TAKEOVER: HED: Directors of Horizon Energy Appoint Independent Adviser

19 Jan 2010 10:34 am

HED 19/01/2010 TAKEOVER

REL: 1034 HRS Horizon Energy Distribution Limited

TAKEOVER: HED: Directors of Horizon Energy Appoint Independent Adviser

19 January 2010

DIRECTORS OF HORIZON ENERGY APPOINT INDEPENDENT ADVISER

The directors of Horizon Energy Distribution Limited advise they have appointed Simmons Corporate Finance of Auckland to prepare an independent appraisal of the proposed offer from the Eastern Bay Energy Trust to purchase 100% of the shares in Horizon Energy. The Eastern Bay Energy Trust has indicated that it intends to send the offer to shareholders on 12 February 2010.

The independent appraisal report is required under the Takeovers Code and will be sent to shareholders advising on the merits of the proposed offer.

The independent adviser's report will form part of the Target Company Statement being prepared by Horizon Energy. It is expected that the Target Company Statement will be sent to shareholders on 12 February 2010 together with a recommendation from the directors of Horizon Energy as to whether shareholders should accept the offer or not.

For further details please contact:

Mr Rob Tait CHAIRMAN Horizon Energy Distribution Limited +64 7 5711566 +64 21 812577 +64 7 325 2645

END End CA:00190289 For:HED Type:TAKEOVER Time:2010-01-19:10:34:29

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