NZX Press Release
PLE - Update from Buller Electricity
9:26am 18 Sep 2015 | Takeover
Pulse Energy Limited (NZAX: PLE) has been advised by its 56% shareholder Buller Electricity Limited that: “Buller Electricity Limited and Pioneer Generation Limited have entered into a non-binding agreement (which will not become legally binding until Pioneer has completed due diligence and the form of all legal documentation has been agreed) under which a subsidiary of Pioneer will advance money to Buller Electricity to enable it to make a takeover offer for all equities securities of Pulse Energy Limited which Buller Electricity does not already own. The pricing of the takeover offer is yet to be determined. It is intended that if Buller Electricity succeeds in acquiring 100% of Pulse, the business of Pulse will be sold to a Limited Partnership to be owned by Pulse (as to 49%) and Pioneer (as to 51%) and the Pulse business will from then on be carried on by the Limited Partnership. Further announcements will be made in due course.”
At this time it is unclear precisely when a takeover notice will be given to Pulse. It is also possible that no takeover notice will be given or no offer made.
Pulse recommends shareholders considering dealing in Pulse’s securities seek their own independent professional advice.
For further information please contact:
Shane Sampson Chief Financial Officer and Company Secretary
P: +64 9 304 1173