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NGC Takeover Offer to Hutt Mana Trust Accepted

22 September 2000

Press Release

NGC Takeover Offer Proposal to
Hutt Mana Energy Trust Accepted

Natural Gas Corporation Holdings (NGC) has today received an irrevocable undertaking from the Hutt Mana Energy Trust that it will accept the proposed offer for the Trust’s holdings in TransAlta New Zealand Limited.

“The Trust’s decision is a pleasing one for NGC,” NGC’s Chairman Len Bleasel said. “Merged with TransAlta, NGC will create New Zealand’s most significant downstream energy business, well able to meet the challenges of a fully competitive market.”

As a result of the Trust’s undertaking, NGC will now issue a takeover offer to all TransAlta minority shareholders, which they can expect to receive early next week.

The takeover offer to TransAlta minority shareholders will be open until 5.00pm 26 October, and gives shareholders the opportunity to sell their shares at a cash price of $2.79 per share or swap each share for 1.86 new NGC shares.

A substantial security holder notice will be given to both TransAlta and the New Zealand Stock Exchange confirming NGC’s relevant interest in 90.4% of TransAlta’s shares.

“Our aim is to combine the strengths in both gas and electricity in these two companies and create added value for our shareholders and to improve services to our customers,” Mr Bleasel said.

He said the two companies were currently working through an alignment process to bring the businesses together. This is expected to be accomplished by the end of the year.


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