Prime chief executive Chris Chapman last night said that achieving over 90% (the number was 94.6% at the close of the NZX) was a solid outcome that benefited not only Prime but all Powerco stakeholders, including customers.

“We are excited by the prospect of working with Powerco and introducing it into the Prime Infrastructure story.”

“Powerco is a highly respected company with an outstanding management team and staff. We bring financial strength to the table to support its growth aspirations and further empower its team and utilise our capital management skills to add value to Powerco’s business.

“Prime Infrastructure’s investment in Powerco is our first in New Zealand and we remain committed to making a significant and long-term commitment, both in Powerco and in New Zealand generally.

“We understand well that maintaining asset quality and performance is vital to the long-term success of our investment. With our access to capital, we see opportunities to grow the Powerco business where previously we believe Powerco may have been constrained.

“We also anticipate that Powerco will continue to play a leading role in the ongoing rationalisation of electricity lines companies in New Zealand.”

Chapman had earlier encouraged Powerco shareholders to accept the offer to avoid having their shares compulsorily acquired and paid for in Prime’s Sparcs bonds.

Finance Minister Michael Cullen yesterday said the Prime takeover "barely met" the national interest criteria that needed to be applied by government after NZ First leader Winston Peters told Parliament the Overseas Investment Act listed eight reasons why the sale of Powerco was not in the national interest.

Last month Cullen gave his cautious clearance to the deal, though he criticised the New Plymouth District Council for not consulting with ratepayers and he described the Takeovers Panel decision, which favoured overseas Powerco investors over local minority shareholders as "unfortunate, given the shambles which ensued".

Powerco’s independent directors and senior officers transferred their addresses on the Powerco share register to overseas locations in order to get cash-only, not Sparcs (subordinated prime adjusting reset convertible securities), and recommended other shareholders do likewise.

Powerco shares closed down yesterday, at NZ$2.05, compared with Prime’s offered NZ$2.15.