will be set by the State after the close of the institutional offer, which is expected in early October. Pre-registrant applications are expected to each receive at least 500 securities, the minimum number that can be applied for. Twenty-two million securities have been allocated to the six share broking companies appointed as managers of the AlintaGas public offer for offer to their retail investor clients. Up to 10 per cent of each broker’s allocation may be allocated to interstate clients. The maximum allocation for any retail investor is 10 000 securities. Twenty-two million securities will be available to institutional investors, with the indicative price range between $2.10 and $2.40. Institutions will bid for the securities during the institutional book build period, expected to be on 12 and 13 October 2000. The final institutional price is expected to be announced on or before 16 October and AlintaGas securities will be listed on the Australian Stock Exchange from 17 October. To ensure there is no perception of a conflict of interest, ministers, ministerial officers involved in the sale process, members and alternate members of the AlintaGas sale steering committee, and staff of the ASSC secretariat are not to participate in the initial public offer. The same applies to advisers to the ASSC and the principals of the joint lead managers who were involved in setting final offer prices. Directors of AlintaGas may participate and obtain securities in the public offer only through the institutional offer. Senior executives of AlintaGas may participate in the retail offer as a direct applicant, but not as a broker client. The allocation to any individual is not to exceed 10 000 securities. Of the 88 million securities on offer, approximately 0.4 per cent are to be offered to AlintaGas employees under the exempt employee share plan. Hon Ljiljanna Ravlich interjected. Hon N.F. MOORE: Does Hon Ljiljanna Ravlich have a problem? Hon Ljiljanna Ravlich: What does this have to do with the question, and how much longer have you got to go? The PRESIDENT: Order! If Hon Ljiljanna Ravlich will let the minister finish, I can get on with the next question. Hon Ljiljanna Ravlich: I will be 98 by the time he is finished. Hon N.F. MOORE: I am usually quite happy, when there is a long answer, to extend question time, but if someone like Hon Ljiljanna Ravlich carries on like a pork chop, I am not. If she wants to do that, she can go for her life. The answer continues: The completion of the AlintaGas sale will see the emergence of a new private sector energy utility headquartered in Western Australia, owned by a significant number of local investors and with recourse to the substantial Australian and overseas experience and expertise of its cornerstone investor. The sale minimises the risk to the State as the market is fully liberalised and maximises the return to the community of Western Australia, enabling some of the net sale proceeds to be invested in worthwhile projects of benefit to the community.
A strong flow of applications for securities from pre-registrants is expected given the high level of pre-registration received. This could lead to the 44 million securities allocated for direct application being fully subscribed well before the intended close of 6 October. In such an event, the offer may need to be closed early and a scaling back of the number of securities per applicant undertaken. It is intended to give three days’ notice of any early closure and there will be announcements in the media each day of the notice period. If the public offer is over-subscribed and a pre-registrant’s application is accepted, the pre-registrant will receive a priority entitlement, being a guaranteed minimum allocation that is 25 per cent greater than the minimum allocation to those who have not pre-registered. The minimum allocation will be set by the State after the close of the institutional offer, which is expected in early October. Pre-registrant applications are expected to each receive at least 500 securities, the minimum number that can be applied for. Twenty-two million securities have been allocated to the six share broking companies appointed as managers of the AlintaGas public offer for offer to their retail investor clients. Up to 10 per cent of each broker’s allocation may be allocated to interstate clients. The maximum allocation for any retail investor is 10 000 securities. Twenty-two million securities will be available to institutional investors, with the indicative price range between $2.10 and $2.40. Institutions will bid for the securities during the institutional book build period, expected to be on 12 and 13 October 2000. The final institutional price is expected to be announced on or before 16 October and AlintaGas securities will be listed on the Australian Stock Exchange from 17 October. To ensure there is no perception of a conflict of interest, ministers, ministerial officers involved in the sale process, members and alternate members of the AlintaGas sale steering committee, and staff of the ASSC secretariat are not to participate