Offeror(s): Buller Electricity Limited

Independent Adviser(s): Northington Partners (Rule 22), Campbell MacPherson (Rule 21)

Offer Date: 13/11/2015

Closing Date: 20/01/2016

Offer Type: Full

Transaction summary:

On 13 November 2015, Buller Electricity Limited (“Buller”) made a full takeover offer for Pulse Energy Limited (“Pulse”). The offer price was:

  • $0.11 per share;
  • $1.10 per mandatory convertible note (“MCN”); and
  • $0.05 per option.

Campbell MacPherson (“CMP”) prepared a rule 21 independent adviser’s report on the merits of the offer. CMP valued the offer price at $0.092 - $0.113 per share, $1.11 - $1.15 per MCN and $0.028 max per option.

The offer was conditional on Buller receiving acceptances of 90% or more of the voting rights in Pulse, and 60% or more of the MCNs.

On 2 December, Buller issued a variation notice to extend the offer closing date from 16 December to 20 January 2016.

On 8 January 2016, Buller gave notice that it had become the dominant owner of Pulse for the purposes of the Code. Buller sent its compulsory acquisition notice to the outstanding shareholders on 12 January and the offer closed on 20 January.