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Santos Ltd (Santos) today announced that it intends to accept MetCoal Holdings (Qld) Pty Ltds (MetCoal) revised offer to QCT Resources Limited (QRL) of $1.30 per share immediately. Santos will realise proceeds of approximately $326 million from the sale of its 36.4% shareholding in QRL and the special dividend.

Santos has assessed the value of MetCoals revised offer, together with the imputation credits it will receive on the payment by QRL of a special dividend of $0.10 per share (announced by QRL on 13 October 2000), at approximately $1.35 per QRL share on a pre-tax equivalent basis.

Santos has decided to accept MetCoals revised offer immediately as:

MetCoal announced that if it receives acceptances for at least 50.1% of the QRL shares on issue it will declare its offer unconditional and shorten the payment terms. MetCoal indicated that shareholders who accept on or before 18 October will be paid on 25 October; and

Santos will remain entitled to the special dividend (including the attached imputation credits) if it accepts prior to the record date for the dividend on 24 October. The cash value of the dividend will be deducted from MetCoals revised offer.