King Country Energy Limited


Transaction Type: Takeover (Full)

Offeror: King Country Energy Holdings Limited

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

Offer commencement date: 2/12/2015

Offer closing date: 12/02/2016


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 to shareholders on 2 December 2015. The offer price was $4.78 or $5.00 per share 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.  


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