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Proposed Return Of Capital To Horizon Shareholders

At yesterday's Special Meeting shareholders of Horizon Energy Distribution Limited voted overwhelmingly in favour of the proposed arrangement to return $101.5million of capital to shareholders.

The arrangement, if sanctioned by the High Court, will see 3 out of every 4 shares cancelled with shareholders receiving $6.77 for each share cancelled. In order for the return of capital to proceed, approval by a majority of 75% of the votes cast at the meeting was required. 99.6% of votes cast at the meeting were in favour of the proposal.

The Company will now seek High Court approval to the arrangement which would then become binding on all shareholders and on the Company. Chairman Colin Holmes said that subject to final Court approval he expected the pay-out to shareholders would be made in late September or early October.

N B BRENNAN

Company Secretary

ENDS....



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