Nuplex Says APS Target’s Statement Inadequate

6 June, 2002

Nuplex Says APS Target’s Statement Inadequate

Chemicals group Nuplex Industries Limited is reviewing its position in relation to its subsidiary’s 70 cents a share takeover bid for Asia Pacific Specialty Chemicals (APS) following the release of the APS Target’s Statement. One option which Nuplex is considering is applying to the Takeovers Panel for a declaration of unacceptable circumstances.

Nuplex Managing Director John Hirst said he believed the APS Target’s Statement was lacking in the detail necessary for APS shareholders to make an informed decision in relation to their APS shares.

“APS Chief Executive Officer Frank De Fazio disclosed at the APS annual general meeting last week that APS had received an independent expert’s report on the value of APS shares at the time of the now abandoned merger with Symex. It is essential that APS shareholders receive this report, which was commissioned for their benefit, in order to decide whether or not to accept Nuplex’s takeover offer for APS Mr Hirst said.

“In addition, Mr De Fazio made forward looking statements at last week’s AGM in relation to expectations for a return to profitability, after tax, in the current financial year. Shareholders at the meeting asked for specific information on this to enable them to form their own view of value. The people who own the company should be provided with the information that forms the basis for the Director’s forecast and an estimate of the profit the company has said so confidently it expects to report,” he said.

Mr Hirst said Nuplex believes the omission of these two material pieces of information prevents APS shareholders from making an informed decision about Nuplex’s takeover offer.

“There is nothing in the Target’s Statement that changes Nuplex’s view on the value of APS shares.” Mr Hirst said.

Nuplex’s 70 cents per share cash offer, which is being made by Nuplex Operations (Aust) Pty Ltd. a wholly owned subsidiary of Nuplex Industries Limited, is scheduled to close at 5pm (Sydney time) on 24 June 2002.

ENDS

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