Marlborough Lines is making progress with its stand in the market to buy 10.1% of Horizon Energy Distribution as a notice to NZX today discloses it has an 8.15% stake.The stand is at $4.15 a share, but from today the price falls to $4.06 as the record dat
Marlborough Lines is making progress with its stand in the market to buy 10.1% of Horizon Energy Distribution as a notice to NZX today discloses it has an 8.15% stake.
The stand is at $4.15 a share, but from today the price falls to $4.06 as the record date for a nine cent a share dividend passes.
The company's share price rose 23.4% on Monday when the stand in the market by First NZ Capital was revealed.
Whakatane-based Horizon Energy is 77.3% owned by the Eastern Bay Energy Trust, which itself wants to move to 100% ownership to ensure local control.
A partial bid by Marlborough Lines failed last year.
Marlborough Lines has described the stake in Horizon Energy as a starting point for possible further investment.
Marlborough Lines owns a half share in Nelson Electricity and 51% of OtagoNet.
The Blenheim-based business is a specialist network company, which had to sell generation assets when the government stopped network businesses from owning electricity generation assets. Its stand in the market will cost about $10 million.
Horizon Energy said the stand was a spoiling bid to stop 100% local ownership of the electricity network in the eastern Bay of Plenty area.
The trust's own bid has been suspended while a High Court ruling on matters relating to it is sought. The trust has said it still intends to make an offer for remaining shares pending a successful outcome of the High Court process.
