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Rob Tait

Horizon Energy trims profit forecast by $2.9m on Mainzeal receivership

The Whakatane-based company expects net profit of $500,000 in the year ending March 31, down from an earlier forecast of $3.4m. 

Horizon Energy cuts guidance, Mainzeal losses still to come

The Whakatane-based company expects to post net profit of $3.4m in the year ending March 31, down from a previous forecast of $4.3m. 

Fletcher keeps Mainzeal option open

Energy Trust rejects Marlborough bid for Horizon Energy

Eastern Bay Energy Trust has quashed Marlborough Lines' partial takeover bid of electricty distributor Horizon Energy.

In a statement issued today, trust chairman David Bulley said it had decided to reject the offer after an in-depth review of its investment in Whakatane-based, NZX-listed Horizon (HED) and alternative options.

As the majority shareholder with 77.29%, the trust would need to sell part of its stake to Marlborough Lines offer for 51% of company shares.

Horizon Energy lifts profit forecast after cold winter

Electricity distributor Horizon Energy Distribution Limited says profits will be up to around $6 million in 2010 thanks in part to a cold winter this year.

Whakatane-based Horizon, (HED) 77% owned by the Eastern Bay of Plenty Energy Trust, posted an upgraded after tax profit forecast on the NZX of $6 million to the year ended March 2010.