Offeror(s): King Country Energy Holdings Limited

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

Offer Date: 02/12/2015

Closing Date: 12/02/2016

Offer Type: Full

Transaction summary:

Nova Energy Limited (“Nova”) undertook a competitive sale process to find a buyer for its 54.07% shareholding in King Country Energy Limited (“KCE”). Nova and the successful bidder would enter into a lock-up agreement, under which the bidder would make a full takeover offer for all of the shares in KCE.

Following the sale process, Nova entered into an agreement with King Country Energy Holdings Limited (“KCEH”) to accept KCEH’s forthcoming takeover offer. KCEH was a wholly owned subsidiary of Trustpower.

KCEH despatched its offer on 2 December 2015. The offer price was $4.78 or $5.00 if acceptances were received in respect of 70.2% or more of KCE’s shares (excluding any acceptances by King Country Electric Power Trust, which held 19.98% of the shares in KCE).

The offer was declared unconditional on 3 December 2015 following Nova's acceptance of the offer.

The offer closed on 12 February 2016, with KCEHL receiving acceptances for 64.43% of the shares in KCE.  

We have not received consent to publish other documents in relation to this transaction on our website. However, copies of these documents are available upon request to the Panel under the Official Information Act 1982. Please send your written Official Information requests to takeovers.panel@takeovers.govt.nz