Infratil and Mercury make full offer for Tilt Renewables
Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com
3 September 2018
Infratil and Mercury make full takeover offer for Tilt Renewables
On 15 August 2018, Infratil Limited (through its subsidiary Infratil 2018 Limited) ("Infratil") and
Mercury NZ Limited ("Mercury") (“TLT JV”) announced their intention to make a full takeover
offer of Tilt Renewables Limited ("Tilt Renewables"). Infratil and Mercury already respectively
hold or control 51.04% and 19.99% of the Tilt Renewables shares.
Infratil is pleased to advise that TLT JV has today sent the offer document to Tilt Renewables
shareholders. The offer closes at 11.59pm on 15 October 2018 (unless extended in accordance
with the Takeovers Code).
The offer price of NZ$2.30 represents a 24.3% premium to the closing share price of Tilt
Renewables on 11 May 2018, being the last trading day before Mercury acquired a 19.99% stake
in Tilt Renewables from TECT Holdings Limited ("TECT"), a company 100% owned by the
Tauranga Energy Consumer Trust, for NZ$2.30 per share.
Infratil is confident that the Board of Tilt Renewables will support the offer, given the premium it
represents for minority shareholders relative to recent trading and comparables in the Australian
renewables sector as well as the delivery of certain value to Tilt Renewables minority
shareholders.
As previously advised, the only substantive condition of the offer is approval from the Australian
Foreign Investment Review Board ("FIRB"). There is also a 50% acceptance condition that will be
satisfied within the next two working days. There are some other customary restrictive conditions
that Infratil and Mercury currently intend to waive or declare as satisfied (to the extent permitted
by law) once the FIRB condition is satisfied. Payments to Tilt Renewables shareholders who
accept the offer would commence within 7 days thereafter.
A copy of the Notice of Despatch and the offer document (which has been sent to Tilt
Renewables, the Takeovers Panel, the NZX and ASX) is attached.
UBS is acting as financial adviser to Infratil. Buddle Findlay is providing legal advice.
Any enquiries should be directed to:
Mark Flesher, Investor Relations, Infratil Limited mark.flesher@infratil.com
---
BF\AKLDOC01-#6553748-\1-ECHO\2\-\DESPATCH\NOTICE | Page 1
DESPATCH NOTICE
Rule 45 of the Takeovers Code
3 September 2018
To: The Directors
Tilt Renewables Limited
C/- Russell McVeagh
Level 30, Vero Centre
48 Shortland Street
Auckland, 1010
New Zealand
TILT RENEWABLES LIMITED – TLT JV DESPATCH NOTICE
On 15 August 2018, Infratil 2018 Limited and Mercury NZ Limited (TLT JV) gave Tilt Renewables Limited
(TLT) a notice under rule 41 of the Takeovers Code of TLT JV's intention to make a full offer for all of the
ordinary shares in TLT.
Copy to:
Takeovers Panel
Level 3, Solnet House
70 The Terrace
PO Box 1171
Wellington 6011
By email: takeovers.panel@takeovers.govt.nz
NZX Limited
Level 1, NZX Centre
11 Cable Street
Wellington
By email: announce@nzx.com
ASX Market Announcements
20 Bridge Street
NSW 2000
Sydney
Australia
By email: maogroup@asx.com.au
Registrar of Companies
Level 18
135 Albert Street
Auckland 1010
New Zealand
By delivery and by email: peter.weir@mbie.govt.nz
BF\AKLDOC01-#6553748-\1-ECHO\2\-\DESPATCH\NOTICE | Page 2
TLT JV gives notice under rule 45(1)(a)(i) of the Takeovers Code that the offer document for the offer has
been sent in accordance with rule 43(1) of the Takeovers Code. The offer also includes an offer for all of
the performance rights granted under the Tilt Renewables Group Performance Rights Plan for eligible
employees, referred to in TLT's class notice dated 20 August 2018 under rule 42A of the Takeovers Code.
A copy of the offer document is attached to this notice, in accordance with rule 45(1) of the Takeovers
Code.
SIGNED for and on behalf of
TLT JV
Steve Nightingale
Authorised person
BF\AKLDOC01-#6553748-\1-ECHO\2\-\DESPATCH\NOTICE | Page 3
Offer document
refer attached
Offer Document for
Full Cash Takeover Offer
Infratil 2018 Limited and Mercury NZ
Limited encourage shareholders to
Accept
this full cash offer under the Takeovers
Code to acquire all of the equity
securities in Tilt Renewables Limited.
