NZX:PLE Market Announcement
Buller Electricity Update
16:25, 23 Oct 2015 | General
Pulse Energy Limited (NZAX: PLE) announces that it has been advised today by Buller Electricity Limited (BEL) that BEL has determined to discontinue the process of seeking lock-up agreements from Pulse security holders in respect of BEL’s forthcoming takeover offer.
BEL has also advised that it will not enforce any lock-up agreements which it has previously received from any Pulse security holder. BEL has advised Pulse that on further consideration BEL believes that all security holders should have the opportunity to review the independent adviser’s report prior to making any decision whether to accept BEL’s takeover offer. BEL has advised that the pricing of the offer will be as previously advised by it to Pulse (as announced to the market on 5 October 2015) and that BEL anticipates sending the takeover notice next week.
Pulse notes that BEL would have up to 30 days after the takeover notice to make its offer and, further, that it is not legally obliged to proceed with an offer – even if it gives a takeover notice. Accordingly, Pulse recommends that shareholders considering dealing in Pulse’s securities prior to any offer being made should seek their own independent professional advice.
Deputy Chairman and Chairman of the Independent Committee
Pulse Energy Limited