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9 March 2010
The Takeovers Panel received and considered a formal request from Marlborough Lines Limited (Marlborough) to convene a meeting under section 32 of the Takeovers Act to inquire into a large number of allegations made by Marlborough against various parties involved in the unsuccessful partial takeover offer made by Marlborough for Horizon Energy Distribution Limited (Horizon) in September 2009.
The Panel considers that there may have been contraventions of the Code in respect of two of the allegations made by Marlborough relating to rule 64 of the Takeovers Code (rule 64 prohibits misleading or deceptive conduct in relation to transactions regulated by the Code):
The Panel will hold a meeting for the purposes of determining whether to exercise its powers under section 32 of the Takeovers Act 1993 in respect of those two allegations. The meeting will be held at the offices of the Panel, Solnet House, Wellington, on Friday 12 March 2010 and will be resumed on Tuesday 16 March 2010 at The Conference Centre, St Johns House, 114 The Terrace, Wellington. The meeting will be a private meeting.
Further details are available on the Panel's website at www.takeovers.govt.nz