Dated 2 September 2018
IMPORTANT
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Joint letter from
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Key Dates
OFFER DATE
2 September 2018
CLOSING DATE
15 October 2018
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We encourage you to ACCEPT the Offer for
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The key dates of the Offer are:
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DID YOU KNOW?
www.TiltTakeover.co.nz
3
INFRATIL AND MERCURY FULL TAKEOVER OFFER
Contents
Page 5
Summary of the Offer
Page 7
Why you should Accept the Offer for
your Shares
Page 13
How to Accept the Offer
Page 24
Appendix 1
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Terms and Conditions of the Offer
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INFRATIL AND MERCURY FULL TAKEOVER OFFER
A significant
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THIS IS ONLY A SUMMARY OF THE OFFER.
The detailed Terms and Conditions of the Offer are set out on pages 15 to 23 of this
Offer document. You should read those Terms and Conditions carefully.
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INFRATIL AND MERCURY FULL TAKEOVER OFFER
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If you accept the Offer, you will receive an attractive
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1.60
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Offer PriceUndisturbed
Closing
Share Price
5
(11 May 18)
Undisturbed
1-month
VWAP
6
Undisturbed
3-month
VWAP
6
Closing
Share Price
7
(14 Aug 18)
Share Price (NZ$)
0.00
Offer Price premium to recent Tilt Renewables share price
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The Offer is currently the only takeover offer available to
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Historical share price performance
16
2.40
2.30
2.20
2.10
2.00
1.90
1.80
1.70
1.60
Share Price (NZ$)
Oct 16Dec 16 Feb 17 Apr17 Jun17 Aug 17 Oct 17 Dec 17 Feb 18
Apr 18
Jun 18
Closing share priceClosing share price prior to Mercury acquisition
Offer Price
Closing share price prior to Mercury
acquiring a 19.99% stake in Tilt
Renewables for NZ$2.30 per Share
0.00
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There is no brokerage payable for accepting the Offer
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INFRATIL AND MERCURY FULL TAKEOVER OFFER
THE OFFER CLOSES AT
11:59PM ON 15 OCTOBER 2018
(unless extended in accordance with the Takeovers Code)
SO WE ENCOURAGE YOU TO
ACT NOW.
You can ACCEPT
the Offer for your
Shares online
www.TiltTakeover.co.nz
DID YOU KNOW?
12
INFRATIL AND MERCURY FULL TAKEOVER OFFER
CLOSING DATE
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32
INFRATIL AND MERCURY FULL TAKEOVER OFFER
Fraser Whineray
OFFER DATE: 2 SEPTEMBER 2018
CLOSING DATE: 15 OC TOBER 2018
Yo u c a n Accept
the Offer for your
Shares online
www.TiltTakeover.co.nz
DID YOU KNOW?
Ordinary Shares Acceptance Form
FULL CASH TAKEOVER OFFER FOR ALL EQUITY SECURITIES IN TILT RENEWABLES LIMITED
Broker stamp
Shareholder (“Transferor”)
Name on Register
By signing this Acceptance Form the Transferor hereby:
(a) irrevocably accepts the full cash takeover offer (“Offer”) dated 2 September 2018 by the unincorporated joint venture (“TLT JV”)
established by Infratil 2018 Limited and Mercury NZ Limited, for the number of shares in Tilt Renewables Limited (“Tilt Shares”) held and
nominated by the Transferor as set out in the box below (“Nominated Shares”);
(b) subject to the terms and conditions of the Offer, agrees to transfer those Nominated Shares to a member of TLT JV (as determined by
the members of TLT JV);
(c) without limitation to any other term of the Offer, represents and warrants as set out in paragraph 4.7 (to the extent applicable) of the
Offer; and
(d) as set out later in this Acceptance Form, appoints each member of TLT JV as attorney and agent of the Transferor.
NUMBER OF TILT SHARES YOU WISH TO SELL:
Notes:
1. You may accept this Offer in respect of all or any Tilt Shares held by you.
2. If you do not state the number of Tilt Shares in respect of which you wish to accept the Offer, you will be deemed to have accepted the
Offer in respect of all the Tilt Shares held by you and to have stated that number in the box above.
METHOD OF PAYMENT
Payment will be made by either electronic transfer directly into the Transferor’s bank account, or by cheque. Please select a method of
payment by ticking the appropriate box below. Note that all payments will be made in New Zealand dollars.
