INDEPENDENT NEWS

Council stands firm on Powerco sale

Published: Mon 4 Oct 2004 11:48 AM
Council stands firm on Powerco sale
New Plymouth District Council remains confident of, and firmly committed to, achieving the sale of its Powerco shares in accordance with the terms of the lock-in agreement signed with Prime Infrastructure.
Chief executive Rodger Kerr-Newell said: “We have been monitoring recent developments very closely and our legal advice is quite clear - that the form of takeover offer being proposed by Prime is not in accordance with the terms of the lock-in agreement we signed.
“The community can rest assured that we will be seeking to protect our position and secure the transaction as it was originally agreed with Prime.”

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