Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Powerco Discussions With Eastern Bay Energy Trust

FOR IMMEDIATE RELEASE
FRIDAY 16 NOVEMBER 2001


Powerco Discussions With Eastern Bay Energy Trust


On 5 October 2001 Powerco and the Eastern Bay Energy Trust (EBET), the two largest shareholders in Horizon Energy Distribution Limited (HED), announced that they were discussing the possibility of making an offer for the remaining shares in HED. EBET holds 77.29% of the shares in HED, and 4.94% of the shares are held by Powerco.

Since this announcement thirteen people from the Bay of Plenty, and HED, have issued proceedings in the High Court against the Trustees of EBET seeking an injunction to restrain the Trustees from dealing in the shares and seeking various orders and a declaration from the Court.

These Court proceedings have made it difficult for the Trustees to finalise discussions between the two largest shareholders in respect of making an offer to all other shareholders.

A Court hearing to deal with the claims has been set down for 10 December. EBET and Powerco hope that an early decision will be available from the Court to remove the current level of uncertainty and to protect the rights and opportunities for all shareholders.


Barry Upson
Chairman
Powerco Limited


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>

ALSO:

Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>

ALSO:

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news