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Vector To Make Initial Public Offering

Vector To Make Initial Public Offering

Vector Limited (VCT) advises of its initial public offer of 249 million new shares in the company and the registration of its prospectus in respect of the offer with the New Zealand Companies Office.

Shares in New Zealand's largest energy infrastructure owner and manager are being offered to eligible Auckland Energy Consumer Trust (AECT) income beneficiaries, pre-registered Vector capital bondholders, the public, and as part-consideration under a Takeover Offer for the 32.79% of shares in NGC Holdings Limited (NGC) that Vector does not currently own (see the separate market announcement also made today regarding the notice of intention to make the NGC Takeover Offer).

The offer will open on June 28, although shares will only be allotted under the public offer if the total number of shares available is not taken up through the other parts of the offer. The offer to NGC shareholders, however, will not open until Vector makes a formal Takeover Offer, which under the requirements of the Takeovers Code, will be on July 11 at the earliest.

The Vector capital bondholder offer will close on August 1, followed by AECT beneficiaries and NGC shareholders on August 10, then, if required, the public offer on August 24.

The purpose of the issue of shares is to: Application has been made to NZX for permission to list Vector shares, and all the requirements of NZX relating thereto that can be complied with on or before the date of this announcement have been duly complied with.

However, NZX accepts no responsibility for any statement in this announcement.

An investment statement has been prepared in relation to the shares in Vector. Investment statements will be mailed this week to pre-registered AECT beneficiaries, pre-registered Vector capital bondholders and made available to other interested parties who have requested the investment statement.

Copies of the investment statement will be available free of charge from the lead manager, ABN AMRO Rothschild, and the co-managers, ABN AMRO Craigs, ASB Securities, First New Zealand Capital Securities and Forsyth Barr.

Copies of the investment statement will also be available by calling Computershare Investor Services Limited on 09 488 8777 or emailing

ends Repay certain acquisition borrowings associated with the previous takeover offer for NGC made on 7 December 2004.

Provide consideration, in the form of shares, for the NGC takeover offer or, if all the shares available in the NGC takeover offer are not allocated, to repay other borrowings and support further growth opportunities.

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