INDEPENDENT NEWS

Prime Infrastructure Powerco Offer 90% Acceptance

Published: Wed 3 Nov 2004 09:32 AM
Prime Infrastructure Offer For Powerco Reaches Over 90% Acceptance
Prime Infrastructure announced this evening that 94.6% of Powerco shareholders have accepted its takeover offer, and Prime will now move to compulsorily acquire the remaining shares to take it to 100% ownership.
Prime Infrastructure now has seven (7) days to settle with those who have accepted the offer, and over the next two days the outcome of the scaling will be audited and then confirmed.
Prime Infrastructure Management Limited’s Chief Executive, Chris Chapman said, “Achieving 90% is a very solid outcome, not only for Prime Infrastructure, but for all Powerco stakeholders, including its customers. We are excited by the prospect of working with Powerco and introducing it into the Prime Infrastructure story.
Powerco is a highly respected company with an outstanding management team and staff. We bring financial strength to the table to support its measured growth aspirations and further empower its team and utilise our capital management skills to add value to Powerco’s business.
Prime Infrastructure’s investment in Powerco is our first in New Zealand and we remain committed to making a significant and long-term commitment, both in Powerco and in New Zealand generally.
We understand well that maintaining asset quality and performance is vital to the long-term success of our investment. With our access to capital, we see opportunities to grow the Powerco business where previously we believe Powerco may have been constrained. We believe this will be very positive for the customers serviced by Powerco today and in the future. …/2
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We also anticipate that Powerco will continue to play a leading role in the ongoing rationalisation of electricity lines companies in New Zealand.”
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A copy of the Prime Infrastructure statement to the NZX and ASX is attached.

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