Investor Centre

Former Breakwater Island Investors

On 7 October 2002, Jupiters announced a takeover offer for the remaining Breakwater Island Trust (Breakwater) units that it did not own. The takeover offer closed on 27 December 2002. Jupiters then compulsorily acquired all of the remaining Breakwater units on 23 February 2003.

The Bidders Statement that was sent to all Breakwater unitholders in relation to the takeover can be downloaded from the Related Documents section at the bottom of this page. Information on your Jupiters shares can be found on our Former Jupiters Investors page of this website.

Takeover Offer

Under the Jupiters offer, Breakwater unitholders were offered either

• $0.37 cash for each Breakwater unit held; or
• 2 Jupiters ordinary shares for every 31 Breakwater units held.

Claiming Takeover Entitlements

Those unitholders who did not participate in the takeover offer had their shares compulsorily acquired on 23 February 2003. These shareholders were entitled to the same consideration as other unitholders.

Pursuant to the Corporations Act 2001, Tabcorp remitted all unclaimed takeover proceeds to the Australian Securities and Investment Commission (ASIC).

Former Breakwater unitholders who wish to claim their entitlements from the takeover can:

• Search ASIC's on-line unclaimed monies register at www.edge.asic.gov.au/unclaimed/simplequery.html or
• Contact the ASIC Unclaimed Monies Unit by phone on 1300 301 198 (within Australia) to make a claim.

Foreign Unitholders

Breakwater unitholders that were deemed to be "Foreign Unitholders", as described on page 14 of the Bidders Statement, and who accepted the Share Alternative, had their Jupiters shares issued to a nominee company which sold these shares on market with the net proceeds remitted to the relevant Foreign Unitholders.

Tax Issues

A brief outline of the Australian income tax consequences for holders of Breakwater units who disposed of their units by accepting the takeover offer can be found on page 22 of the Bidders Statement, which can be downloaded from the Related Documents section at the bottom of this page.

Initial Public Offer

Breakwater was established on 22 November 1984, and first quoted on the Australian Stock Exchange in December 1985 under the code "BRI" following an initial public offering at $0.50 each plus 1 free option per 4 units, exercisable not later than 31 December 1988 at $0.50 per unit. 

Distribution History

Enquiries

If you were a former Breakwater unitholder and have any questions regarding your takeover entitlements please contact Tabcorp's share registry.