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Warner Bros. & VRL make Unconditional Offer

Document date:  Fri 21 Dec 2001
Published:  Fri 21 Dec 2001 00:00:00
Document No:  144363
Document part:  A
Market Flag:  Y
Classification: 

SEA WORLD PROPERTY TRUST                      2001-12-21  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 an unconditional joint cash
offer of $0.90 per unit for the 14.3% of units in the Sea World
Property Trust ("SWPT") that they do not together already own ("the
Offer").

Accepting SWPT unit holders entitled to the distribution for the
period to December 2001 will retain their entitlement to that
distribution. It is estimated that this distribution will be in the
range of 3 to 4 cents per SWPT unit, although no assurance can be
given that this will be the case.

The cash offer of $0.90 represents a premium of approximately 10% to
the takeover offer made earlier in 2001 of $0.82 per SWPT unit; and a
premium of approximately 25% to the volume weighted average SWPT unit
price of $0.72 over the period since the previous offer closed to 19
December 2001.

THE OFFER PRICE IS FINAL AND WILL NOT BE INCREASED UNDER ANY
CIRCUMSTANCES

The Offer will be made via an off-market bid. The Bidders' Statement
and accompanying Offer will be dispatched in early January 2002 and
the Offer will remain open for one month unless extended.

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

For further information please contact Tim Antonie of Merrill Lynch 
International (Australia) Limited on (03) 9659 2222.

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