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Optus acquires over 75 per cent of Alphawest shares
24 Oct 2005

Optus announced today that it had received sufficient acceptances under its takeover offer for Alphawest to take its relevant interest to more than 75 per cent of Alphawest shares. Based on the flow of acceptances, Optus hopes to move to compulsory acquisition shortly.

An Optus spokesperson said, "All of the Alphawest Directors have now accepted the Optus takeover offer for their shares and have unanimously recommended that shareholders do the same without delay.

"To date we have seen Alphawest shareholders transact over 27 million shares to accept the offer, reflecting the fair price offered by Optus.

"We are pleased to have reached the 75 per cent milestone and look forward to reaching 90 per cent and then finalising the acquisition," the spokesperson said.

Optus is offering 68 cents per Alphawest share - representing a 13 per cent premium to the Alphawest closing share price on 20 July 2005 (the last full day of trading before Optus announced the Offer).

Optus urges shareholders who have not accepted the offer to do so quickly.

If Optus acquires 90 per cent of Alphawest shares and all the conditions of its offer are fulfilled or waived, it will be entitled, and intends, to compulsorily acquire those Alphawest shares not accepted into the offer. The Offer is scheduled to close at 7pm Sydney time on November 3 2005 (unless extended or withdrawn).

Media contact:
Melissa Favero / Tracy Monkman
Optus Corporate Affairs
Tel: (02) 9342 5030 / (02) 9342 5302