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15 May 2002
On 13 May 2002 the Takeovers Panel received a request from Electricity Invercargill Limited and The Power Company Limited to consider making further interim restraining orders under section 33 of the Takeovers Act 1993 relating to actions and potential actions by the directors of Otago Power Limited in respect of calling a shareholders' meeting to consider changes to Otago Power Limited's constitution.
In relation to these matters 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 decided not to make the interim restraining orders requested. However it has decided to convene a meeting to decide whether to exercise its powers under section 32 of the Act.
The meeting will be held at the same time as the meeting referred to in the Panel's notices of 10 May 2002, that is at 10.00am on Friday 17 May 2002. The meeting will be a private meeting.
The formal Notice of Meeting will be published on the Takeovers Panel's website www.takeovers.govt.nz