Forum Archive Index - June 2001

["Deidre Gunn" <deidre.gunn@clear.net.nz>]

Yeh, but I think there is more to come on the TrustPower battle yet.

I received the "Second Report" in the mail today. This is the independent
report evaluating in whether the price in AGL's Restricted notice is far.
I'm sure some of you have already studied your copy. 

I still think they need a chunk of the public's shares. On page 2 of the
report it has a small table showing the voting interest. For those of you
don't have a copy of the report,  it shows as:

Security Holder         Voting Interest
----------------------          ---------------------
Infratil                        26.4%
TECT                    22.7%
AGL                     20.5%
Alliant                 17.7%
Public                          12.7%


So the way I see it is, they still need some of the public's shareholding.
As Infratil, Alliant, TECT and AGL are all suppose to be buying TrustPower.
Infratil & Alliant don't have enough between them.

The second report is specifically looking at AGL's restricted notice. On
page 6, it goes on to indicate that AGL would need 90% to make the most of
the value created by rationalising cost through AGL's 66% shareholding in
National Gas Corporation.  (Obviously, this is a possibility stated by
PriceWaterhouse to determine the share value to AGL and not necessarily what
AGL will do).

Further on page 6, it goes on to say that for AGL to acquire 90% it would
need the shareholdings of Alliant, Infratil, TECT, and 2.7% of the
securities held by the public.

So I think there is still more to come yet. Especially if AGL does decide to
buy up large and Alliant & Infratil together hold 44.1% and will need more
from somewhere.

No ones been buying (much) yet and I'm watching with eagerly. 

Deidre
Disc: Hold a few.

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