Date 16 October 2000
BHP AND MITSUBISHI INCREASE OFFER PRICE FOR QCT & DECLARE OFFER PRICE FINAL
The Broken Hill Proprietary Company Limited ("BHP") and Mitsubishi Development
Pty. Ltd. ("Mitsubishi") today announced that they intend to increase the
offer price for all the shares in QCT to $1.30. Shareholders will receive
$1.20 cash and the fully franked 10c special dividend announced by QCT
Resources Ltd ("QCT") on Friday 13 October, 2000. The offer is made by their
jointly owned bidding vehicle MetCoal Holdings (Qld) Pty Ltd ("MetCoal").
As contemplated in the terms of the offer set out in MetCoal's Bidder's
Statement, if there is a dividend after the announcement of the offer, there
would be a consequent reduction of the offer consideration by an amount equal
to the cash amount of the dividend.
"We believe the increased offer price will be extremely attractive to all QCT
shareholders. Shareholders should note this is the final offer price - it will
not be increased," said BHP Managing Director and CEO Paul Anderson and
Mitsubishi Managing Director Kenjiro Itadani.
"The announcement of the special dividend allows shareholders to maximise the
benefits of accepting the offer," they said.
If MetCoal receives acceptances under its offer for at least 50.1% of the QCT
shares on issue, it intends to declare the offer unconditional and to shorten
the payment terms.
Shareholders who accept the offer before the special dividend record date of
24 October will still receive the special dividend. BHP and Mitsubishi will
ensure that MetCoal does not become the registered holder of any QCT shares
until after the record date. Shareholders who accept on or before 18 October
will be paid on 25 October. Acceptances lodged after 18 October will be paid
according to shortened payment terms of five business days.
The offer is scheduled to close at 7.00 pm (Melbourne time) on 27 October 2000.
BHP and Mitsubishi are currently preparing relevant documentation detailing
the revised offer. This will be lodged as soon as practicable with the
Australian Securities and Investments Commission. Notice of the revised offer
will be mailed to QCT shareholders.
For further information please contact:
BHP Mandy Frostick Manager Media Relations
Phone: +61 3 9609 4157
Mobile: +61 419 546 245
Robert Porter Vice President Investor Relations
Phone: +61 3 9609 3540
Mobile: +61 419 587 456
Mitsubishi Robert Campese Manager General Affairs
Phone: +61 2 9951 4838
Candy Ramsey
BHP Investor Relations Houston
Tel: (713) 961-8640
