Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Successful Outcome For Powerco Shareholders

5 November 2004

Prime Infrastructure Announces Successful Outcome For Powerco Shareholders

Prime Infrastructure today announced that there will be no scaling to either the cash or combination option offered to shareholders under its successful Takeover Offer for Powerco.

Prime Infrastructure offered three options to shareholders: 100% cash, a combination of 37.5% Prime Infrastructure NZ SPARCS and 62.5% cash, or 100% Prime Infrastructure NZ SPARCS.

Chris Chapman, Managing Director of Prime Infrastructure Management Limited said “We are pleased with this outcome for Powerco’s New Zealand shareholders. It is pretty consistent with where we thought it would be.”

The final number of acceptances received under the Offer for ordinary shares by Computershare Investor Services Limited totalled 301,287,438 shares (or 95.29% of the issued share capital).

Total acceptances received by Computershare in respect of the capital bonds was 26,155,000 (or 26.15% of the total number on issue).

The Offer closed on 2 November. Prime Infrastructure will settle with those who have accepted the Offer by 9 November.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Digitl: The home printer market is broken
Printers are more of a security blanket that a serious aid to productivity. Yet for many people they are not optional.
Even if you don’t feel the urge to squirt ink onto dead trees in order to express yourself, others will insist on printed documents... More>>

Serious Fraud Office: Commences Enquiries Into Allegations Of COVID-19 Wage Subsidy Fraud
The Serious Fraud Office has commenced a number of enquiries into alleged abuse of the Government’s COVID-19 Wage Subsidy. Director Julie Read said the allegations relate to multiple complex cases of potential fraud that have been referred to the agency following extensive investigations ... More>>

Environment: Preliminary Environmental Data On New Zealand’s Air Quality Released Today

The Ministry for the Environment and Stats NZ have published the Our air 2021: preliminary data release today. We are currently working to revise the Our air 2021 report to incorporate analysis of the World Health Organization (WHO) 2021 air quality guidelines that were released on 23 September 2021... More>>

ComCom: Companies In Hot Water For Selling Unsafe Hot Water Bottles And Toys

A wholesaler and a retailer have been fined a total of $140,000 under the Fair Trading Act for selling hot water bottles and toys that did not comply with mandatory safety requirements. Paramount Merchandise Company Limited (Paramount) was fined $104,000 after pleading guilty in the Manukau District Court... More>>

Reserve Bank: Robust Balance Sheets Yield Faster Economic Recovery

Stronger balance sheets for households, businesses, financial institutions and the government going into the pandemic contributed towards maintaining a sound financial system and yielding a faster economic recovery than following previous deep recessions... More>>

Transpower: Releases Independent Report Into Events Of August 9
Transpower’s Chief Executive Alison Andrew has today released an independent report into the grid emergency of August 9 when insufficient generation was available to meet demand, leading to some customers being disconnected... More>>