NZ Windfarms to vote on Meridian's takeover proposal

NZ Windfarms has announced that it has received initial orders from the High Court directing it to convene a special meeting of shareholders to consider and vote on the scheme of arrangement proposed by Meridian Energy.

The scheme meeting is scheduled to be held on June 24, 2025, at MUFG Corporate Markets' Auckland office and online.

NZ Windfarms' directors have unanimously recommended that shareholders vote in favour of the scheme.

The company said the consideration offered by Meridian, of 25 cents per share in cash, is above the assessed valuation range of 19 cents to 22.9 cents by independent adviser Calibre Partners.

It is also more than double the closing price of NZ Windfarms' shares on Feb 18, 2025.

As of now, certain shareholders, including Meridian, who hold 37.08% of the shares in NZ Windfarms, have committed to vote in favour of the scheme.

However, this is less than the required number of votes for the scheme to proceed.

The scheme is subject to shareholder approval and final approval by the High Court.

If approved, it is expected to be implemented in August 2025, with Meridian owning 100% of NZ Windfarms and the company being delisted from the NZX.