Market stand for TrustPower shares

By Phil Boeyen, ShareChat Business News Editor

Wednesday 27th June 2001

TrustPower (NZSE: TPW) shareholders Infratil (NZSE: IFT) and Alliance International are looking to buy another 3.88 million shares in the electricity business.

Broker ABN AMRO Craigs has announced a market stand on behalf of the two investors to buy up to 3,877,547 Trustpower ordinary shares at $3.65.

The broker says the offer will be completed at end of trade on Friday or earlier if filled prior.

Alliant and Infratil are also offering a safety net for investors who sell over the next two days, in case they pay a higher price on market before September 27.

"In the event of top up payments being required, they will be made to the vendors no later than 15 October 2001 by reference to the highest price paid by Alliant and Infratil for ordinary shares purchased between 27 June and 27 September 2001," says a statement to the market.

Alliant and Infratil currently hold around 46% but are looking to raise their stake over 50% before the beginning of July, when a new takeovers code comes into effect.

Australian Gas Light, which holds around 20% of TrustPower, has raised its upper bid limit to $3.95 from $3.60 previously.

The other major shareholder in the Tauranga-based electricity business is Tauranga Electricity Consumer Trust with 22.7%.

Comments from our readers

No comments yet