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Determinations and Restraining Order - Otago Power

News Release 31 May 2002

Determinations and Restraining Order - Otago Power Limited

First Determination

The Takeovers Panel is not satisfied that Electricity Invercargill Limited and The Power Company Limited (EIL/TPC) acted in compliance with the Takeovers Code in sending a letter of 22 May 2002 to nine major shareholders of Otago Power Limited.

The Panel determined that the letter constituted a variation of the EIL/TPC’s Code offer that did not comply with the Code. The Panel intends to take no further action on the matter.

Second Determination

The Takeovers Panel is not satisfied that Otago Power Limited (OPL) has acted in compliance with the Code by sending a notice of a shareholders’ meeting to be held on 6 June containing a resolution purporting to approve any defensive actions taken by the board of OPL.

Restraining Order

The Panel has ordered that OPL be restrained from putting the resolution to its shareholders .

Decision available

The Panel’s full decision will be published on its website

… ends …

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