APA GROUP TAKEOVER OFFER
On 12 October 2012, Hastings Funds Management
Limited (Hastings), as Responsible Entity for HDF, accepted the APA Groups
(APA) offer in relation to the 30,323,086 securities that it received for the most
recent performance fees from HDF.
Hastings notes APAs offer is now unconditional
and is scheduled to close at 7:00pm (AEST) on 14 November 2012
you have any question regarding the takeover offer, please call 1800 815 610
(toll free in Australia) or +61 2 8256 3357 (outside Australia).
August 2012 a subcommittee of independent directors of Hastings Funds
Management Limited (HFML), as Responsible Entity for HDF, advised that it had
assessed the APA Groups (APA) improved takeover offer and unanimously
recommend that HDF Securityholders accept APAs offer in the absence of a
to meeting other offer conditions, APAs offer price is dependent on the level
of HDF ownership that APA achieves, namely:
· If APA achieves ownership of 90 percent or more
of HDF securities and becomes entitled to proceed to compulsory acquisition,
its offer will comprise $0.80 in cash and 0.390 APA securities for each HDF
security, or an implied value of $2.60 per HDF security based on APAs closing
price on 20 August 2012 of $4.62.
· If APA achieves ownership of more than 70
percent but less than 90 percent of HDF securities, its offer will comprise
$0.72 in cash and 0.390 APA securities for each HDF security, or an implied
value of $2.52 per HDF security based on APAs closing price on 20 August 2012