Australia's Santos says state govt reviewing 15 pct shareholding cap |
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Tue, 01 May 2007 00:54
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SYDNEY (XFN-ASIA) - Santos Ltd said the South Australian state government is reviewing a 15 pct shareholding cap in the company which has been in place since 1979.The company, Australia's second largest oil and gas group after Woodside Petroleum Ltd, said the outcome of the review is expected to be announced by the end of September.Santos' chairman Stephen Gerlach said that the board is unanimously of the view that the cap is not in the best long-term interest of Santos' shareholders, and is an impediment to Santos realizing its full growth potential.'(South Australia state) Premier Mike Rann's review is, we believe, a positive and important step in addressing these concerns, and timely given the last review was undertaken by the state government in 2000,' Gerlach said.The shareholder cap was designed to prevent controversial entrepreneur Alan Bond from taking over the company in the late 1970s, with accompanying concerns at the time about ensuring continuity of gas supply.(1 usd = 1.20 aud)paul.daniel@xfn.compd/mas
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