HomeInfratil News2009Energy Developments

‹ Back to All Infratil News

Energy Developments

8 Jun 2009

On 5 June Energy Developments Limited (ASX: ENE) announced that it had received an incomplete proposal from a consortium of private equity funds in relation to the acquisition of 100% of the shares of Energy Developments.

Infratil is the largest shareholder of ENE and owns approximately 32.1% of the shares outstanding.

Following recent discussions with Archer Capital Pty Limited, Infratil has granted Archer Capital a call option over part of its shareholding in Energy Developments, totalling 19.99% of the shares of Energy Developments.

The call option does not specify an exercise price (and none has been agreed) and only becomes effective if and when a cash exercise price is agreed between Archer and Infratil and, subsequently, either a takeover bid made by Archer or takeover scheme agreed between Archer and Energy Developments becomes unconditional. This will allow Infratil, if it wishes at the time, to sell the balance of its shareholding into the bid or scheme. Infratil has also agreed, in certain circumstances, to reimburse Archer’s costs and share defined upside benefits.

The call option provides for various milestones to be met, and if they are not met then it expires.

Infratil advises that, apart from granting the call option over a portion of its holding, it has no connection with the Archer proposal and its interests are the same as all other shareholders.

A copy of the relevant Call Option Deed, which provides details of the entire agreement with Archer, will be filed with the Australian Stock Exchange and provided to the NZ Exchange.
Trustpower Wellington Airport Infratil Property RetireAustralia CDC Data Centres Vodafone New Zealand Qscan Pacific Radiology Kao Data Longroad  Galileo Green Energy GmbH Gurīn Energy