Horizon Energy has expressed its frustration at an expensive takeover dispute with Marlborough Lines.

Marlborough will take the Takeovers Panel and Horizon Energy to the High Court today to try and overturn costs awarded against it after a failed 51% takeover bid in September 2009.

The bid was blocked by 77.3% shareholder Eastern Bay Energy Trust, which has indicated it would like to move to 100% ownership to ensure local control.

The Horizon Energy board has registered surprise at Marlborough Lines chairman David Dew's comments in NBR earlier this week relating to a Takeovers Panel decision to award costs against Marlborough which he dubbed "absolutely bizarre."

Horizon Energy chief executive Mr Ajay Anand said in a press release today that Horizon Energy had "moved on” from Takeovers Panel rulings in May this year.

Marlborough Lines is taking the Takeovers Panel and Horizon Energy to the High Court to try and overturn costs awarded against it after last September’s failed takeover bid.

Marlborough Lines chair David Dew told NBR that he found the Takeovers Panel decision to award costs against Marlborough “absolutely bizarre.”

Marlborough Lines has succeeded in a bid to lift ownership of Horizon Energy Distribution to 10.1%.

After a week standing in the market, First NZ Capital Securities today confirmed the purchase of 2,524,130 shares on behalf of Marlborough at a price of $4.15 – a total of over $10m.

Marlborough’s offer to Horizon, first announced on 11 June, is now closed.

Whakatane-based Horizon Energy is 77.3 percent owned by the Eastern Bay Energy Trust, which had aspired to move to 100 percent ownership to ensure local control.