Bluesparks & Others restrained from making offer

News Release
23 May 2002

Bluesparks & Others restrained from making new offer to some
Otago Power Limited shareholders

The Takeovers Panel has restrained Bluesparks & Others from soliciting or acting on any acceptances resulting from letters sent to the largest shareholders in Otago Power Limited on or about 22 May 2002.

This order expires at 5.00 p.m. on 31 May 2002.

The restraining order followed a request to the Panel from One Otago Limited (OPL) earlier today. OPL asked the Panel to convene a meeting and make interim restraining orders relating to letters sent by Bluesparks & Others to certain shareholders in OPL.

The Panel considers that the letters may constitute a variation of Bluesparks & Others’ offer dated 8 May 2002. The Takeovers Code limits the way in which an offer can be varied.

The Panel will hold a meeting to decide whether to exercise its powers under section 32 of the Takeovers Act 1993. The meeting will be held at 10.00 a.m. on Wednesday 29 May 2002. The meeting will be a private meeting.

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