10:12, 16 Nov 2015 | Takeover
Pulse Energy Limited (NZAX:PLE) announces that Buller Electricity Limited has today made its full takeover offer under the Takeovers Code for all of the ordinary shares, mandatory convertible notes and options issued by Pulse. A copy of Buller Electricity’s offer document, which has been mailed to Pulse security holders today, is attached to this announcement.
The offer price is 11 cents per share, $1.10 per mandatory convertible note and 5 cents per option.
The offer is subject to various conditions, including that Buller Electricity receives acceptances for shares that would result in it holding 90% or more of Pulse’s voting rights and receives acceptances for 60% or more of the mandatory convertible notes. Buller Electricity is currently the holder of 55.9% of Pulse’s issued shares, but currently holds no mandatory convertible notes or options.
Preparation of Pulse’s target company statement and independent adviser’s report is underway. Those documents, which will include a recommendation from the independent committee, will be sent to Pulse security holders within 14 days.
The independent committee recommends that Pulse share, option and mandatory convertible note holders do not take any action in respect of their securities until they receive the target company statement, independent adviser’s report and independent committee recommendation. Pulse security holders who are considering selling their securities before then are recommended to seek their own professional advice.
Deputy Chairman of the Board and Chairman of the Independent Committee
Pulse Energy Limited
0274 935 033
Attachments are available on nzx.com for six months from the date of release.