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Warner Bros. & Village Roadshow make Offer

Document date:  Mon 09 Apr 2001
Published:  Mon 09 Apr 2001 00:00:00
Document No:  140043
Document part:  A
Market Flag:  Y
Classification: 

SEA WORLD PROPERTY TRUST                      2001-04-09  ASX-SIGNAL-G

HOMEX - Brisbane                                                      

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Warner Bros and Village Roadshow announced today that their
respective wholly owned subsidiaries, Warner Sea World Units Pty Ltd
and DEG Holdings Pty Ltd, intend to make a joint cash offer of $0.72
per unit for the 31.6% units in the Sea World Property Trust ("SWPT")
that they do not together already own (the "Offer").

The Offer presents an opportunity for SWPT unitholders to dispose of
their units at a significant premium to recent market values and will
enable Village Roadshow and Warner Bros to consolidate their
ownership of their theme park investments in Australia.

The cash offer of $0.72 represents a premium of 16% to last Friday's
closing SWPT unit price of $0.62; and a premium of 19% to the volume
weighted average SWPT unit price of $0.61 during the last month and a
premium of 32% to the volume weighted average SWPT unit price of
$0.54 during the last three months.

The Offer will be made via an off market bid. The Bidders' Statement
and accompanying Offer will be dispatched later this month and the
Offer will remain open for one month unless extended.

The Offer will be conditional upon sufficient acceptances being
received to enable the outstanding units to be compulsorily acquired.
Other conditions will include Foreign Investment Review Board
approval and other standard conditions relating to regulatory actions
and prescribed occurrences.

Merrill Lynch International (Australia) Limited has been appointed
financial adviser to the Offer and Minter Ellison as legal adviser.


For further information please contact Simon Dighton or Marcus
Fletcher of Merrill Lynch International (Australia) Limited on 
(03) 9659 2222.

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