Kevin Hennessy, former Chairman and current Deputy Chairman of the Eastern Bay Energy Trust has denied any attempt made by the trust for the encouragement for Marlborough to make a takeover offer.
He expressed shock at the reports that suggested that Eastern Bay Energy Trust was ready to accept the takeover offer for 51% of Horizon Energy, which had been made in September 2009.
Another move has been taken by Marlborough Lines Ltd., as it purchases an additional 5% of the Whakatane-based electricity distribution Company. With this, the former continues to trail its antagonistic target Horizon Energy Distribution Ltd.
Marlborough Lines has reported to have grabbed a win in its bid to take over a 10.1% share in Horizon Energy Distribution, to the annoyance of 77.3% owner Eastern Bay Energy Trust.
After a long week, First NZ Capital Securities today officially announced the acquisition of 2,524,130 shares on behalf of Marlborough at a price of $4.15 - a total of over $10m.
After rival Marlborough Lines made an offer for a 10% stake, New Zealand's electricity supplier, Horizon Energy Distribution has posted record revenue in Wellington trading.
According to the statement sent to stock exchange, to buy Horizon shares at NZ$4.15 apiece Marlborough has instructed First NZ Capital to expend NZ$10.4 million. Shares in Whakatane based Horizon increased 23%, which is the biggest gain from the time they initiated publicly trading in March 1995.
Eastern Bay Energy Trust's poll results regarding Horizon Energy takeover have been delayed temporarily by Maori trust. Trustees of Te Mana O Ngati Rangitihi Trust, based in Matata, sought an interim injunction seeking to prevent the counting of votes in the poll, as it claims that the information sent out with the poll documents was inadequate.
As was announced by the trust this morning, Eastern Bay of Plenty Trust is all set to make a complete acquisition bid for the local monopoly lines firm, Horizon Energy Distribution Ltd., which is an NZX-listed company.