Audit and Risk Committee Charter
10 March 2009 - Acquisition of NPBB's 50% Interest in Te Rere Hau Wind Farm Now Unconditional
10 March 2009
Acquisition of NPBB's 50% interest in Te Rere Hau wind farm is now unconditional
On 8 December 2008. NZ Windfarms Limited announced that it's wholly owned subsidiary, NZWL-TRH Limited had reached agreement with NPBB Pty Limited to purchase NPBB's 50% interest in the Te Rere Hau Wind Farm Joint Venture for $20.1 million in cash.
The agreement was conditional upon NZ Windfarms either passing a shareholders' resolution approving the acquisition or receiving a waiver of the resolution requirement from NZX Regulation from Listing Rule 9.2.1. and various consents being given on acceptable terms to NZ Windfarms and NPBB from counter parties to material contracts to the Te Rere Hau Joint Venture.
The company received a waiver of the resolution requirement from NZX Regulation from Listing Rule 9.2.1 on 24 December 2008. NZ Windfarms and NPBB have now obtained the various consents from counter parties to material contracts of the Te Rere Hau Joint Venture and all conditions of the agreement have been satisfied.
Completion of the agreement will take place on 17 March 2009.
NZ Windfarms was advised by Goldman Sachs JBWere (NZ) Limited on the transaction.
For further information contact:
Steve Cross
Chief Executive
03 943 5410