Investor Centre
ConnectEast
ConnectEast is the owner and operator of EastLink. The motorway connects the Eastern Freeway in Melbourne's east to the Frankston Freeway in the south.
Horizon Roads acquired 100% of the issued securities in ConnectEast Group on 26 October 2011. All ConnectEast securities were transferred to Horizon Roads for a consideration of $0.55 per security, with payment on 28 October 2011.
Former holders of ConnectEast securities with any questions about transfer of their securities or payment of the above consideration may call our former registry on 1800 551 346 (free call) or +61 2 8280 7704 (from outside Australia).
ASX News Archive
Click here to view all ConnectEast 2011 ASX releases.
October 26, 2011 - ConnectEast Scheme implemented
ConnectEast Group (ASX: CEU) is pleased to announce that the Scheme for Horizon Roads to acquire 100% of the issued ConnectEast securities was implemented today. The Scheme values ConnectEast Group at $2.17 billion.
Following implementation of the Scheme, ConnectEast is now wholly owned by Horizon Roads, a global consortium of investors managed by CP2, an Australian-owned and headquartered fund manager.
In accordance with the Scheme:
- Horizon Roads today deposited the Aggregate Cash Consideration with ConnectEast. All ConnectEast securityholders (other than Horizon Roads and its associates) will receive the Cash Consideration of $0.55 for each ConnectEast security held on the Scheme Record Date. The Cash Consideration will be paid to these ConnectEast securityholders on 28 October 2011. Transaction Confirmation Statements will be sent by the registry to confirm payment details.
- All ConnectEast securities have been transferred to Horizon Roads.
- Each of Tony Shepherd, Bruce Beeren, John Collier, Paul Dougas, Jim Hall and Yvonne von Hartel has resigned as a director of ConnectEast Group.
- Each of Michael Powell, Gavin Merchant, David Rae, Hans-Martin Aerts, Yoon Pyo Lee, Yaping Shi and Nancy Zhu has been appointed a director of ConnectEast Group. ConnectEast Group’s Managing Director, Dennis Cliche, and Company Secretary, Tony Hudson, continue in those roles.
- An application to remove ConnectEast Group from the official list of ASX will now be made and de-listing is expected to occur in the week beginning 1 November 2011.
Further information:
26 October 2011 - CE Scheme implemented (968.0 Kb)
October 13, 2011 - Horizon Roads Scheme to proceed on a cash basis
ConnectEast Group announces that the number of valid elections to receive the Scrip Consideration under the Horizon Roads Scheme had not reached the minimum aggregate threshold of 78,810,000 securities.
Further information:
13 October 2011 - Horizon Roads Scheme to proceed on cash basis (336.0 Kb)
October 6, 2011 - EastLink Traffic and Revenue (September 2011)
Highlights include:
- Average Daily Revenue (ADR) of $664,123 in September 2011 was 9.4% higher than in September 2010
- Average Daily Trips (ADT) of 194,427 in September 2011 was 7.4% higher than in September 2010
- Average Workday Trips (AWT) of 215,853 in September 2011 was 7.0% higher than in September 2010
Further information:
6 October 2011 - EastLink Traffic (September 2011) (919.8 Kb)
October 5, 2011 - Horizon Roads scheme becomes effective
By lodging with the Australian Securities and Investments Commission the supplemental deeds amending the constitutions of each of the ConnectEast Trusts, ConnectEast Group has taken a further step towards its transition to a private business under the ownership of Horizon Roads.
Accordingly, the Scheme under which Horizon Roads is to acquire 100% of the issued ConnectEast securities has become Effective.
"Effective" has the meaning given to it in the Implementation Deed dated 21 July 2011.
Further information:
5 October 2011 - Horizon Roads Scheme becomes effective (10.1 Mb)
October 4, 2011 - ConnectEast receives judicial advice
The Scheme was approved by ConnectEast securityholders on 27 September 2011. Receipt of judicial advice from the Supreme Court has satisfied the condition in clause 3.2(b) of the Implementation Deed and ConnectEast and Horizon Roads have agreed that all other conditions have also been satisfied.
