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DSW`s ann: Major Elimination of Debt & Sale of Assets

Document date:  Thu 25 Nov 1999
Published:  Thu 25 Nov 1999 13:16:17
Document No:  155501
Document part:  A
Market Flag:  N
Classification: 

HOMEX - Melbourne                                                     

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PACIFIC HYDRO ISSUES 11.60 MILLION SHARES TO AMERICAN ELECTRIC POWER
FOLLOWING SHAREHOLDER APPROVAL

Pacific Hydro Limited today allotted and issued 11.60 million
ordinary shares at a price of $1.28 per share to AEP Resources
Australia Pty Ltd a subsidiary of American Electric Power, a major US
power utility.

AEP subscribed a total of A$14,848 million for the shares and becomes
the Company's second largest shareholder.

Pacific Hydro Limited's shareholders overwhelmingly approved the
issue at a General Meeting held last Friday, 20 March 1998.

AEP obtained FIRB approval for the investment on 13 March 1998.

The issued capital of Pacific Hydro Limited has now increased to
58,100,176 fully paid ordinary shares.

Messrs Mark Andrew Snape and Donald Earl Boyd, who have been
nominated by AEP, were today appointed Directors of Pacific Hydro
Limited.

For further information contact:

A G Evans
Company Secretary
Phone:          (03) 9899 9888
Fax:            (03) 9899 5225
Mob:            0411 105 491
Email:          enquiries@pacifichydro.com.au

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