Australis Media Limited and Australis Holdings PTY Limited Extend Consent Solicitations Regarding Holdings' 15% Senior Secured Discount Notes Due 2002 and AML's 15 3/4% Senior Secured Discount Notes Due 2003 and Announce That Condition Precedent to Foxtel Merger Not Satisfied.NEW YORK--(BUSINESS WIRE)--October 8, 1997--Australis Media Limited ("AML AML - A Manufacturing Language ") and its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Australis AUSTRALIS AMS for Ultra Sensitive Trace Element And Isotope Studies Holdings Pty Limited ("Holdings"), today announced that they are modifying the terms of the consent solicitations Consent Solicitation A solicitation by one party to the stakeholders of a particular security for the consent of a material change. Notes: Should the majority of stakeholders provide valid consent prior to the consent expiry date, the issuer may then follow through with regarding Holdings' 15% Senior Secured Discount Notes due 2002 and AML's 15 3/4% Senior Secured Discount Notes due 2003 to extend the expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. for the solicitations from Oct. 7, 1997 to Oct. 10, 1997 at 5:00 p.m., New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. time, unless further extended. The other terms of the consent solicitations remain unchanged. Holders of notes who have previously submitted proper consents will be deemed to have consented. Other holders wishing to consent should complete and return to the Information Agent the forms of consent originally circulated. As of today, AML and Holdings have not received the requisite consents to the proposed amendments to their 15% Notes and 15 3/4% Notes necessary to complete AML's previously announced acquisition of FOXTEL (the "FOXTEL Merger"). Pursuant to the 1997 Pay TV Merger Agreement among AML, The News Corporation Limited ("News") and Telstra Corporation Limited ("Telstra") and certain of their subsidiaries (the "Merger Agreement"), completion of the FOXTEL Merger is conditioned (the "Consent Condition") upon the receipt, by Sept. 30, 1997, of such consents. The date by which such consents were required to be received was previously extended by the parties to Oct. 7, 1997. No further extension has yet been agreed by the parties, although they are discussing the possibility of an extension. If such a further extension is not agreed, the Merger Agreement may be terminated. Representatives of News, Telstra and AML are continuing to negotiate with the bondholders. Additional information regarding the consent solicitations may be obtained from the Information Agent, Beacon Hill Bea·con Hill An area of Boston, Massachusetts, noted for its historic residences, brick sidewalks, and picturesque mews. Noun 1. Beacon Hill - a fashionable section of Boston; site of the Massachusetts capital building Partners, Inc. (212-843-8500). CONTACT: Australis Media Limited Gay Bronson 011-612-9776-2539 |
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