Demerger Effective following court appeal

Document date:  Mon 02 Dec 2002
Published:  Tue 03 Dec 2002 00:00:00
Document No:  198674
Document part:  A
Market Flag:  N
Classification: 

WMC LIMITED                                   2002-12-02  ASX-SIGNAL-G

HOMEX - Melbourne                                                     

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WMC Limited advises that the demerger of the company into two
separate listed companies, Alumina Limited and WMC Resources Ltd,
will be implemented after the Supreme Court of Victoria approved the
scheme of arrangement between WMC and its shareholders (the Share
Scheme) earlier today. In connection with the demerger, the Court
also approved the scheme of arrangement between WMC and its
optionholders (the Option Scheme).

The Share Scheme and Option Scheme became effective in accordance
with section 411 of the Corporations Act upon lodgement of a copy of
the court orders made by Justice Hansen of the Supreme Court of
Victoria with the Australian Securities and Investments Commission.
The Share Scheme will be implemented on Wednesday, 11 December 2002.
Eligible WMC shareholders will receive one WMC Resources share for
each WMC share that they hold as at 5.00 pm on Monday, 9 December
2002.

WMC shareholders who have a registered address in a jurisdiction
other than Australia, New Zealand, Hong Kong, Singapore, Germany,
Switzerland, the United Kingdom or the USA are likely to be
Ineligible Overseas Shareholders. In such circumstances, the WMC
Resources shares to which they are entitled under the Share Scheme
will be offered for sale by a sale agent and the Ineligible Overseas
Shareholder will receive the net proceeds of the sale. 

It is expected that WMC Resources shares will commence trading on the
ASX, initially on a deferred settlement basis, on Wednesday, 4
December 2002. Holding statements in respect of WMC Resources Shares
will be posted to eligible WMC shareholders on Wednesday, 18 December
2002. Normal trading of WMC Resources Shares is expected to commence
on Thursday, 19 December 2002.

The Option Scheme will be implemented on Thursday, 12 December 2002.

Further information on the demerger can be obtained from the WMC
website at www.wmc.com, or by telephoning the WMC's Information Line
on 1800 301 080 (Australia) or +61 3 9611 5970 (International).

P J Horton
COMPANY SECRETARY


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