Media reports here have Prime chief executive Chris Chapman saying his company remained positive about reaching the 90% threshold of compulsorily acquisition.

Chapman said Prime’s market intelligence was that a lot of investors were holding off accepting until such time as the bid went unconditional - which happened last Wednesday - and Prime was now expecting "enormous" activity up to the close of the offer at 5pm Tuesday.

Prime told the NZX this morning that it held 66.266% of all Powerco shares at the close of business on Friday.

Chapman told the company’s annual meeting last Friday that Prime also supported Powerco's sensible and measured growth aspirations and Powerco would inevitably play a leading role in the on-going rationalisation of the New Zealand electricity lines business, not necessarily through acquisitions but through alliances.

Powerco had developed an Aussie investment - Tasmania’s gas reticulation project - and that should “come into its own” in the near to mid-term.

“Powerco has strong assets and management team; it meets our investment criteria and has been secured at a sensible price …. at a conservative EV/EBITDA multiple of 10 times.