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TNZ Aus Offer For AAPT Declared Unconditional

Tnz Australia Offer For Aapt Declared Unconditional

Telecom Corporation of New Zealand Limited's wholly owned subsidiary, TCNZ Australia Investments Pty Limited ("TNZ Australia") today announced that its takeover offer to acquire shares in AAPT at the previously announced final price of $7.25 per share is now unconditional.

TNZ Australia has received sufficient acceptances to have relevant interests in more than 90% of the shares in AAPT.

The offer is scheduled to close at 7.30 pm on Saturday 28 October, after which TNZ Australia will proceed to compulsory acquisition of any outstanding shares.

As a result of declaring the offer unconditional, TNZ Australia will accelerate payment under the offer, and: (a) shareholders whose acceptances have been received by today, 18 October 2000 (and who have provided any necessary transfer documents with the acceptance) will be sent payment for their AAPT shares by Wednesday 25 October 2000; and (b) shareholders whose acceptances are received after today (who have provided any necessary transfer documents with the acceptance) will be sent payment for their shares within five business days after the date their acceptance is received.

TNZ Australia urges remaining shareholders to accept before the offer closes, otherwise if subsequently their shares are compulsorily acquired, they are not likely to receive payment until six weeks or more after the close of the offer.

If, as is now expected, TNZ Australia becomes entitled to compulsorily acquire the remaining shares of AAPT, then it is likely that the liquidity of AAPT shares will fall and AAPT could be de-listed.

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