2002

Flight Centre declares offer for ITG unconditional and accelerates payment terms

Wednesday, 27 March 2002

Flight Centre Limited ("Flight Centre") is on the verge of completing its $40 million takeover of publicly-listed corporate travel specialist ITG Limited ("ITG"). Flight Centre today announced that it had declared its offer for ITG unconditional, after it had received acceptances which increased its relevant interest in ITG’s issued capital to 89.6%. In addition, Flight Centre has determined to accelerate the payment terms of its offer. This means that ITG shareholders who accept Flight Centre's offer will now be issued the Flight Centre shares to which they are entitled within seven business days of receipt of their valid acceptance. Shareholders who have already validly accepted Flight Centre's offer will be issued their Flight Centre shares within seven business days of today's date. Flight Centre's offer is scheduled to close at 7.00 pm (Sydney time) on Thursday, April 4, 2002. ITG’s board strongly advises shareholders who intend to accept Flight Centre’s offer to do so immediately. Subject to Flight Centre obtaining a relevant interest in greater than 90% of the shares in ITG, Flight Centre intends to compulsorily acquire any remaining ITG shares. In this event, ITG shareholders who do not accept the offer prior to its close (and whose ITG shares are compulsorily acquired by Flight Centre) will not receive their Flight Centre shares until at least one month after the close of the offer period. Commenting on the announcement, Flight Centre chief executive officer Mr Graham Turner said: "Making our offer unconditional is an important step and means we are closer to achieving our goal of completing this recommended takeover before the offer's scheduled closing date of Thursday, April 4". "Flight Centre is currently entitled to almost 90% of ITG. I strongly encourage ITG shareholders to accept Flight Centre's offer as soon as possible to ensure they receive their Flight Centre shares at the earliest possible time." Mr Turner said.