Ann: GENERAL: PLE: Further Buller Electricity Update

• Release Date: 05/10/15 09:38
• Summary: GENERAL: PLE: Further Buller Electricity Update
• Price Sensitive: No
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					PLE
05/10/2015 09:38
GENERAL
PRICE SENSITIVE
REL: 0938 HRS Pulse Energy Limited

GENERAL: PLE: Further Buller Electricity Update

5 October 2015

PULSE ENERGY LIMITED NZAX MARKET RELEASE

Further to the market announcement of 18 September 2015, Pulse Energy Limited
(NZAX:PLE) has been further advised by its 56% shareholder Buller Electricity
Limited that:

"Buller Electricity Limited and Pioneer Generation Limited have now entered
into a binding agreement under which a subsidiary of Pioneer will advance
money to Buller Electricity to enable it to make a takeover offer for all
equity securities (ordinary shares, mandatory convertible notes and share
options) of Pulse Energy which Buller Electricity does not already own.

Buller Electricity intends to make the takeover offer once it has obtained
what it considers to be a satisfactory level of lock-up agreements from
holders of Pulse equity securities. Buller currently intends that under the
takeover offer the price offered will be $0.11 for the ordinary shares, $1.10
for the mandatory convertible notes and $0.05 for the options (all in cash)."

This is not a notice under the Takeover Code, and 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 and no offer made. Pulse recommends
that shareholders considering dealing in Pulse's securities seek their own
independent professional advice.

Pending the receipt of a takeover offer, persons who sign up a lock-up
agreement with Buller will not have the protections inherent in a Takeovers
Code compliant offer (such as the receipt of an independent adviser's report
and independent Board Committee recommendation before making a decision to
accept the offer). Pulse expects that any equity security holders who enter
into lock-up agreements with Buller will be contractually bound to accept
Buller's offer (if Buller makes an offer). Accordingly, Pulse recommends that
equity security holders seek their own independent professional advice before
signing any lock-up agreements with Buller, including as to price, terms and
disclosure obligations.

Takeovers Panel approval has been received for the appointment of Campbell
MacPherson as independent expert to assess the merits of any takeover offer.
The independent Board Committee proposes to request that Campbell MacPherson
commence its assessment at this time.

Trevor Janes
Deputy Chairman and Chairman of the Independent Committee
Pulse Energy Limited
End CA:00271265 For:PLE    Type:GENERAL    Time:2015-10-05 09:38:06