GasNet Australia Investments Limited - Panel Receives Application

The Takeovers Panel (Panel) advises that it has received an application (Application) for a declaration of unacceptable circumstances and orders, dated 11 July 2006 from GasNet Australia Investments Limited, GasNet Australia Limited (in its capacity as responsible entity of GasNet Australia Trust) and GasNet Australia Investments Trust (together GasNet). The Application is in relation to an off-market scrip takeover offer (Offer) by BBI GP (Aust) Pty Limited (Bidder), a wholly owned subsidiary of Babcock & Brown Infrastructure Limited (BBI), in association with Australian Pipeline Trust (APT), for 100% of the securities in GasNet.