ABN AMRO capital offer for Freightways successful

ABN AMRO CAPITAL OFFER FOR FREIGHTWAYS’ PARENT SUCCESSFUL

ABN AMRO Capital Australia Pty Ltd (ABN AMRO Capital) today announced that it has received acceptance for in excess of 90% of the shares of AUSDOC Group Limited (AUSDOC), the parent of Freightways Express Limited (Freightways). Accordingly, ABN AMRO Capital has waived the remaining offer condition and declared its offer unconditional.

“We are delighted to have reached this milestone which will enable us to successfully complete our takeover offer. This is a landmark Australian public-to-private deal and further demonstrates ABN AMRO Capital’s commitment to being a leading provider of private equity in Australia and New Zealand” said ABN AMRO Capital’s representative, JP Kaumeyer. “We look forward to working with management to optimise the performance of AIM and Freightways and are excited about the potential of each business” he said.

Chairman of AUSDOC and Freightways, Michael Butler, welcomed these developments and said, “the AUSDOC Directors are pleased that the sale process has been completed successfully. This process has delivered fair value to AUSDOC shareholders through an offer price which is substantially in excess of the AUSDOC share price prior to the announcement of the sale process.”

ABN AMRO Capital’s offer to AUSDOC shareholders will close as scheduled at 7:00pm on Friday, 20 September 2002. AUSDOC shareholders who have already accepted the offer, or who accept before the close of the offer, will be paid on or before 11 October 2002.

In accordance with the Corporations Act, ABN AMRO Capital intends to compulsorily acquire all AUSDOC shares for which acceptances are not received before the close of the offer. Shareholders who have their AUSDOC shares compulsorily acquired will receive $2.15 cash for each AUSDOC share – the same price as under the offer – but will receive payment later than shareholders who accept the offer.

The AUSDOC Directors recommend that any shareholders who have not already accepted the offer do so before the close of the offer. All AUSDOC Directors and their associates have accepted the offer.

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