The Eastern Bay Energy Trust will not support any attempts by Marlborough Lines to gain a seat on the board of Horizon Energy.The trust owns 77.3% of Horizon Energy and today reiterated its opposition to a move by Marlborough Lines to build a 13.58% stake
The Eastern Bay Energy Trust will not support any attempts by Marlborough Lines to gain a seat on the board of Horizon Energy.
The trust owns 77.3% of Horizon Energy and today reiterated its opposition to a move by Marlborough Lines to build a 13.58% stake in the company.
Marlborough Lines purchased 10.1% of Horizon Energy via a stand in the market at $4.06 a share then instructed First NZ Capital Securities to acquire up to another 5%. The purchases were made via a special order facility, which has now closed.
Today trust deputy chairman Kevin Hennessy expressed astonishment at a suggestion that Marlborough Lines had been invited to bid for Horizon Energy.
Marlborough Lines was told clearly that the trust wanted to maintain control of Horizon Energy as a long term strategic asset for the district.
With a near 5% stake in Horizon, there was a suggestion that Marlborough Lines could have a director on Horizon Energy's board or some other input into the company.
"The trustees of the Eastern Bay Energy Trust are very happy with the performance of the current board and have no plans to support any change," Mr Hennessy said.
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