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

 


Original Powerco Shares Deal Confirmed

4 October 2004
N E W S R E L E A S E

Original Powerco Shares Deal Confirmed

A deal is indeed a deal, New Plymouth Mayor Peter Tennent has confirmed today.

Mayor Tennent says he is happy to announce that following the difficulties created by the market reaction to the decision of the Takeovers Panel on the sale of Powerco shares to Prime Infrastructure, matters have been resolved to the satisfaction of the New Plymouth District Council, the Taranaki Electricity and Powerco Wanganui trusts, and Prime.

“We expected to get 62.5 per cent of the deal in cash and the rest in SPARCS, and that is what is happening,” he says.

“Prime has put more cash into the deal and our advisers PricewaterhouseCoopers have arranged a binding agreement to sell all of the surplus SPARCS we receive – beyond the agreed 37.5 per cent of the total price.

“The SPARCS will sell at their par, or full face, value of $1 each.

“The fact that the surplus SPARCS will be on-sold at full face value reaffirms our faith in our advice as to the value of the SPARCS, and guarantees that the council will receive the agreed amount of cash for its Powerco shares.”

At all times the council has had full confidence in the business and legal advice it has received and in the outcome of the deal, says the Mayor.

“Many of the reports run in the media have been ill-informed and misleading throughout the transaction, however as in all these things it is what happens on payday that counts.”

The Mayor says the council unanimously voted for a deal that was in the best interests of the district, with an agreed split of the payment in cash and SPARCS. Since then the landscape had changed with the decision made by the Takeovers Panel.

“I’m very grateful we’ve had the best of advisers working with the council to ensure the interests of the ratepayers in New Plymouth District were protected.

“All of our advisers have been vindicated by the outcome and I thank Prime and our advisers for getting us to the end of what has been a very challenging few weeks,” he says.

-ends-

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

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:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news