Panel Satisfied Prime Offer Complies With Code

13 October 2004

Panel Satisfied Prime Offer Complies With Code

The Takeovers Panel met in Auckland on 12 October 2004 to consider the effect that a resale facility had on the terms and conditions of the takeover offer dated 4 October 2004 made by Prime Infrastructure Networks (New Zealand) Limited for all the shares of Powerco Limited.

The resale facility was entered into on Monday 4 October 2004 between Tricom Equities Limited and PricewaterhouseCoopers on behalf of New Plymouth District Council and Taranaki Electricity Trust Incorporated.

The Panel determined that it was satisfied that Prime Infrastructure Networks (New Zealand Limited, the New Plymouth District Council, Taranaki Electricity Trust Incorporated, Powerco Wanganui Trust Incorporated and PricewaterhouseCoopers had acted in compliance with the Code. The Panel found that the resale facility did not contravene rule 20 of the Code which requires the takeover offer to be made on the same terms and provide the same consideration for all shareholders.

ENDS

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