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Optus moves to compulsorily acquire Alphawest
26 Oct 2005

Optus announced today it had received sufficient acceptances under its takeover offer for Alphawest to take its relevant interest to more than 90 per cent of Alphawest shares and has declared its offer free from conditions.

Optus will be proceeding with the compulsory acquisition of the remaining Alphawest shares that are not accepted into the offer.

An Optus spokesperson said, "We are pleased to have reached the 90 per cent milestone and will be finalising the acquisition shortly.

"The completion of this transaction will add significant scale to both Optus and Alphawest and provide a strong platform for growth," the spokesperson said.

Optus is paying 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).

To facilitate acceptances, Optus will accelerate payment to accepting shareholders. If shareholders accept Optus' Offer, Optus will dispatch payment within five business days after the later of today's date and receipt of a valid acceptance.

The Offer will close at 7pm Sydney time on 3 November 2005.

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