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Return Of Capital To Horizon Shareholders

Return Of Capital To Horizon Shareholders And Change Of Balance Date

Horizon Energy Distribution Limited has received approval from the High Court to cancel three shares out of every four held by its shareholders and to pay each shareholder $6.77 for each share cancelled. This arrangement was approved by the Company's shareholders in August.

The Company will be returning approximately $101.5million to shareholders.

In announcing the High Court approval, Company Chairman Colin Holmes said that the Directors considered that this arrangement was the most equitable way to return capital to shareholders following the sale of the generation and retail businesses earlier in the year.

Payments will be made to shareholders in the week commencing 18 October 1999 to shareholders on the Company's register at 15 October 1999.

At a meeting of Directors held on 30 September 1999, it was resolved that the balance date for Horizon Energy Distribution Limited be changed from 31 March to 31 December, subject to all necessary approvals being obtained. This will bring the Company's balance date in line with major shareholder, UnitedNetworks Limited.

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