Otago Power Limited
Registered Office Address
92 Charlotte Street
Balclutha
Directors
BURNSIDE, Robert Adam
GARVAN, Duncan
McKEOWN, Alan Ross
LAWSON, Kenneth John
WILSON, Leslie Hugh
SMITH, Thomas Anthony
History
Incorporated: 29-MAR-1993
Major Shareholders
PPCS - 6.9%
GRD Macraes - 6.8%
Clutha District Council - 3.6%
Shares on Issue
28,814,125
Minimum Holding
Unknown
Share Registry
Polson Higgs & Co
139 Moray Place
Dunedin
Website
www.otagopower.co.nz
News
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Friday 17th May 2002 - NBR Personal Investor
The Takeovers Panel meets today to decide what action to take over possible breaches of the
Takeovers Code by both rival bidders for Otago Power.
The Dunedin-based power company is the subject of takeover offers from Bluesparks, a joint
venture between Electricity Invercargill and The Power Company, and Dunedin Electricity's
One Otago.
"The panel considers that both Bluesparks and One Otago and their parent companies may not
have acted, or may not be acting, or may intend not to act in compliance with the Takeovers
Code," a panel release said.
It ordered Otago Power not to exercise voting rights in its shares "obtained as a result of
acceptances that Bluesparks may have or may receive from shareholders" ahead of today's
meeting.
The panel had reviewed power of attorney provisions in acceptance forms attached to
Bluesparks and One Otago's offers Otago Power shareholders.
It said they could have the effect of transferring voting rights in Otago Power.
The One Otago offer is $3.10 a share and Bluesparks has said its offer will at least match
that price.
Bluesparks' backers already own 20% of Otago Power, the maximum allowed under the code
without a full bid, and One Otago's offer is for 20%, and also a full bid.
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Friday 10th May 2002 - National Business Review
Dunedin Electricity is offering $3.10 a share for Otago Power stock as part of a counterbid
to a rival offer by a Southland consortium.
The offer is intended to take Dunedin to 20%, the maximum allowed under the Takeovers Code
without an offer to buy all the shares.
Dunedin also announced a full takeover bid.
The Southland bid is headed by Martin Walton, whose company PowerNet has been running the
Otago network for 18 months.
The consortium already owns a 20% stake.
The Dunedin offer promises shareholders continued local ownership, a three-year price freeze,
no job losses and better service. It said its full bid would more than match the consortium's
offer.
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28 February 2002 - NZUM
Otago Power shareholders have voted down the joint Power Company/Electricity Invercargill
offer for the company leaving the way open for Dunedin Electricity's outright cash purchase,
valued at around $80 million.
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07 December 2001 - NZUM
The Commerce Commission has given clearance for Dunedin Electricity's bid for Otago Power.
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23 November 2001 - NZUM
Dunedin Electricity has applied for Commerce Commission approval to buy Otago Power.
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11 September 2001 - NZUM
Southland based electricity supplier The Power Company has made an offer to buy Otago Power,
just days after Dunedin based Dunedin Electricity offered $60 million.
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07 September 2001 - NZUM
Dunedin Electricity has offer to buy Otago Power for $60 million (or around $2.10 per share).
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