PLE
30/10/2015 13:23
TAKEOVER
PRICE SENSITIVE
REL: 1323 HRS Pulse Energy Limited
TAKEOVER: PLE: NZAX PLE - Takeover Notice Received
Pulse Energy Limited (NZAX:PLE) has today received a takeover notice under
the Takeovers Code from Buller Electricity Limited, giving notice of Buller
Electricity's intention to make a full takeover offer for all of the ordinary
shares, mandatory convertible notes and options of Pulse.
The proposed offer price is $0.11 per share, $1.10 per mandatory convertible
note and $0.05 per option. Buller Electricity is currently the holder of
56.43% of Pulse's issued shares.
The proposed 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.
A copy of Buller Electricity's takeover notice and accompanying documents are
attached to this announcement.
As previously advised, Pulse's Board has formed an independent committee of
directors chaired by Trevor Janes to consider the proposed offer and to
oversee Pulse's response obligations under the Takeovers Code. The committee
has appointed Campbell MacPherson Limited to prepare an independent adviser
report as required under the Takeovers Code. Duncan Cotterill and Harmos
Horton Lusk Limited have been appointed to provide legal advice to,
respectively, Pulse and the independent committee.
The takeover notice is not a takeover offer. If Buller Electricity wishes to
proceed to make a takeover offer, it must do so within the period that begins
14 days and ends 30 days after today. Shareholders should be aware that
Buller Electricity is not legally obliged to make an offer during that period
and, if it does not do so, Buller Electricity's takeover notice will lapse.
The independent committee recommends that Pulse security holders do not take
any action in respect of their securities until they receive the committee's
recommendation and the independent adviser's report. Security holders who are
considering selling their securities before then are recommended to seek
their own professional advice.
Trevor Janes
Deputy Chairman and Chairman of the Independent Committee
Pulse Energy Limited
0274 935 033
End CA:00272610 For:PLE Type:TAKEOVER Time:2015-10-30 13:23:28
