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15 May 2018 11:08am
Infratil notes the sale of a 19.99% stake in Tilt Renewables Limited ('Tilt') by the Tauranga Electricity Consumer Trust ('TECT') to Mercury NZ Limited ('Mercury'), and the related six-month option for Mercury to acquire the remaining approximately 6.81% of Tilt shares held by TECT.
Infratil is the controlling shareholder in Tilt, with a 51% shareholding.
In response to a number of inbound enquiries regarding that transaction, Infratil can confirm the following:
• Infratil tabled a proposal to acquire the 26.7% stake held by TECT in Tilt as part of an expedited process run by TECT and its advisors.
• As part of that process, Infratil clarified that it was unlikely to provide approval (as the majority shareholder in Tilt) for any other acquirer to move beyond a 19.99% ownership interest or offer any additional governance rights.
• While we welcome interest in any of our portfolio businesses, Infratil and Mercury currently have no agreement, arrangement or understanding in relation to Tilt.
Any enquiries should be directed to:
Mark Flesher, Investor Relations, Infratil Limited mark.flesher@infratil.com
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Infratil Limited published this content on 15 May 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 14 May 2018 23:37:13 UTC