Aquila Receives $477 Million on Sale of Australian Properties.Business Editors/Energy Writers KANSAS CITY, Mo.--(BUSINESS WIRE)--July 24, 2003 Aquila, Inc. (NYSE NYSE See: New York Stock Exchange :ILA ILA abbr. insulinlike activity ) announced today that it has completed the sale of its Australian energy investments to a consortium representing Alinta Limited (ASX ASX See: Australian Stock Exchange :ALN ALN Asynchronous Learning Networks (e-learning) ALN Aluminum Nitride (ceramic substrate material used for heat dissipation in electronics) ALN Arid Lands Newsletter ALN Adaptive Logic Network ), AMP Henderson (ASX:AMP) and their affiliates for US$629 million. After fees, expenses and taxes, Aquila has received approximately US$477 million, or about US$32 million higher than earlier estimates. The majority of this increase is attributable to a stronger Australian dollar, which increased U.S. dollar proceeds. The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). will be used to repay Aquila's obligations under its recent 364-day secured loan and for other actions to strengthen the company's balance sheet. Aquila's investments in Australia included a 34 percent investment in United Energy Limited (ASX:UEL UEL University of East London (UK) UEL Upper Explosive Limit UEL Upper Earnings Limit (UK tax/pensions) UEL United Empire Loyalist ). Aquila purchased its interest in UEL in 1995, the first electric distribution system to be privatized by the State of Victoria. Prior to the sale Aquila also owned a significant minority interest in Alinta, a natural gas distributor and operator of a retail gas business in the state of Western Australia, and an interest in Multinet Gas, a gas distribution business in Victoria. The sale of the company's Australian energy investments represents yet another step the company has taken in its previously announced strategy to focus on its core domestic natural gas and electric utilities in Colorado, Iowa, Kansas, Minnesota, Missouri, Nebraska and Michigan. Based in Kansas City, Mo., Aquila operates electricity and natural gas distribution networks serving customers in seven U.S. states, Canada and the United Kingdom. The company also owns and operates power generation assets. More information is available at www.aquila.com. |
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