Queensland Government-owned electricity retailer Energex said yesterday it was considering whether to cancel or compulsorily acquire the outstanding 200,000 preference shares in its takeover target, Allgas Energy Ltd, which could cost it up to $4.6 million.

This followed a call by a major preference shareholder for Energex to buy them out at $23 per share, the same price offered to Allgas' ordinary shareholders as part of its $250 million takeover bid.