Optus announced today that it has now received acceptances for more than 86 per cent of Uecomm and based on the flow of acceptances, it expects to move to compulsory acquisition shortly.

"Uecomm Chairman, Peter Shore and Uecomm CEO, Peter McGrath have both sold into the offer and we are seeing acceptances of around one to two per cent per day," Paul O'Sullivan, incoming Optus Chief Executive said.

"This rate of acceptances reflects the generous price offered by Optus.

"Optus is paying $0.40c per Uecomm ordinary share to minority shareholders. This is at a premium of 7.5c (or 23 per cent) to the offer price that was paid to Uecomm's major shareholder, Alinta," Mr O'Sullivan said.

Optus urges shareholders who have not accepted the offer to do so quickly. By accepting quickly, shareholders will ensure that they receive payment from Optus promptly. Once Optus receives acceptances for 90 per cent of Uecomm, it will compulsorily acquire those shares not accepted into the offer. Receipt of payment for compulsorily acquired shares may take significantly longer.

The offer is scheduled to close on 3 August 2004 at 7pm (Sydney time), unless extended by Optus.

Optus-nominated representatives joined the Uecomm Board of Directors on 23 July.

The new Board members are Patrick O'Sullivan (Optus CFO), Allen Lew (Optus Mobile Managing Director), Warren Hardy (Optus Wholesale & Satellite Managing Director) and Bill Hope (Optus Networks Managing Director).

For more media information:
Melissa Favero
Optus Corporate Affairs
Tel: (02) 9342 5030