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10 May 2002
On 8 May 2002 the Takeovers Panel received a request from Electricity Invercargill Limited and The Power Company Limited to convene a meeting under section 32(1) of the Takeovers Act 1993 in relation to certain actions and potential actions by the directors of Otago Power Limited.
The Panel has considered this request and decided to convene the meeting.
Under section 32(1) of the Takeovers Act, the Panel considers that Otago Power Limited may not have acted or may not be acting or may intend not to act in compliance with the Takeovers Code.
The Panel will hold a private meeting to determine whether to exercise its powers under section 32 of the Takeovers Act 1993 at 10.00 a.m. on Friday 17 May 2002.
The formal Notice of Meeting will be available on the Panel's website.