Eastern Bay Energy Trust Moves To Secure Local Ownership
Of Horizon Energy

Majority shareholder Eastern Bay Energy Trust today announced its intention to make a full takeover offer for all the shares in Horizon Energy Distribution Limited that it does not already own.

The trust currently holds 77.3% of the shares in Horizon, which is listed on the NZSX.

Trust chairman David Bulley said: “The trust believes that it is important that local ownership of this strategic local infrastructure asset is secured, given that there has been a recent partial takeover offer and the possibility of other offers emerging.

“We have a firm view that the local headquarters and local jobs be retained and this cannot be guaranteed if there is not local control.

“The trust’s holding in Horizon has been a very good investment and it is our intention to pay a premium that better reflects the real value of the company than the $3.96 a share offer for 51% made by Marlborough Lines at the end of September.”

Eastern Bay Energy Trust intends to offer minority shareholders $4 per share.

“We believe this is a fair price for all shareholders,” said Mr Bulley.

The offer is dependent on majority approval of those beneficiaries responding to a postal consumer poll, as required by the trust deed.

ENDS