Phil Briggs seeks stake in King Country Energy
By Pattrick Smellie
Dec. 1 (BusinessDesk) – Retired equities adviser and serial investor Philip Briggs is behind an unsolicited offer to shareholders of King Country Energy Ltd. for 2.6% of the shares in the company, at a substantial discount to its last trading price on the Unlisted platform.
KCE warned shareholders to take advice from a financial adviser if approached by Zero Commission NZ Ltd., a company formed last month by Waiheke-based Briggs, according to Companies Office records.
Briggs declined to comment to BusinessDesk, beyond confirming he was behind the offer for 500,000 of KCE’s 18,750,000 shares on issue. The offer is pitched at $3.30 a share. KCE last traded at $3.86 a share on Nov. 23.
Briggs was a 17% shareholder in the Allan Hawkins vehicle Cynotech Holdings Ltd., before Hawkins bought out shareholders and de-listed earlier this year. Briggs also founded Equity Research Ltd, a company sold in 1998 to Dorchester Pacific for $2.5 million.
“We are unable to comment on the nature of this offer or the company involved,” said KCE chief executive Rob Foster.
KCE is 35%-owned by Todd Energy, and is unusual as the country’s smallest generator and retailer of electricity, covering an area with some 19,000 customers, many of whom are also shareholders.