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.