It is expected that the supplemental deeds giving effect to the amendments to the constitutions of ConnectEast Investment Trust and ConnectEast Holding Trust for the purposes of the Scheme (as approved by ConnectEast securityholders on 27 September 2011) will be lodged with the Australian Securities and Investments Commission tomorrow (Wednesday, 5 October 2011). The Scheme will become effective upon lodgment of those supplemental deeds. A further announcement will be made once the supplemental deeds have been lodged.
ConnectEast's securities will be suspended from trading on the ASX at the close of trading on the day the supplemental deeds are lodged.
Further information:
4 October 2011 - ConnectEast receives judicial advice (376.8 Kb)
September 30, 2011 - Release of ConnectEast Annual Report and Financial Report
ConnectEast Group's 2011 Annual Report is now available for download, along with the 2011 financial report of ConnectEast Holding Trust.
Further information:
30 September 2011 - ConnectEast Annual Report and Financial Report (3.4 Mb)
Click here to download each document individually.
September 27, 2011 - Proposed Scheme with Horizon Roads Approved by Securityholders
ConnectEast is pleased to announce that securityholders have approved the proposed Scheme under which Horizon Roads has offered to acquire 100% of the issued ConnectEast Group securities.
Resolutions 1 and 3 were proposed as special resolutions, requiring a percentage of at least 75% of votes cast to be in favour. Resolutions 2 and 4 were proposed as ordinary resolutions, requiring more than 50% of votes cast to be in favour.
Each resolution was therefore passed by the requisite majority.
ConnectEast Chairman, Tony Shepherd, told the meeting that the outcome was a significant milestone in the Group's journey.
"EastLink is now an established, world class piece of infrastructure that will serve many generations to come in Victoria," Mr Shepherd said. "On behalf of my Board colleagues and the team at ConnectEast I want to thank our investors for their contribution and their support along the way."
Further information:
27 September 2011 - Proposed Scheme with Horizon Roads Approved by Securityholders (1.5 Mb)
September 27, 2011 - Scheme meetings - Chairman's address
A copy of the address delivered by the Chairman, Tony Shepherd, at the meetings of ConnectEast securityholders to consider resolutions to approve the proposal for Horizon Roads to acquire 100% of the issued ConnectEast securities is available for download below:
27 September 2011 - Scheme meetings - Chairmans address (1.1 Mb)
September 23, 2011 - Notice of hearing for judicial advice
ConnectEast confirms that the meetings of securityholders to consider resolutions (Scheme Resolutions) to approve the proposal for Horizon Roads to acquire 100% of the issued ConnectEast securities (Proposed Scheme) will be held on Tuesday 27 September 2011 at 10am at Sandhurst Club, 75 Sandhurst Boulevard, Sandhurst, Vic 3997 (Melway ref 128 D7).
If the Scheme Resolutions are passed by securityholders, the Supreme Court of Victoria will hear an application by ConnectEast Management Limited (CEML) for judicial advice that ConnectEast is justified in acting upon the Scheme Resolutions to give effect and implement the Proposed Scheme.
Further information:
23 September 2011 - Notice of hearing for judicial advice (397.3 Kb)
September 20, 2011 - Close poll means every vote will count
ConnectEast today strongly urged securityholders to make their vote count on the proposed scheme for Horizon Roads to acquire 100% of ConnectEast.
ConnectEast Chairman, Tony Shepherd, said it was apparent the poll to determine whether the Scheme is approved would be a close one and so it was important that all securityholders exercised their right to vote.
Further information:
20 September 2011 - Close poll means every securityholders vote will count (709.5 Kb)
September 16, 2011 - CP2 Media Release
Horizon Roads’ offer for ConnectEast obtains regulatory and lender approvals and is declared final
CP2 Limited (CP2) and its acquisition vehicle Horizon Roads Pty Limited (Horizon Roads) are pleased to confirm that regulatory and lender approvals have or will be received for its recommended proposal to acquire 100% of the ConnectEast Group.
