King Country Energy minorities extracted higher price from Mangahao than Todd got paid

Mon, 12 Aug 2013

By Jonathan Underhill Aug. 12 (BusinessDesk) – A group of minority shareholders in King Country Energy extracted more for their shares than the issue price at which Todd Energy sold down its Mangahao Power Station stake, raising concern the deal gave Todd control of the company too cheaply. The energy arm of New Zealand’s wealthiest family lifted its stake in KCE to 54 percent from 35.4 percent by selling its 50 percent of Mangahao to KCE, which owned the other half, for $33.8 million cash and 7.6 million KCE shares issued at $4.75 apiece,...

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