12 May 2000
Infrastructure & Utilities NZ Limited (Infratil) today announced that it has objected to the price of $1.30 per share nominated by Natural Gas Corporation Holdings Limited (NGC) for the purchase of Infratil's 26,581,934 NGC shares. The share price will now be determined by arbitration.
These are the shares in NGC held by Infratil at the time NGC shareholders approved the purchase of a controlling interest in TransAlta New Zealand Limited (TLT).
Infratil holds an additional 21,265,547 shares in NGC. It acquired these shares for $1.16 per share in the recently completed rights issue.
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