QIC enters into Scheme Implementation Deed with Pacific Energy Limited

Pacific Energy has announced that it has entered into a Scheme Implementation Deed (SID) under which QGIF Swan Bidco Pty Ltd., a subsidiary of funds managed or advised by QIC Private Capital Pty Ltd (QIC), will acquire Pacific Energy for a total consideration of AUD0.975 (US$0.66) per share by way of a Scheme of Arrangement.

QIC’s offer has the unanimous support of the Pacific Energy Board and remains subject to various conditions including approval by Pacific Energy's shareholders.

In the absence of a superior proposal and subject to the independent expert concluding the transaction is in the best interests of Pacific Energy's shareholders.

QIC is also working on emerging opportunities on the Eastern seaboard through Pacific Energy Victorian Hydro and NovaPower.

Pacific Energy owns and maintains a portfolio approaching 400 MW of gas, diesel and hydro fuelled electricity generation under long term contracts.

Shareholders will have the opportunity to vote on the takeover in October. If approved, it would be implemented in November.