Takeovers Panel convenes another meeting on Otago Power Limited

28 May 2002

On 27 May 2002 Bluesparks & Others asked the Takeovers Panel to convene a meeting in relation to certain actions and potential actions by Otago Power Limited (OPL).

Bluesparks & Others also asked the Panel to make restraining orders relating to a resolution, in a notice of meeting sent to OPL shareholders, to be considered at a shareholders' meeting on 6 June 2002. The resolution purports to approve prospective defensive tactics by OPL directors in a way that may not comply with the Takeovers Code.

The Panel considers that Otago Power Limited may not have acted or may not be acting or may intend not to act in compliance with the Code and has decided to convene a meeting. No interim restraining orders have been made on this matter.

The meeting will be at 10.00am on Wednesday 29 May 2002. This is at the same time as the meeting in the Panel's notice of 23 May 2002. The meeting will be a private meeting.