Offeror(s): Vector Limited

Independent Adviser(s): Grant Samuel & Associates (Rule 21)

Offer Date: 10/09/2002

Closing Date: 23/10/2002

Offer Type: Full

In August 2002, Utilicorp NZ Limited, the controlling shareholder of United Networks Limited (“UNL”), undertook a process to divest its interests in UNL. On 10 September 2002, the successful bidder Vector Limited (“Vector”) made a full takeover offer for all the shares in UNL at $9.90 per share. The offer was conditional on UNL shareholders’ approval of the sale of UNL’s assets.

 

On 4 October 2002, Vector’s offer became unconditional.

 

On 16 October 2002, UNL shareholders voted to approve the sale of the company’s assets.

 

On 21 October 2002, Vector gave notice of its dominant ownership in UNL after receiving acceptances in excess of 90% of the voting rights in UNL. Vector subsequently issued compulsory acquisition notices for the outstanding shares of UNL.

 

On 15 November 2002, UNL was delisted from the New Zealand Stock Exchange.

 

Grant Samuel & Associates prepared a rule 21 independent advisers report on the merits of the offer.