West Perth-based nickel company Western Areas Ltd will join the S&P/ASX 200 next week, following the departure of Macquarie ProLogis Trust from the influential list.
Macquarie ProLogis unitholders today approved a $1.24 billion cash offer from ProLogis to acquire the company, which ratings agency Standard & Poor's yesterday announced would lead it to remove the company from the indices list.
The news comes one day after Western Areas non-executive director Terry Streeter sold over $1.6 million worth of shares (CAD$ 1.5 million) on the Toronto Stock Exchange to encourage the liquidity of the stock.
The director's interest notice released on ASX today shows that Terry Streeter decreased his indirect interest in the company - held through Jungle Creek Gold Mines - by selling 100,000 ordinary shares on the TSX on May 15, 18 and 28 2007.
Terry Streeter now holds 32,733,283 Western Areas shares worth $160 million.
The full text of a Standard & Poor's announcement is pasted below
Standard & Poor's Index Services Australia today announced that it will remove Macquarie ProLogis Trust from the S&P/ASX indicies, subject to shareholder approval of the proposed scheme of arrangement under which the company would be acquired by ProLogis. If approval is received, Macquarie ProLogis Trust will be removed from the S&P/ASX indicies after the close of business on July 2, 2007, at the cash offer price of $1.43 a share.
The vacancy created by the removal of Macquarie ProLogis Trust from the S&P/ASX 200 will be filled by Western Areas NL. This will become effective after the close of trading on July 2.
The vacancy created by the remvoal of Macquarie ProLogis Trust fromt he S&P/ASX All Australian 200 will be filled by Rubicon Europe Trust Group (ASX: REU). This will become effective after the close of trading on July 2.
Western Areas NL is a nickel mining and exploration company. Rubicon Europe Trust Group is a property trust involved with investment in real estate assets in Europe.
