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Independent Share Appraisal Awaited By Trust

Independent Share Appraisal Eagerly Awaited By Trust

Hutt Mana Energy Trust is keen to get its hands on the independent appraisal report on the value of TransAlta New Zealand shares that is required following a bid by the parent company TransAlta Canada to buy out all other shareholders.

Trust chairman Chris Kirk-Burnnand has written to the independent directors of TransAlta New Zealand outlining important issues that the Trust believes need to be addressed in the independent appraisal.

This includes taking other factors into account as well as financial considerations.

He has also written to the Canadian company expressing concern at what the Trust believes was an inappropriate direct approach to the Trust beneficiaries by the company and the misleading advertising which implied that it was TransAlta New Zealand behind the bid.

"The Trust is concerned that TransAlta Canada may have accessed the customer base of TransAlta New Zealand for the purposes of communicating with the Trust beneficiaries," Mr Kirk-Burnnand said. "This would clearly be improper and we have requested that the local company confirm that no such information has been made available to TransAlta Canada."

The advertising is the subject of a complaint by the Trust to the Newspaper Publishers Association's advertising standards board.

ENDS...

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