Hutt Mana Energy Trust Lift Transalta Shareholding
Hutt Mana Energy Trust has lifted its shareholding in TransAlta New Zealand by just over 1%.
The Trust has been buying shares since the end of June when it resolved to try and lift its shareholding in TransAlta to 15%. This week it crossed the 1% threshhold which required it to notify the Stock Exchange of its purchases. It now has about 13.5% of the shares.
The Trust is concerned about TransAlta Canada's offer to buy out other shareholders in TransAlta New Zealand and delist the company. It has accused the Canadian giant of using improper tactics to try and directly influence the Trust's beneficiaries, including what the Trust called a misleading advertising campaign.
Trust chairman Chris Kirk-Burnnand says TransAlta New Zealand's annual report talked about the company having a great future and it now appears that TransAlta Canada wants to get rid of the smaller shareholders and take all of the benefits of that bright future.