Takeovers Panel’s Reasons For Powerco Decision
The Takeovers Panel has today released its statement of reasons for the determination made on Wednesday 13 October that
Prime Infrastructure Networks (New Zealand) Limited, New Plymouth District Council, Taranaki Electricity Trust
Incorporated, Wanganui Trust Incorporated and PricewaterhouseCoopers had acted in compliance with the Code in relation
to Prime Infrastructure’s takeover offer for Powerco Limited.
The issue considered by the Panel concerned a resale facility entered into on Monday 4 October 2004 between Tricom
Equities Limited and PricewaterhouseCoopers on behalf of New Plymouth District Council and Taranaki Electricity Trust
Incorporated.
The Panel needed to establish whether the resale facility constituted a benefit provided by Prime Infrastructure to the
Council and the Trust and not to other shareholders.
The Panel found that no such benefit was provided and that the Council and the Trust entered into the facility at their
own cost.
The full text of the Panel's statement of reasons is on the Panel's website at http://www.takeovers.govt.nz