Exhibit 99.1
May 30, 2002
ONEOK, Inc.
000 X. Xxxxx Xxxxxx
Xxxxx, XX 00000-0000
Attn: Xx. Xxxxx X. Xxxx,
President and Chief Executive Officer
Re: Shareholder Agreement dated as of November 26, 1997 between WAI,
Inc.(now ONEOK, Inc.) and Western Resources, Inc.: Section 3.4(b)
Sale Notice
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Dear Sirs:
Notice is hereby given pursuant to Section 3.4(b) of the above
referenced Shareholder Agreement of the intention of the undersigned to sell
4,714,434 shares of Common Stock, par value $.01 per share (the "Common Stock")
of ONEOK, Inc. (the "Company"), and 19,946,448 shares of Series A Convertible
Preferred Stock, par value $.01 per share of the Company, (collectively with the
Common Stock, the "Sale Securities") representing all of the Common Stock and
Preferred Stock of the Company beneficially owned by us through our wholly owned
subsidiary Westar Industries, Inc., to a purchaser who is not an Affiliate of
the undersigned. Such a proposed transfer would represent upon Transfer Voting
Power of more than 5% of the Company. Therefore, the procedures pursuant to
Section 3.4(b) are hereby invoked.
The cash price per share at which the Company or its designee may
purchase the Sale Securities within the Sale Period specified in Section 3.4 (b)
is $21.77 per share (equal to 98.5% of the Market Price of the Sale Securities
determined as of the date of this notice.)
We look forward to hearing from the Company within the Sale Period so
that we know how to proceed in connection with our proposed sale of the Sale
Securities.
2
This Sale Notice is given by Western Resources, Inc. on behalf of
itself and on behalf of Westar Industries, Inc., as Seller.
Capitalized terms not defined herein are used as defined in the
Shareholder Agreement.
Very truly yours,
WESTERN RESOURCES, INC.
By: /s/ Xxxxx X. Xxxxxx
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Name: Xxxxx X. Xxxxxx
Title: Chairman, President and
Chief Executive Officer
WESTAR INDUSTRIES, INC.
By: /s/ Xxxx X. Xxxxx
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Name: Xxxx X. Xxxxx
Title: President
cc: Xxxxx Xxxxxxx Mock Xxxxxxx Xxxxx
000 X. 0xx Xxxxxx
Xxxxx 0000
Xxxxx, XX 00000
Attn: Xxxxxx X. Xxxxx, Esq.
Fax No. 000-000-0000