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24 April 2003
On 16 April 2003 the Takeovers Panel determined that the procedures being followed by TrustPower Limited for its buyback offer, which purportedly complied with the Takeovers Code (Class Exemptions) Notice (No 2) 2001, would result in a breach of rule 6 of the Takeovers Code by shareholders who intend to increase their voting control percentage through the buyback.
However the Panel has granted a specific exemption to the four major shareholders of TrustPower.
The principal effect of this exemption is that TrustPower must provide the other shareholders who have previously accepted its buyback offer (without the benefit of an independent adviser's report on the merits of the buyback) the opportunity to rescind their acceptances. This opportunity must be provided up to 7 days after the day the company holds a meeting at which the buyback is to be approved by shareholders.
TrustPower is also required to assist shareholders who may have previously rejected the buyback offer to sell their shares on the market.