Infratil NGC Share Buy-Back Claim
Arbitrator Releases Decision On Infratil NGC Share Buy-Back Claim
Natural Gas Corporation Holdings Limited (NGC) advises that the Arbitrator’s award has been given in relation to the buy-back of 26.5 million NGC shares formerly held by Infratil 1998 Limited.
The award sets the value of the Infratil shares at $1.68 per share. This compares with the interim price of $1.30 nominated by NGC. It requires a further payment of $10.1 million on top of the $34.4 million already paid by NGC to Infratil as the interim price.
The buy-back procedure of the Companies Act 1993 was invoked by Infratil in April 2000, following NGC shareholder approval of NGC’s purchase of a 75.8 percent interest in TransAlta New Zealand Limited.
The decision is still confidential to the parties at this stage. The award is subject to rights of appeal on points of law NGC is still reviewing the decision and has yet to decide whether an appeal should be lodged.