Media Centre
Uecomm announces enhancement to funding facility
Uecomm Limited today announced that it has reached agreement to transfer the $80 million funding facility currently provided by 66% shareholder United Energy Limited ("United Energy") to Alinta Finance Pty Ltd ("Alinta Finance"). The agreement is conditional upon the successful completion of the scheme of arrangement between Alinta Limited ("Alinta"), AMP Henderson Global Investors Limited and Power Partnership Pty Limited ("Scheme"). The completion date is expected to be about 23 July 2003. The transfer of the funding facility will become effective 6 business days after a copy of the court order approving the Scheme is lodged with ASIC.
Uecomm's Chief Executive Officer, Mr Peter McGrath, said "I am happy to announce that Uecomm has also reached agreement with Alinta Finance to extend the last day upon which the funding facility can be drawn upon by an additional 18 months to 29 June 2006. Alinta Finance is wholly owned and guaranteed by Alinta."
Mr McGrath said that, subject to completion of the Scheme, the 66% shareholding in Uecomm currently held by United Energy would also be transferred to Alinta.
The existing $80 million funding facility will be taken over by Alinta Finance subject to a number of conditions precedent including:
- the scheme of arrangement becoming effective
- no material adverse change affecting the financial or trading position or prospects of the Alinta Group including a change that would reduce Alinta or Alinta Finance's credit rating below a "BBB" rating (if it were to be rated).
Mr McGrath re-iterated that it was "business as usual at Uecomm" in terms of the Company providing corporations and government organisations with high-speed, high-quality broadband data services and that Uecomm looked forward to maximising value for all shareholders.
Uecomm will release its half-year financial results later this month.
Further information will be provided to the market regarding the implications, if any, of the change in Uecomm's majority shareholder as it relates to the interests of Uecomm shareholders as and when it becomes available.
