Offeror(s): Eastern Bay Energy Trust

Independent Adviser(s): Simmons Corporate Finance (Rule 21)

Offer Date: 29/06/2015

Closing Date: 28/07/2015

Offer Type: Full

Compulsory Acquisition

Summary of transaction:

On 29 June 2015, the trustees of the Eastern Bay Energy Trust (“EBET”), who held 77.29% of the ordinary shares in Horizon Energy Distribution Limited (“Horizon”), made a full takeover offer for all the ordinary shares in Horizon that it did not already hold.

Prior to making the offer, EBET entered into a pre-bid agreement with Marlborough Lines Limited (“MLL”) under which MLL agreed to accept EBET’s offer in respect of its 13.89% shareholding in Horizon.

The consideration offered under the offer was $4.41 in cash per Horizon share.

Simmons Corporate Finance prepared a rule 21 independent adviser’s report on the merits of the offer. Simmons’ assessed valuation range per Horizon share was between $4.08 and $4.84.

On 29 June 2015, MLL accepted the offer and EBET became the dominant owner of Horizon for the purposes of the Code. EBET compulsorily acquired all the remaining shares in Horizon.

Horizon was delisted on 28 July 2015.