The Chief Executive of Cable & Wireless Optus, Chris Anderson, said today he was disappointed that the AAPT Board had rejected Cable & Wireless Optus' takeover offer.

"We believe our offer is fairly priced, and represents excellent value for AAPT's shareholders." Mr Anderson said.

Mr Anderson said the offer gave:

• A 13.9% premium to the volume weighted average price this calendar year (up to and including 15 April 1999)
• A 26.9% premium to the recent sell down prices and recent placement, which together account for around 45% of the current issued capital; and
• A value for AAPT substantially higher than the average valuation for the Australasian telecommunications sector based on estimated 1999 EDITDA multiples, placing AAPT at a multiple of 24.1 times compared to the sector average of 14.5 times.

Mr Anderson said Optus was able to acquire a 10.6% stake on market on Friday at $4.85.

"Singapore Telecom has since indicated that it sold the majority of its shares on market on Friday. Clearly AAPT's only telecommunications shareholder was happy to sell at $4.85".

Mr Anderson also said Cable & Wireless Optus' offer represents an 18.5% premium to the price at which the AAPT board agreed to make a placement of 15% of the then issued capital, only one month ago.

"If $5.00 is too low and should be rejected by shareholders, why did the AAPT board agree to the equity placement."

"We have now heard the board's initial view. I sincerely hope that they look at the Cable & Wireless Optus offer again - particularly once we are able to provide further detail in our Part A statement. They will then see the inherent complementarities of our proposed offer - only available to the combination of these two great companies."

For more information:
Stephe Wilks
Cable & Wireless Optus
Phone: 02 9342 7723