Otago Power Limited – New Restraining Order

16 May 2002

Otago Power Limited - New Restraining Order & 4th Notice Of Meeting

On 15 May 2002 the Takeovers Panel reviewed power of attorney provisions contained in acceptance forms:

- attached to an offer being made by Bluesparks Limited and Others, in their intended offer for all the shares in Otago Power Limited; and

- attached to a takeover notice in respect of One Otago Limited’s intended offer for all the shares in Otago Power Limited;

which could have the effect of transferring voting rights to the offerer, in each case.

Bluesparks Limited and Others are companies jointly owned by Electricity Invercargill Limited and The Power Company Limited. One Otago Limited is wholly owned by Dunedin Electricity Limited.

The Panel considers that both Bluesparks Limited and Others and One Otago Limited, and their parent companies, may not have acted or may not be acting or may intend not to act in compliance with the Takeovers Code.

The Panel will meet to determine whether to exercise its powers under section 32 at 10.00 a.m. on Friday 17 May 2002. This is the first notice of meeting issued to Bluesparks Limited & Others and One Otago Limited. The meeting will be a private meeting.

In the meantime the Panel has made an order under section 32(2) of the Takeovers Act 1993 restraining Otago Power Limited from taking any action that is or that may reasonably be expected to contravene the Takeovers Code, namely exercising voting rights in Otago Power Limited obtained as a result of acceptances that Bluesparks Limited and Others may have or may receive from shareholders.

This order expires at 5.00 p.m. on 19 May 2002. The Notice of Meeting and Interim Restraining Order will be published on the Panel’s website www.takeovers.govt.nz.

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