in the initial public offer. The same applies to advisers to the ASSC and the principals of the joint lead managers who were involved in setting final offer prices. Directors of AlintaGas may participate and obtain securities in the public offer only through the institutional offer. Senior executives of AlintaGas may participate in the retail offer as a direct applicant, but not as a broker client. The allocation to any individual is not to exceed 10 000 securities. Of the 88 million securities on offer, approximately 0.4 per cent are to be offered to AlintaGas employees under the exempt employee share plan. Hon Ljiljanna Ravlich interjected. Hon N.F. MOORE: Does Hon Ljiljanna Ravlich have a problem? Hon Ljiljanna Ravlich: What does this have to do with the question, and how much longer have you got to go? The PRESIDENT: Order! If Hon Ljiljanna Ravlich will let the minister finish, I can get on with the next question. Hon Ljiljanna Ravlich: I will be 98 by the time he is finished. Hon N.F. MOORE: I am usually quite happy, when there is a long answer, to extend question time, but if someone like Hon Ljiljanna Ravlich carries on like a pork chop, I am not. If she wants to do that, she can go for her life. The answer continues: The completion of the AlintaGas sale will see the emergence of a new private sector energy utility headquartered in Western Australia, owned by a significant number of local investors and with recourse to the substantial Australian and overseas experience and expertise of its cornerstone investor. The sale minimises the risk to the State as the market is fully liberalised and maximises the return to the community of Western Australia, enabling some of the net sale proceeds to be invested in worthwhile projects of benefit to the community.
If the public offer is over-subscribed and a pre-registrant’s application is accepted, the pre-registrant will receive a priority entitlement, being a guaranteed minimum allocation that is 25 per cent greater than the minimum allocation to those who have not pre-registered. The minimum allocation will be set by the State after the close of the institutional offer, which is expected in early October. Pre-registrant applications are expected to each receive at least 500 securities, the minimum number that can be applied for. Twenty-two million securities have been allocated to the six share broking companies appointed as managers of the AlintaGas public offer for offer to their retail investor clients. Up to 10 per cent of each broker’s allocation may be allocated to interstate clients. The maximum allocation for any retail investor is 10 000 securities. Twenty-two million securities will be available to institutional investors, with the indicative price range between $2.10 and $2.40. Institutions will bid for the securities during the institutional book build period, expected to be on 12 and 13 October 2000. The final institutional price is expected to be announced on or before 16 October and AlintaGas securities will be listed on the Australian Stock Exchange from 17 October. To ensure there is no perception of a conflict of interest, ministers, ministerial officers involved in the sale process, members and alternate members of the AlintaGas sale steering committee, and staff of the ASSC secretariat are not to participate in the initial public offer. The same applies to advisers to the ASSC and the principals of the joint lead managers who were involved in setting final offer prices. Directors of AlintaGas may participate and obtain securities in the public offer only through the institutional offer. Senior executives of AlintaGas may participate in the retail offer as a direct applicant, but not as a broker client. The allocation to any individual is not to exceed 10 000 securities. Of the 88 million securities on offer, approximately 0.4 per cent are to be offered to AlintaGas employees under the exempt employee share plan. Hon Ljiljanna Ravlich interjected. Hon N.F. MOORE: Does Hon Ljiljanna Ravlich have a problem? Hon Ljiljanna Ravlich: What does this have to do with the question, and how much longer have you got to go? The PRESIDENT: Order! If Hon Ljiljanna Ravlich will let the minister finish, I can get on with the next question. Hon Ljiljanna Ravlich: I will be 98 by the time he is finished. Hon N.F. MOORE: I am usually quite happy, when there is a long answer, to extend question time, but if someone like Hon Ljiljanna Ravlich carries on like a pork chop, I am not. If she wants to do that, she can go for her life. The answer continues: The completion of the AlintaGas sale will see the emergence of a new private sector energy utility headquartered in Western Australia, owned by a significant number of local investors and with recourse to the substantial Australian and overseas experience and expertise of its cornerstone investor. The sale minimises the risk to the State as the market is fully liberalised and maximises the return to the community of Western Australia, enabling some of the net sale proceeds to be invested in worthwhile projects of benefit to the community.
