Australia market gained total over 8% on last Monday and Tuesday but eroded by sell-offs in the rest of the week. Investors were selling the stocks they can sell. Australian shares have ended the week with another day of losses on fears that a possible global recession may hammer earnings for local companies. Analysts foresee a tough week and expect it will not improve until the credit market gets some sustained improvement.
Queensland Gas Company Limited (ASX:QGC)(PINK:QGSCF) has reached an important milestone in its agreed takeover offer for Sunshine Gas - with acceptances by Sunshine shareholders now exceeding 51.8 per cent of Sunshine's shares.
The Chairman of Queensland Gas Company Limited (ASX:QGC)(PINK:QGSCF), Bob Bryan, today welcomed one of BG Group's most senior executives as an Alternate Director of the Board of QGC.
The Chairman, Managing Director and a non-executive Director of Sunshine Gas (Sunshine) have today formally accepted into the agreed takeover Offer by Queensland Gas Company Limited (ASX:QGC)(PINK:QGSCF), five days earlier than a 29 September deadline.
Queensland Gas Company Limited (ASX:QGC)(PINK:QGSCF) today welcomed the conclusion by an Independent Expert that an agreed takeover Offer by QGC for all the issued shares of Sunshine Gas is 'fair and reasonable'. The Offer from QGC is also being unanimously recommended by voting Directors of the Sunshine Board in the absence of a superior proposal.
The Australian share market closed lower yesterday despite a positive lead from US markets and the United States central bank's rescue of global insurer American International Group (AIG). Overnight Wall Street plunged more than 4% after the US Federal Reserve has announced it would provide AIG with an $US85 billion rescue loan to save it from bankruptcy.
Queensland Gas Company Limited (ASX:QGC)(PINK:QGSCF) has achieved another significant increase in its Proved (1P) reserves and its Proved and Probable (2P) reserves, after analysis of production data and final confirmation by independent certifiers, Netherland, Sewell & Associates, Inc (NSAI). The new figures include BG Group's 20 per cent interest.
