13 October 2004
ASX Announcement
NZ Takeovers Panel Satisfied Prime Infrastructure Offer Complies with NZ Takeovers Code Rule 20
Earlier today the New Zealand Takeovers Panel confirmed that the takeover offer for Powerco Limited (the “Takeover
Offer”) by Prime Infrastructure Networks (New Zealand) Limited (“PINNZ”) is not in breach of Rule 20 of the New Zealand
Takeovers Code. A copy of the Takeovers Panel announcement is attached.
Chris Chapman, Managing Director of Prime Infrastructure Management Limited, said that “the Takeovers Panel announcement
is a positive outcome and means that the Takeover Offer remains on track.” The Takeover Offer is currently open and will
close on 2 November 2004.
“This announcement follows receipt last Friday by PINNZ of the notices of acceptance of the offer by the majority
shareholders and the Auditor General’s confirmation that appropriate processes were followed by the New Plymouth
District Council in deciding to sell its investment in Powerco,” he said.
Powerco shareholders and Capital Bond holders should by now have received Takeover Offer documentation from PINNZ. If
shareholders or Capital Bond holders have not received the Takeover Offer documentation, they can telephone PINNZ on
0800 772 727.
ENDS