Twenty-two million securities have been allocated to the six share broking companies appointed as managers of the AlintaGas public offer for offer to their retail investor clients. Up to 10 per cent of each broker’s allocation may be allocated to interstate clients. The maximum allocation for any retail investor is 10 000 securities. Twenty-two million securities will be available to institutional investors, with the indicative price range between $2.10 and $2.40. Institutions will bid for the securities during the institutional book build period, expected to be on 12 and 13 October 2000. The final institutional price is expected to be announced on or before 16 October and AlintaGas securities will be listed on the Australian Stock Exchange from 17 October. To ensure there is no perception of a conflict of interest, ministers, ministerial officers involved in the sale process, members and alternate members of the AlintaGas sale steering committee, and staff of the ASSC secretariat are not to participate in the initial public offer. The same applies to advisers to the ASSC and the principals of the joint lead managers who were involved in setting final offer prices. Directors of AlintaGas may participate and obtain securities in the public offer only through the institutional offer. Senior executives of AlintaGas may participate in the retail offer as a direct applicant, but not as a broker client. The allocation to any individual is not to exceed 10 000 securities. Of the 88 million securities on offer, approximately 0.4 per cent are to be offered to AlintaGas employees under the exempt employee share plan. Hon Ljiljanna Ravlich interjected. Hon N.F. MOORE: Does Hon Ljiljanna Ravlich have a problem? Hon Ljiljanna Ravlich: What does this have to do with the question, and how much longer have you got to go? The PRESIDENT: Order! If Hon Ljiljanna Ravlich will let the minister finish, I can get on with the next question. Hon Ljiljanna Ravlich: I will be 98 by the time he is finished. Hon N.F. MOORE: I am usually quite happy, when there is a long answer, to extend question time, but if someone like Hon Ljiljanna Ravlich carries on like a pork chop, I am not. If she wants to do that, she can go for her life. The answer continues: The completion of the AlintaGas sale will see the emergence of a new private sector energy utility headquartered in Western Australia, owned by a significant number of local investors and with recourse to the substantial Australian and overseas experience and expertise of its cornerstone investor. The sale minimises the risk to the State as the market is fully liberalised and maximises the return to the community of Western Australia, enabling some of the net sale proceeds to be invested in worthwhile projects of benefit to the community.
Twenty-two million securities will be available to institutional investors, with the indicative price range between $2.10 and $2.40. Institutions will bid for the securities during the institutional book build period, expected to be on 12 and 13 October 2000. The final institutional price is expected to be announced on or before 16 October and AlintaGas securities will be listed on the Australian Stock Exchange from 17 October. To ensure there is no perception of a conflict of interest, ministers, ministerial officers involved in the sale process, members and alternate members of the AlintaGas sale steering committee, and staff of the ASSC secretariat are not to participate in the initial public offer. The same applies to advisers to the ASSC and the principals of the joint lead managers who were involved in setting final offer prices. Directors of AlintaGas may participate and obtain securities in the public offer only through the institutional offer. Senior executives of AlintaGas may participate in the retail offer as a direct applicant, but not as a broker client. The allocation to any individual is not to exceed 10 000 securities. Of the 88 million securities on offer, approximately 0.4 per cent are to be offered to AlintaGas employees under the exempt employee share plan. Hon Ljiljanna Ravlich interjected. Hon N.F. MOORE: Does Hon Ljiljanna Ravlich have a problem? Hon Ljiljanna Ravlich: What does this have to do with the question, and how much longer have you got to go? The PRESIDENT: Order! If Hon Ljiljanna Ravlich will let the minister finish, I can get on with the next question. Hon Ljiljanna Ravlich: I will be 98 by the time he is finished. Hon N.F. MOORE: I am usually quite happy, when there is a long answer, to extend question time, but if someone like Hon Ljiljanna Ravlich carries on like a pork chop, I am not. If she wants to do that, she can go for her life. The answer continues: The completion of the AlintaGas sale will see the emergence of a new private sector energy utility headquartered in Western Australia, owned by a significant number of local investors and with recourse to the substantial Australian and overseas experience and expertise of its cornerstone investor. The sale minimises the risk to the State as the market is fully liberalised and maximises the return to the community of Western Australia, enabling some of the net sale proceeds to be invested in worthwhile projects of benefit to the community.
