take over target

AUSTRALIAN GAS LIGHT COMPANY (THE) 2002-05-10 ASX-SIGNAL-G

HOMEX - Sydney

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The AGL Corporate Conversion Bill was passed by the New South Wales
Legislative Council on Thursday 9 May 2002, having been passed by the
Legislative Assembly earlier in the week.

The Bill, which has yet to receive the assent of the Governor, is the
essential first step towards establishing a modern constitution for
AGL and putting it on a common footing with other Australian public
companies. A number of other steps are necessary, which will take
place after the General Meeting of AGL Proprietors has approved the
corporate conversion and the adoption of the new constitution.

Notices calling a General Meeting will be issued as soon as some
related matters are finalised. This is expected within a few weeks.

On issue of a Conversion Order by the Minister of Energy and
Utilities, which can only take place after a General Meeting of
Proprietors approving the corporate conversion, AGL will become a
modern body corporate registered under the Corporations Act, 2001. At
that time the 5% shareholding restriction will cease to apply.