Alinta to appeal APT "unacceptable circumstances" finding

WA energy firm Alinta Ltd will hang on to its 10.25 per cent stake in the Australian Pipeline Trust for a bit longer after announcing plans to appeal a Federal Court finding that the purchase took place under unacceptable circumstances.

Alinta had been granted a stay of disposal of the stake until 10pm tonight WST.

The full text of an edited announcement is pasted below

Alinta refers to its announcement to ASX dated 20 October 2006 concerning the outcome of Federal Court proceedings in relation to its acquisition of units in APT. Although the Court found that the Takeovers Panel erred in finding that Alinta's acquisition of units in APT breached the Corporations Act, the Court decided that the other part of the Panel's declaration of unacceptable circumstances should be allowed to stand.

Alinta has decided to appeal this aspect of the Court's decision. The Court has granted a stay of the Takeovers Panel's orders in relation to the units pending the determination of the appeal.