Ngc/Infratil Share Transfer Completed
NGC/INFRATIL SHARE TRANSFER COMPLETED
Natural Gas Corporation Holdings Limited (NGC) confirmed today
Natural Gas Corporation Holdings Limited (NGC) confirmed today completion of the transfer to it of the 26,581,934 NGC shares held by Infratil 1998 Limited, which have been the subject of a minority buy-out procedure.
NGC also confirmed that the Board has resolved to hold these shares, which amount to 3.7 percent of the Company's issued share capital, as treasury stock.
NGC has released to Infratil the provisional payment of $1.30 per share, amounting to $34.5 million, which had been held in trust. The payment of the provisional price had been delayed pending a High Court ruling on whether Infratil was required to simultaneously transfer title to the shares. The Court ruled on 10 July that the transfer of the shares was required at the time payment was made.
NGC's Company Secretary/Legal Counsel, Mr Steve Bielby, said the parties could now focus on progressing the last stage of the process, the arbitration of the final price. Discussions were continuing regarding the appointment of an arbitrator and the terms of the arbitration. NGC was committed to completing this process as expeditiously as possible.