United Energy Scheme of Arrangement becomes effective

The final phase in the dismantling of United Energy has begun following approval of the Scheme of Arrangement by the Supreme Court of Victoria this morning.

The Scheme of Arrangement between United Energy and its shareholders, under which Power Partnership will acquire all of the shares in United Energy not already held by it for $3.15 cash per share, became effective upon lodgement of the Court's order with the Australian Securities & Investments Commission (ASIC).

This means that trading in United Energy shares will cease from the close of trading today and, subject to the remaining insolvency and financing conditions being satisfied at the Implementation Date, the Scheme will be implemented on 23 July 2003.

Shareholders who are shown on United Energy's share register as the holder of United Energy shares at 5.00pm on 22 July 2003 will receive $3.15 cash for each United Energy share held at that time, in exchange for transferring their shares to Power Partnership.

The transfer will occur automatically without further action by shareholders.

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