To ensure there is no perception of a conflict of interest, ministers, ministerial officers involved in the sale process, members and alternate members of the AlintaGas sale steering committee, and staff of the ASSC secretariat are not to participate in the initial public offer. The same applies to advisers to the ASSC and the principals of the joint lead managers who were involved in setting final offer prices. Directors of AlintaGas may participate and obtain securities in the public offer only through the institutional offer. Senior executives of AlintaGas may participate in the retail offer as a direct applicant, but not as a broker client. The allocation to any individual is not to exceed 10 000 securities. Of the 88 million securities on offer, approximately 0.4 per cent are to be offered to AlintaGas employees under the exempt employee share plan. Hon Ljiljanna Ravlich interjected. Hon N.F. MOORE: Does Hon Ljiljanna Ravlich have a problem? Hon Ljiljanna Ravlich: What does this have to do with the question, and how much longer have you got to go? The PRESIDENT: Order! If Hon Ljiljanna Ravlich will let the minister finish, I can get on with the next question. Hon Ljiljanna Ravlich: I will be 98 by the time he is finished. Hon N.F. MOORE: I am usually quite happy, when there is a long answer, to extend question time, but if someone like Hon Ljiljanna Ravlich carries on like a pork chop, I am not. If she wants to do that, she can go for her life. The answer continues: The completion of the AlintaGas sale will see the emergence of a new private sector energy utility headquartered in Western Australia, owned by a significant number of local investors and with recourse to the substantial Australian and overseas experience and expertise of its cornerstone investor. The sale minimises the risk to the State as the market is fully liberalised and maximises the return to the community of Western Australia, enabling some of the net sale proceeds to be invested in worthwhile projects of benefit to the community.
Of the 88 million securities on offer, approximately 0.4 per cent are to be offered to AlintaGas employees under the exempt employee share plan. Hon Ljiljanna Ravlich interjected. Hon N.F. MOORE: Does Hon Ljiljanna Ravlich have a problem? Hon Ljiljanna Ravlich: What does this have to do with the question, and how much longer have you got to go? The PRESIDENT: Order! If Hon Ljiljanna Ravlich will let the minister finish, I can get on with the next question. Hon Ljiljanna Ravlich: I will be 98 by the time he is finished. Hon N.F. MOORE: I am usually quite happy, when there is a long answer, to extend question time, but if someone like Hon Ljiljanna Ravlich carries on like a pork chop, I am not. If she wants to do that, she can go for her life. The answer continues: The completion of the AlintaGas sale will see the emergence of a new private sector energy utility headquartered in Western Australia, owned by a significant number of local investors and with recourse to the substantial Australian and overseas experience and expertise of its cornerstone investor. The sale minimises the risk to the State as the market is fully liberalised and maximises the return to the community of Western Australia, enabling some of the net sale proceeds to be invested in worthwhile projects of benefit to the community.
Hon Ljiljanna Ravlich interjected. Hon N.F. MOORE: Does Hon Ljiljanna Ravlich have a problem? Hon Ljiljanna Ravlich: What does this have to do with the question, and how much longer have you got to go? The PRESIDENT: Order! If Hon Ljiljanna Ravlich will let the minister finish, I can get on with the next question. Hon Ljiljanna Ravlich: I will be 98 by the time he is finished. Hon N.F. MOORE: I am usually quite happy, when there is a long answer, to extend question time, but if someone like Hon Ljiljanna Ravlich carries on like a pork chop, I am not. If she wants to do that, she can go for her life. The answer continues: The completion of the AlintaGas sale will see the emergence of a new private sector energy utility headquartered in Western Australia, owned by a significant number of local investors and with recourse to the substantial Australian and overseas experience and expertise of its cornerstone investor. The sale minimises the risk to the State as the market is fully liberalised and maximises the return to the community of Western Australia, enabling some of the net sale proceeds to be invested in worthwhile projects of benefit to the community.
