TrustPower share manoeuvres start

Utilities investor Infratil and Alliant International New Zealand have issued a restricted transfer notice allowing them to rearrange their holdings in power company TrustPower.

"This notice does not contemplate the purchase of TrustPower shares or convertible notes from any third party," Infratil said.

On May 9, Infratil advised that it was considering a range of options in for its TrustPower shareholding.

It says this continues to be the case.

TrustPower is expected to be fought over by all four major shareholders before the takeovers code comes into effect on July 1.

Australian Gas Light owns 20.5 per cent, Alliant NZ, a unit of the US giant, owns 17.6 per cent, Infratil 26.4 per cent and the Tauranga Energy Consumer Trust 22.7 per cent. All four have given notice that they may increase their holdings.

An independent appraisal last month set fair value for the company's shares at $3.43 to $3.85.

The appraisal concluded that an offer by Australian Gas Light of $3.43 or more a share would be fair.

AGL said in May it might bid for 100 per cent of TrustPower in a range of $3.30 to $3.60 per share.

TrustPower shares closed unchanged yesterday at $3.52.

- NZPA