Statement by John Fairfax Holdings Limited on AAPT

Document date:  Fri 05 Nov 1999
Published:  Fri 05 Nov 1999 00:00:00
Document No:  195259
Document part:  A
Market Flag:  N
Classification: 

AAPT LIMITED                                  1999-11-05  ASX-SIGNAL-G

HOMEX - Sydney                                                        

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John Fairfax Holdings Limited [ASX:FXJ] said today that AAPIS, in
which it holds a 44% stake, had accepted, through its subsidiary, AAP
Communications Holdings Pty Ltd (AAPCH), Telecom New Zealand's offer
of $5.10 per share pursuant to TCNZ's bid for AAPT Ltd.

Mr Fred Hilmer, Chief Executive Officer of Fairf0
ax, said, "This
decision is consistent with our objective to realise shareholder
value by relinquishing our position in non-core assets."

AAPCH will receive $264 million for its 51.766 million shares in
AAPT. Distributions to AAPCH shareholders will be addressed at a
subsequent date.
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