RENEWABLE ENERGY

Pac Hydro board urges shareholders to sell into IFM offer

WITH IFM Renewable Energy now holding more than 50% of stock in Pacific Hydro, the companys indep...

Pac Hydro board urges shareholders to sell into IFM offer

“On June 28 2005, IFM Renewable Energy Pty Ltd's interest in Pacific Hydro passed 50%,” the Pacific Hydro chairman Bernard Wheelahan and IFM chairman Gary Weaven said in a letter to shareholders.

“As at [June 30] IFM's interest in Pacific Hydro is 52.3%."

On June 20 2005, Acciona announced it would accept IFM's takeover offer for all of its shares in Pacific Hydro, which comprise about 16% of Pacific Hydro stock.

“IFM anticipates receiving Acciona's acceptance shortly,” Wheelahan and Weaven wrote.

“With this acceptance, IFM's interest in Pacific Hydro will be in excess of 68%.

“IFM’s offer is scheduled to close at 5.00pm on 8 July 2005 (Melbourne time). IFM and the Pacific Hydro independent directors recommend that you accept IFM’s offer of $5.00 per Pacific Hydro share as soon as possible.”

IFM has committed to pay shareholders who accept its offer within five business days of their acceptance being processed.

If IFM acquires a relevant interest in at least 90% of the issued Pacific Hydro shares, it intends to proceed with compulsory acquisition.

“Shareholders should note that if IFM has a relevant interest in less than 90% when the takeover bid closes, the Pacific Hydro share price may fall below $5.00,” the letter stated.

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