In particular, the following have been or will be received:
- Clearance by the Foreign Investment Review Board;
- Consent from the State of Victoria under the EastLink Concession Deed; and
- A waiver from the Agent Bank in respect of ConnectEast’s debt facilities.
CP2 Managing Director, Mr Syd Bone, said, "Horizon Roads is pleased that the regulatory and lender syndicate conditions have been satisfied in advance of the upcoming security holders meeting. Our proposal is unanimously recommended by the ConnectEast Independent Directors and the Independent Expert has assessed the cash consideration to be fair and reasonable and therefore in the best interests of securityholders".
ConnectEast securityholders are to vote on the proposal at a meeting to be held on 27 September 2011.
Mr Bone further noted, "Australian and international equity markets have been exceptionally volatile since our offer was announced on 22 July 2011. This reflects substantial uncertainty in the outlook for economic and financial markets. We consider that our offer remains full and fair. In this volatile environment, the cash consideration provides ConnectEast securityholders with certainty".
Horizon Roads confirms that the cash consideration of 55 cents per unit is final and will not be increased.
Further information:
16 September 2011 - CP2 Media Release (315.0 Kb)
September 14, 2011 - Approvals obtained for Horizon Roads proposal
ConnectEast announces confirmation that all regulatory and lender approvals required for the Horizon Roads proposal ('Proposed Scheme') to proceed will be provided.
Under the Proposed Scheme, Horizon Roads has agreed to offer to acquire 100% of the issued ConnectEast securities.
This follows receipt of consent from the State of Victoria under the EastLink Concession Deed, which ConnectEast and Horizon Roads have agreed wil satisfy the condition in clause 3.2(c)(iii) of the Implementation deed. the State's consent will take effect upon ConnectEast confirming its lenders' waiver will be given upon confirmation by ConnectEast and Horizon Roads that other conditions in the Implementation Deed (including securityholder approval) have been satisfied.
Further information:
14 September 2011 - Approvals obtained for Horizon Roads proposal (508.4 Kb)
September 9, 2011 - Recommended proposal from Horizon Roads - Lender confirmation
ConnectEast Group has announced it has received confirmation from its lenders that they will grant a waiver to allow the Horizon Roads proposal (Proposed Scheme) to proceed. Under the Proposed Scheme, Horizon Roads has agreed to offer to acquire 100% of the issued ConnectEast securities.
Further information:
9 September 2011 - Recommended proposal from Horizon Roads - Lender confirmation (448.4 Kb)
August 29, 2011 - Recommended proposal from Horizon Roads - Approval from FIRB
ConnectEast Group has been informed by Horizon Roads that the Foreign Investment Review Board (FIRB) has advised that there are no objections in term sof the Government's foreign investment policy to the proposal under which Horizon Roads has agreed to offer to acquire 100% of the issued ConnectEast securities.
Receipt of FIRB's advice satisfies the condition in clause 3.2(c)(ii) of the Implementation Deed, which was released to ASX on 22 July 2011.
Further information:
29 August 2011 - Approval from FIRB (405.7 Kb)
August 23, 2011 - Release of independent expert's report, explanatory memorandum and PDS
ConnectEast Group (ASX: CEU), the owner and operator of the EastLink tollway in Melbourne, today announced that it has released the Explanatory Memorandum in relation to the proposal announced on 22 July 2011 under which Horizon Roads has agreed to offer to acquire 100% of the issued ConnectEast securities via a trust scheme (Proposed Scheme).
The Explanatory Memorandum includes the Independent Expert’s Report prepared by Deloitte Corporate Finance Pty Ltd. The Independent Expert has assessed that the fair market value of a ConnectEast security is in the range of $0.51 to $0.57. The Cash Consideration under the Proposed Scheme is $0.55 per ConnectEast security.
The Independent Expert has concluded that the Proposed Scheme is fair and reasonable and therefore in the best interests of ConnectEast securityholders (other than Horizon Roads and its associates).
Explanatory Memorandum (including independent expert's report) (5.4 Mb)
Product Disclosure Statement (PDS) (1.6 Mb)
23 August 2011 - ASX Release - Release of independent expert's report, explanatory memorandum and PDS (1.1 Mb)