NGS Nominates Infratil Share Buy-Back Price
NGS NOMINATES INFRATIL SHARE BUY-BACK PRICE
Natural Gas Corporation Holdings Limited said today that, in accordance with procedures under the buy-back provisions of the Companies Act 1993, it has nominated a price of $1.30 per share to repurchase the 26,581,934 shares held in the Company by Infratil 1998 Limited.
As there is little precedent for the determination of a" fair and reasonable" price under the minority buyout provisions of the Companies Act 1993, the Board has taken extensive legal and financial advice over the appropriate determination of the nominated price as it specifically applies to the shares covered by the buyout notice.
NGC has notified Infratil of the nominated price and now awaits Infratil's response, which is expected by 23 May, in accordance with the Act's procedures.