Eastern Bay Energy Trust seeks court ruling on deed, halts Horizon takeover

Eastern Bay Energy Trust, which owns 77.3% of Horizon Energy Distribution, has suspended its takeover offer for the remaining shares while it seeks a High Court ruling on its rights under its trust deed.

The decision to halt the mop-up of shares comes after Trustees of Matata-based Te Mana O Ngati Rangitihi Trust sought an injunction seeking to prevent votes being counted in a poll of Horizon consumers.

Eastern Bay wants clarification of its powers under the trust deed to acquire more shares in the utility. The Rangatihi trust had claimed that information sent out with the poll documents was inadequate.

Minority shareholders of Horizon had been offered $4 a share for the local monopoly electricity network. That exceeded the $3.96 a share hostile offer last year from Blenheim-based Marlborough Lines, which Eastern Bay rejected.

Shares of Horizon last traded at $3.90 and have climbed 20% in the past month.

Businesswire.co.nz

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Printable version

Related News

Horizon Energy blames takeover costs for profit downgrade
Marlborough Lines seeks to lift Horizon stake
Marlborough Lines close to 10% target in Horizon
New twist in Horizon takeover saga as panel investigates directors
Full takeover bid for Horizon as interest mounts
Horizon Energy shareholders advised to reject takeover offer
Marlborough Lines makes bid for control of Horizon at 34% premium
Two listed lines companies make the grade
Special Report: Electricity - Worth A Flutter?

Get quotes for Horizon Energy Distribution Limited Ordi (HED)

NZX Annoucements for HED