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

 

Takeovers Panel Satisfied Prime Offer Complies

13 October 2004
ASX Announcement
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.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Elsewhere:


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>

ALSO:


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>

ALSO:

Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>