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4 Jul 2008
Infratil attaches a release from Energy Developments Limited.
Infratil confirms its support for the strategic review that Energy Developments has commenced.
Subject to obtaining an Australian regulatory approval, Infratil has agreed not to dispose of its shares in Energy Developments (or enter into any commitment to do so) until the earlier of 18 August 2008 or Energy Developments announcing the outcome of its strategic review.
For further information please contact:
Energy Developments Limited (ENE) ASX Release
4 July 2008
Energy Developments Limited (ASX: ENE or the "Company") today announced that it has decided to undertake a review of strategic options for the Company (the "Strategic Review"). The Strategic Review will consider a variety of options with the objective of maximizing value for all of the Company's shareholders.
The Strategic Review has been initiated following feedback from Energy Developments' major shareholders, and has the support of its largest shareholder, Infratil Limited (NZX: IFT), which currently holds an interest of approximately 30 percent in the Company.
The Strategic Review will commence immediately under the direction of the Company's Managing Director, Greg Pritchard.
The Strategic Review will seek to identify and assess expressions of interest from third parties, as well as reviewing other value enhancing business strategies. There is no certainty that the Strategic Review will result in a disposal of all or any portion of the Company.
A committee of independent non-executive directors has been formed to oversee the process and to consider any proposals which may arise for recommendation, as necessary, to shareholders if they are considered to be in the best interests of the shareholders.
Infratil has agreed to refer any interested parties who approach it to the Company, and not to dispose of its shares in Energy Developments before 18 August 2008. Details of Infratil group's undertakings are contained in Energy Developments Substantial Shareholding Holding notice
lodged with ASX today.
The Company anticipates the Strategic Review taking approximately 3 to 6 months. Energy Developments will endeavour to provide the market with periodic updates of progress a the relevant junctures.
O'Sullivan Partners and Freehills have been appointed as Energy Developments' financial and legal advisers, respectively, to facilitate an orderly and systematic review.
Greg Pritchard, Managing Director on +61 7 3275 5650
John Frey, Principal, Cosway Australia on +61 411 361 361