HomeInfratil News2003TrustPower's Pro Rata Share Buy Back - Takeovers Panel

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TrustPower's Pro Rata Share Buy Back - Takeovers Panel

9 Apr 2003

TrustPower wishes to advise that it has received a letter from the Takeovers Panel that states that the Takeovers Panel considers that the pro rata share buy back by TrustPower does not comply with clause 4 of the Takeovers Code (Class Exemptions) Notice (No. 2) 2001 ("Exemption"). The Takeovers Panel's view is that the resolution required under clause 4 of the Exemption should be obtained prior to the offer being made.

In summary, clause 4 of the Exemption exempts those shareholders who increase their voting control of TrustPower as a result of the buy back by TrustPower of its own voting securities, from rule 6(1) of the Takeovers Code in respect of that increase in voting control. (Rule 6(1) prohibits a shareholder increasing their control of voting rights above 20% except in compliance with the Takeovers Code.)

TrustPower is seeking an urgent meeting with the Takeovers Panel to discuss the Takeovers Panel's view. So as to permit this to occur, TrustPower has today given notice under the offer extending the closing date of the offer to 5.00pm on Thursday 17 April 2003.

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