Trust Disappointed at Marlborough Share Buy

Trust Disappointed at Marlborough Share Buy Outcome

The Eastern Bay Energy Trust, majority shareholder in Horizon Energy Distribution Limited, says it is disappointed that Marlborough Lines has achieved its goal of attaining a Horizon shareholding in excess of 10%.

“As we have noted, this is a spoiling move that potentially blocks the ability of the trust to attain 100% local ownership of Horizon Energy, and this is a disappointing development from a local point of view,” said trust deputy chairman Kevin Hennessy.

“This intervention by Marlborough serves no practical purpose for anyone and gives them no automatic rights other than those of a minority shareholder.”

Mr Hennessy said the trust would always fight for local ownership, and the retention of local jobs and the same high standards of lines maintenance and upgrading.

He said the trustees were frustrated at having to put their own offer for the remaining shares in Horizon on hold pending having to seek a High Court ruling clarifying whether it could make the offer. This had effectively provided the opening for Marlborough to make its share offer.

“Our goal in all of this is to ensure that, as far as possible, profits from Horizon are put back into the local community,” said Mr Hennessy.

The trust currently owns 77.3% of the shares in Horizon Energy.

ENDS

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