Powerco mulls joint bid for HED

Powerco currently holds 4.9% of HED and says it is in talks with the majority stakeholder, Eastern Bay Energy Trust.

"The parties are discussing the possibility of making an offer for the remaining shares," the company says.

"Powerco expects these discussions to be ongoing and hopes to make a further announcement in approximately two or three weeks."

For the year ended March Horizon Energy recorded an after tax profit of $4.99 million and had net assets of $29 million after term loans of $34 million.

Powerco is New Zealand's largest provincial distributor of electricity and gas, mainly in the central North Island.

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