AGL 0.94% $8.61 agl energy limited.

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    HOMEX - Sydney

    The AGL Corporate Conversion Bill was passed by the New South Wales
    Legislative Council on Thursday 9 May 2002, having been passed by the
    Legislative Assembly earlier in the week.

    The Bill, which has yet to receive the assent of the Governor, is the
    essential first step towards establishing a modern constitution for
    AGL and putting it on a common footing with other Australian public
    companies. A number of other steps are necessary, which will take
    place after the General Meeting of AGL Proprietors has approved the
    corporate conversion and the adoption of the new constitution.

    Notices calling a General Meeting will be issued as soon as some
    related matters are finalised. This is expected within a few weeks.

    On issue of a Conversion Order by the Minister of Energy and
    Utilities, which can only take place after a General Meeting of
    Proprietors approving the corporate conversion, AGL will become a
    modern body corporate registered under the Corporations Act, 2001. At
    that time the 5% shareholding restriction will cease to apply.
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