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.
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.
Marlborough Lines owns a half share in Nelson Electricity and 51 percent of OtagoNet.
Horizon Energy made an audited net profit after tax of $5.9m for the year ended March 31, and supplies around 24,000 customers.
