- 1998-12-10 - 2000-10-16 (Creation)
Level of description
Name of creator
The AlintaGas Sale Steering Committee (ASSC) was established in January 1999 by Cabinet to advise the Government on the sale of the Gas Corporations's businesses and to implement the sale process agreed to by government. The ASSC reported to the Minister for Energy. The Committee was composed of the following principal members;
Dr Des Kelly - Chairman
Dr Les Farrant - Coordinator of Energy, Office of Energy
Mr John Langoulant - Under Treasurer, Treasury Department
Mr Phil Harvey - Chief Executive Officer, Gas Corporation.
In June 1999, the ASSC made recommendations on the sale process to the Government. Consequently, Cabinet approved of the sale by way of Cornerstone/Initial Public Offer (IPO) process and introduction of legislation into Parliament on 1 July 1999.
Following government approval - that 45% of stapled securities in AlintaGas Limited be offered to a cornerstone investor and 55% of stapled securities be offered to the public - the ASSC commenced the IPO process.
Summary of Sale:
1 July 2000 - assets and liabilities of Gas Corporation relating to ongoing conduct of gas distribution and gas trading businesses were transferred to the AlintaGas Ltd group of companies.
31 July 2000 - the Cornerstone Investor was chosen.
29 September 2000 - the IPO was completed.
17 October 2000 - the purchase of the Cornerstone Shareholding was completed. West Australia Gas Holdings P/L was the successful bidder.
15 December 2000 - Gas Corporation was wound up.
13 December 2000 - the final ASSC meeting was held.
Content and structure area
Scope and content
In carrying out the Cornerstone Initial Public Offer (IPO) process, it was necessary for the ASSC to provide short-listed bidders and potential underwriters with a means of undertaking their own due diligence investigations. As such, the ASSC had to ensure that all short-listed bidders and potential underwriters had access to documents that gave them an indication of the value of AlintaGas in total, including any contractual liabilities. Eight datarooms to house copies of these documents were created - three for bidders, three for banks, one master dataroom and one special dataroom. Each dataroom held copies of exactly the same documents.
The special dataroom was established for documents that were deemed commercial in confidence. These documents are copies of contracts already held within the other datarooms. However, where financial figures had been included in the contract, the copy held in the other datarooms excluded these figures, whereas the copy held in the special dataroom was intact.
Access to the dataroom collections was restricted and a register of those accessing these documents was maintained and held with the special dataroom materials.