Australian Pipeline Trust (APA) announced today that it has successfully raised $61.7 million through an institutional placement of 24.5 million new ordinary units at an issue price of $2.52 per unit. The equity raising was part of the funding package for the acquisition of CMS’s Energy Corporation’s interest in the Goldfields and Parmelia pipeline assets in Western Australia, announced on 30 July 2004.
The placement was well supported by over 30 investors comprising a combination of existing unitholders (including AGL and Petronas who subscribed for their pro-rata interest) and new investors.
APA Managing Director Jim McDonald said “We are delighted with the positive response from investors, which we believe indicates strong support for the acquisition and for our business strategy.
The new units will rank equally with existing ordinary units and are expected to commence trading on Friday, 6 August 2004. ABN AMRO Rothschild acted as Lead Manager and Underwriter to the placement.

JK McDonald
Managing Director