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Independent Adviser(s): Simmons Corporate Finance (Rule 18)
Company Meeting Date: 25/07/2014
Summary of transaction:
Trustpower Limited ("Trustpower") was a listed Code company. Trustpower proposed to extend its buyback programme for a further 3 years.
TECT Holdings Limited ("TECT") previously advised that, as a committed shareholder, it would be unlikely to be a seller into a share buyback. A consequence of TECT's non-participation in any buyback was that TECT's voting control would increase by a small margin. Trustpower sought approval from its shareholders to allow TECT to retain its increased voting rights under clause 4 of the Takeovers Code (Class Exemptions) Notice (No 2) 2001.