Hon N.F. MOORE: Does Hon Ljiljanna Ravlich have a problem? Hon Ljiljanna Ravlich: What does this have to do with the question, and how much longer have you got to go? The PRESIDENT: Order! If Hon Ljiljanna Ravlich will let the minister finish, I can get on with the next question. Hon Ljiljanna Ravlich: I will be 98 by the time he is finished. Hon N.F. MOORE: I am usually quite happy, when there is a long answer, to extend question time, but if someone like Hon Ljiljanna Ravlich carries on like a pork chop, I am not. If she wants to do that, she can go for her life. The answer continues: The completion of the AlintaGas sale will see the emergence of a new private sector energy utility headquartered in Western Australia, owned by a significant number of local investors and with recourse to the substantial Australian and overseas experience and expertise of its cornerstone investor. The sale minimises the risk to the State as the market is fully liberalised and maximises the return to the community of Western Australia, enabling some of the net sale proceeds to be invested in worthwhile projects of benefit to the community.
Hon Ljiljanna Ravlich: What does this have to do with the question, and how much longer have you got to go? The PRESIDENT: Order! If Hon Ljiljanna Ravlich will let the minister finish, I can get on with the next question. Hon Ljiljanna Ravlich: I will be 98 by the time he is finished. Hon N.F. MOORE: I am usually quite happy, when there is a long answer, to extend question time, but if someone like Hon Ljiljanna Ravlich carries on like a pork chop, I am not. If she wants to do that, she can go for her life. The answer continues: The completion of the AlintaGas sale will see the emergence of a new private sector energy utility headquartered in Western Australia, owned by a significant number of local investors and with recourse to the substantial Australian and overseas experience and expertise of its cornerstone investor. The sale minimises the risk to the State as the market is fully liberalised and maximises the return to the community of Western Australia, enabling some of the net sale proceeds to be invested in worthwhile projects of benefit to the community.
The PRESIDENT: Order! If Hon Ljiljanna Ravlich will let the minister finish, I can get on with the next question. Hon Ljiljanna Ravlich: I will be 98 by the time he is finished. Hon N.F. MOORE: I am usually quite happy, when there is a long answer, to extend question time, but if someone like Hon Ljiljanna Ravlich carries on like a pork chop, I am not. If she wants to do that, she can go for her life. The answer continues: The completion of the AlintaGas sale will see the emergence of a new private sector energy utility headquartered in Western Australia, owned by a significant number of local investors and with recourse to the substantial Australian and overseas experience and expertise of its cornerstone investor. The sale minimises the risk to the State as the market is fully liberalised and maximises the return to the community of Western Australia, enabling some of the net sale proceeds to be invested in worthwhile projects of benefit to the community.
Hon Ljiljanna Ravlich: I will be 98 by the time he is finished. Hon N.F. MOORE: I am usually quite happy, when there is a long answer, to extend question time, but if someone like Hon Ljiljanna Ravlich carries on like a pork chop, I am not. If she wants to do that, she can go for her life. The answer continues: The completion of the AlintaGas sale will see the emergence of a new private sector energy utility headquartered in Western Australia, owned by a significant number of local investors and with recourse to the substantial Australian and overseas experience and expertise of its cornerstone investor. The sale minimises the risk to the State as the market is fully liberalised and maximises the return to the community of Western Australia, enabling some of the net sale proceeds to be invested in worthwhile projects of benefit to the community.
Hon N.F. MOORE: I am usually quite happy, when there is a long answer, to extend question time, but if someone like Hon Ljiljanna Ravlich carries on like a pork chop, I am not. If she wants to do that, she can go for her life. The answer continues: The completion of the AlintaGas sale will see the emergence of a new private sector energy utility headquartered in Western Australia, owned by a significant number of local investors and with recourse to the substantial Australian and overseas experience and expertise of its cornerstone investor. The sale minimises the risk to the State as the market is fully liberalised and maximises the return to the community of Western Australia, enabling some of the net sale proceeds to be invested in worthwhile projects of benefit to the community.
The answer continues: The completion of the AlintaGas sale will see the emergence of a new private sector energy utility headquartered in Western Australia, owned by a significant number of local investors and with recourse to the substantial Australian and overseas experience and expertise of its cornerstone investor. The sale minimises the risk to the State as the market is fully liberalised and maximises the return to the community of Western Australia, enabling some of the net sale proceeds to be invested in worthwhile projects of benefit to the community.
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