QGC provides the following update on the status of Queensland Gas Company Limited’s (QGC) recommended off-market takeover bid for Roma Petroleum NL (Roma).

QGC currently holds an 89.45 per cent interest in Roma (as at 15 October 2008) and this interest takes into account the shares issued in the recent Roma rights issue.

QGC’s offer is unconditional and Roma shareholders who accept the offer will be paid within 5 business days of receipt of their acceptance form by the registry. With the significant turmoil and uncertainty in global and Australian markets, QGC believes that Roma shareholders will be much better off with an early payment for their shares.

When QGC reaches 90 per cent, it will be entitled, and intends, to compulsorily acquire the remaining Roma shares, in which case payment for Roma shares will take significantly longer than if Roma shareholders accept the offer before it closes.

Given the illiquidity of Roma shares, QGC intends to procure that Roma apply to ASX to be removed from the official list of ASX. If this occurs, Roma shareholders will not be able to trade their shares on-market.

With QGC’s interest in Roma exceeding 80 per cent, Roma shareholders may be entitled to capital gains tax rollover relief on the scrip component of QGC’s bid.

QGC’s offer remains the only offer available for Roma shareholders.

Roma’s directors continue to unanimously recommend that Roma shareholders ACCEPT the QGC offer

QGC’s offer is currently due to close at 7pm (Brisbane time) Friday 17 October 2008.

Tags: Queensland Gas Company Limited