AUSTAR United Communications (ASX: AUN) (AUSTAR) notes that
the Australian Competition and Consumer Commission (ACCC) has
today announced that it has suspended its timeline for
reaching a decision in relation to the proposed acquisition
of AUSTAR by FOXTEL Management Pty Limited (FOXTEL) in order
to finalise discussions with FOXTEL in relation to draft
undertakings.
In order to avoid further inconvenience to shareholders,
AUSTAR intends to proceed with the planned Shareholder
Meetings on 30 March 2012, but defer the Second Court
Hearing. AUSTAR will apply to the Court tomorrow for the
requisite orders and a new date for the Second Court
Hearing.
While AUSTAR remains optimistic of a positive outcome, by
proceeding with the Shareholder Meetings on 30 March, AUSTAR
makes no representations that ACCC approval will either be
granted or be granted in sufficient time to enable the
transaction to proceed. The Second Court Hearing will not
take place unless ACCC approval is granted.
If shareholders have questions in relation to the Transaction
they may call the AUSTAR Shareholder Information Line 1300
706 158 (within Australia) or on +61 3 9946 4459 (outside
Australia) Monday to Friday between 9:00am and 5:00pm (Sydney
time) or contact their legal, financial, taxation or other
professional adviser. Information is also available through
AUSTAR's website, www.austarunited.com.au.
ENDS
Deanne Weir
M +61 (0) 402 865 300
E dweir@austar.com.au
Rebecca Tabakoff
M +61 (0)419 229 878
E rebecca.tabakoff@fticonsulting.com
AUSTAR (Australian Stock Exchange "AUN") is a leading provider of subscription television services in regional and rural Australia, with more than 750,000 customers enjoying satellite digital television services. AUSTAR is also a significant provider of programming in the Australian television market through its 50% owned joint venture, XYZnetworks, which owns and/or distributes Nickelodeon, Nick Jr, Discovery Channel, Channel [V], [V]Hits, MAX, Arena, The Lifestyle Channel, Lifestyle Food, LifeStyle You, Country Music Channel and The Weather Channel. Liberty Global, Inc., the largest international broadband cable operator in terms of subscribers, holds an indirect controlling stake in AUSTAR.
distributed by | This press release was issued by Austar United Communications Limited and was initially posted at http://www.austarunited.com.au/file/603.pdf . It was distributed, unedited and unaltered, by noodls on 2012-03-27 11:01:04 AM. The issuer is solely responsible for the accuracy of the information contained therein. |