Ann: TAKEOVER: PLE: NZAX-PLE-Change of Director Intentions and...

• Release Date: 31/12/15 08:45
• Summary: TAKEOVER: PLE: NZAX-PLE-Change of Director Intentions and Recommendation
• Price Sensitive: No
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					PLE
31/12/2015 08:45
TAKEOVER
PRICE SENSITIVE
REL: 0845 HRS Pulse Energy Limited

TAKEOVER: PLE: NZAX-PLE-Change of Director Intentions and Recommendation

BULLER TAKEOVER OFFER - CHANGE OF DIRECTOR INTENTIONS - CHANGE OF
RECOMMENDATION - RESIGNATION OF DIRECTORS

Buller Electricity Limited has made a full takeover offer for all of the
equity securities in Pulse Energy Limited that Buller does not hold or
control.

On 27 November 2015, three members of Pulse's Independent Committee of
Directors, Trevor Janes, James Hoseason and Peter Young, advised that they
were not providing a recommendation as to whether or not the holders of Pulse
Mandatory Convertible Notes should accept Buller's offer. Trevor Janes, James
Hoseason and Peter Young also advised that their associated interests did not
currently intend to accept Buller's offer.

Pulse advises that:
o  James Hoseason's and Trevor Janes' associated interests have changed their
intention, and have accepted Buller's offer for all of their Pulse equity
securities;
o  the acceptance of the Buller offer by Mr Hoseason's and Mr Janes'
associated interests means that acceptances to the offer, when aggregated
with Buller's pre-offer shareholding, now exceed 90% of Pulse's ordinary
shares;
o  Peter Young's associated interests also intend to accept the offer for all
of their Pulse equity securities;
o  Mr Hoseason has announced his resignation as director effective 1 January
2015.  Mr Janes has announced his intention to resign by no later than 31
January 2015.

Following the Takeover Panel's decision to grant an exemption for Buller from
the Takeovers Code in respect of any increase of voting control by Buller in
Pulse as a result of conversion of convertible securities acquired by Buller
under the offer, Trevor Janes, James Hoseason and Peter Young, being the
members of the Independent Committee who did not provide a recommendation to
MCN holders, now recommend that MCN holders should ACCEPT THE OFFER for all
of their MCNS as it now appears inevitable that Buller will enforce
compulsory acquisition. Accepting the offer AS SOON AS POSSIBLE will
facilitate a more timely payment under the terms of the offer (payment under
the compulsory acquisition process could take some time, depending on when
Buller initiates compulsory acquisition).

ENDS

Trevor Janes
Deputy Chairman of the Board and Chairman of the Independent Committee
Pulse Energy Limited

Peter Young
Director and Member of the Independent Committee
Pulse Energy Limited

James Hoseason
Director and Member of the Independent Committee
Pulse Energy Limited

Joseph Van Wijk
Director and Member of the Independent Committee
Pulse Energy Limited
End CA:00275900 For:PLE    Type:TAKEOVER   Time:2015-12-31 08:45:05