Move to compulsory acquisition
10 August 2005
Vector signals move to compulsory acquisition and confirms new listing date
Vector today announced that it will now move to compulsorily acquire the remaining shares in NGC Holdings Limited after receiving acceptances in respect of its offer for NGC shares which, when aggregated with Vector's existing shareholding, exceeds 90 per cent of NGC's shares. All conditions in the offer were fulfilled or waived by Vector.
The announcement comes after its Takeover Offer to NGC shareholders closed today (Wednesday 10 August 2005).
As a result of the successful offer, Vector also today announced that the company has brought its plans to list on the NZSX forward to Monday 15 August 2005.
Vector chairman Michael Stiassny says the company has had an excellent response to its offers and is looking forward to making its debut on the NZSX next week.
Mr Stiassny confirmed that, of the $592 million worth of shares being issued, $380 million would now be allocated as part consideration under the NGC acquisition. Capital bondholder entitlements that have been taken up through the offer totalled $140 million, leaving $72 million available for allocation to AECT Beneficiaries.
He also confirmed that, given that the AECT Beneficiary offer was significantly over-subscribed, the closing date for the General Offer had been brought forward and it is now closed and that the Institutional Offer and the Primary Market Participant Offer, all of which form part of the Vector Share Offer, would not proceed.
Holding statements will be sent to Vector shareholders early next week. Alternatively, shareholders can contact Computershare on (09) 4888 777 from Monday 15th August regarding their allocations.
Application has been made to New Zealand Exchange Limited ("NZX") for permission to list the shares in Vector Limited, 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.