For those with an interest in AGL's Corporate Conv

AGL is down today due to having gone ex. dividend (27c)
BUY rating is maintained by a number of brokers.
The uptrend channel on the chart is looking good.
Long term 'buy & hold'. Good defensive stock.
Yield 5%+
Positive changes to current shareholding limitation should boost the stock price further.
Any comments, please.
Henrik
PS. I hold AGL instalment warrants : AGLIGH
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Company Announcement
Applies for Corporate Conversion Order

AUSTRALIAN GAS LIGHT COMPANY (THE) 2002-09-25 ASX-SIGNAL-G
HOMEX - Sydney


The Australian Gas Light Company (AGL) has lodged its application
with the New South Wales Minister for Energy, the Hon Kim Yeadon MP,
to issue a conversion order, to convert AGL into a modern body
corporate, in accordance with the enabling legislation passed by the
NSW Parliament in May 2002.

AGL has made the application for a conversion order as the four
conditions to the conversion process specified in the resolution
passed at the Special General Meeting of Proprietors on 3 July 2002,
have now been satisfied. The last condition to be satisfied related
to the receipt of a letter from the New Zealand Government confirming
its intention to pass legislation to ensure no adverse NZ
consequences would arise as a result of the corporate conversion
process. That letter was received on 20 September 2002.

The corporate conversion process means that on the conversion day,
AGL is converted into a modern form of body corporate, with a modern
constitution, and will be registered under the Corporations Act.
AGL's outdated scaled voting mechanisms and shareholding limitation
will be removed with effect from the conversion day.

The enabling legislation passed by the NSW Parliament in May 2002
also ensures that the shareholding limitation continues to apply
until the conversion day, and additional enforcement provisions were
also introduced as part of that legislative package. AGL is required
to report to the Minister any suspicious movements in its share
register in the period up to the conversion day.

To be legally effective, the conversion order needs to be issued by
the Minister for Energy and published in the NSW Gazette. This has
not yet occurred and until this occurs, the conversion day will not
become certain. AGL will advise accordingly when this occurs and
anticipates this will occur in the near future.

AGL's Annual General Meeting, scheduled for 15 October 2002, will in
no way be affected by the corporate conversion process, and will
proceed as planned.


FOR FURTHER INFORMATION CONTACT:

Jane McAloon, Group Manager External Affairs 0419 447 384