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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Statistics: Annual Inflation Hits A Three-decade High At 5.9 Percent
The consumers price index increased 5.9 percent from the December 2020 quarter to the December 2021 quarter, the biggest movement since a 7.6 percent annual increase in the year to the June 1990 quarter, Stats NZ said today... More>>

Digitl: Bumper year ahead for NZ IT sector

Gartner says New Zealand spending on technology products and services will grow 7.4 percent this year. The company’s latest forecast says the market will total NZ$15.3 billion in 2022... More>>

Fonterra: Lifts Forecast Farmgate Milk Price Range

Fonterra Co-operative Group today lifted its 2021/22 forecast Farmgate Milk Price range to NZD $8.90 - $9.50 per kgMS, up from NZD $8.40 - $9.00 per kgMS. This increases the midpoint of the range, which farmers are paid off... More>>

Skoltech: Study Probes Earth’s Turbulent Past To Explain Where Oceans Came From

The origin of water on our planet is a hot question: Water has immense implications for plate tectonics, climate, the origin of life on Earth, and potential habitability of other Earth-like planets. In a recent study in Physical Review Letters, a Skoltech professor and his Chinese colleagues suggest... More>>

Statistics: Household Net Worth Grows In The September 2021 Quarter But At A Slower Pace Compared To March 2021

Household net worth grew by $60.7 billion in the September 2021 quarter compared with the June 2021 quarter, Stats NZ said today. This represents an increase of 2.5 percent, a similar result to the June 2021 quarter, which was up $60.6 billion or 2.6 percent... More>>

TradeMe: Job Market Ends 2021 On A High With Record Number Of Vacancies
The New Zealand job market finished 2021 on a high note, with the ball still firmly in the job hunters’ court, according to the analysis of 69,600 vacancies listed on Trade Me Jobs for the quarter ending 31 December (Q4)... More>>