Takeovers Panel Satisfied Prime Offer Complies
13 October 2004
NZ Takeovers Panel Satisfied Prime Infrastructure Offer Complies with NZ Takeovers Code Rule 20
Earlier today the New Zealand Takeovers Panel confirmed that the takeover offer for Powerco Limited (the “Takeover Offer”) by Prime Infrastructure Networks (New Zealand) Limited (“PINNZ”) is not in breach of Rule 20 of the New Zealand Takeovers Code. A copy of the Takeovers Panel announcement is attached.
Chris Chapman, Managing Director of Prime Infrastructure Management Limited, said that “the Takeovers Panel announcement is a positive outcome and means that the Takeover Offer remains on track.” The Takeover Offer is currently open and will close on 2 November 2004.
“This announcement follows receipt last Friday by PINNZ of the notices of acceptance of the offer by the majority shareholders and the Auditor General’s confirmation that appropriate processes were followed by the New Plymouth District Council in deciding to sell its investment in Powerco,” he said.
Powerco shareholders and Capital Bond
holders should by now have received Takeover Offer
documentation from PINNZ. If shareholders or Capital Bond
holders have not received the Takeover Offer documentation,
they can telephone PINNZ on 0800 772 727.