Method of Payment (please tick one):
Electronic Transfer Cheque
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paid by cheque or by direct credit to your existing nominated account held by Computershare.
Electronic Transfer Details: Please complete the details below if you wish to be paid by electronic transfer:
Account Name:
NZ Bank Account Number:
Contact Details: Daytime Phone Number:Email Address:
Dated and executed the
day of 2018.
FOR INDIVIDUAL OR JOINT HOLDERS / ATTORNEYFOR A COMPANY / BODY CORPORATE
Signed by the Transferor(s):Signed by the Transferor(s) by:
Signature Title:
Signature Title:
Signature
CSN / Holder Number / HIN
Acceptance Code
Sub Register
Number of shares held in
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Total Consideration
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YOU MAY ALTERNATIVELY ACCEPT THE OFFER FOR YOUR SHARES ONLINE AT WWW.TILTTAKEOVER.CO.NZ
POWER OF ATTORNEY
BY THE TRANSFEROR’S EXECUTION OF THIS ACCEPTANCE FORM, THE TRANSFEROR hereby enters into a Power of Attorney in favour of
each member of TLT JV as follows:
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IF THIS ACCEPTANCE FORM IS SIGNED UNDER POWER OF ATTORNEY, THE ATTORNEY(S) SIGNING MUST SIGN THE
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NOTES AND INSTRUCTIONS FOR COMPLETION
1 TO ACCEPT THE OFFER: Complete and sign this Acceptance Form
where marked “Signed by the Transferor(s)” and date where marked.
Companies must sign in accordance with the Companies Act 1993
or other applicable law.
2 METHOD OF PAYMENT: You should select a method of payment. If
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3 JOINT HOLDERS: If the Nominated Shares are registered in the
names of joint holders, all must sign the Acceptance Form. If one or
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signed represent and warrant to the members of TLT JV jointly and
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Form do(es) so on behalf of and as duly authorised agent(s) for the
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be completed unless the attorney is a body corporate, in which case
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power of attorney in the form set out in the Property Law Act 2007.
5 CHESS HOLDING: If you hold your Tilt Shares in a CHESS holding
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the Offer you can either:
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Settlement Operating Rules) directly – normally your share
broker. If you do this, you will need to sign and return this
Acceptance Form to your Controlling Participant; or
(b) authorise each member of TLT JV to contact your Controlling
Participant on your behalf, which you can do by signing and
returning this Acceptance Form to the address below so that
LWbLVbUHFHLYHGLQVXIƓFLHQWWLPHWRDOORZ\RXULQVWUXFWLRQWREH
acted upon by 5.00pm on 15 October 2018 (which will
authorise a member of TLT JV (as determined by the members
of TLT JV) (and Computershare on its behalf) to instruct your
Controlling Participant to initiate acceptance of the Offer on
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DVbGHWHUPLQHGE\WKHPHPEHUVRI7/7-9 WRFRQWDFW\RXU
Controlling Participant directly via the CHESS system. Neither
TLT JV, any member of TLT JV nor Computershare will be
responsible for any delays incurred by this process.
ON COMPLETION: Place the signed Acceptance Form in the
HQFORVHGUHSO\SDLGHQYHORSHDQGSRVWWRWKHDGGUHVVEHORZRU
email the signed Acceptance Form to the email address provided
below, as soon as possible but in any event so as to be received
QRWbODWHUWKDQ SP1HZ=HDODQGWLPHRQ2FWREHU
(unless extended).
TLT JV Takeover Offer
F&RPSXWHUVKDUH,QYHVWRU6HUYLFHV/LPLWHG
Private Bag 92119
Victoria Street West
Auckland 1142
Email: TLTJVacceptances@computershare.co.nz (please put TLT JV
7DNHRYHU2IIHULQWKHVXEMHFWOLQHIRUHDV\LGHQWLƓFDWLRQ
If you post and email this Acceptance Form please mark the original
Acceptance Form “EMAILED”.
Or you may accept the offer for your Tilt Shares online at
www.TiltTakeover.co.nz
7 PREVIOUS SALE: If you have sold all your Tilt Shares, please pass
this Acceptance Form together with the Offer documents to the
agent (e.g. the broker) through whom the sale was made or to
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\RXUbVKDUHKROGLQJUHFRUGWKDWIDFWRQWKLV$FFHSWDQFH)RUP
E\bDPHQGLQJWKHQXPEHURI7LOW6KDUHVQRWHGDVEHLQJKHOG
E\b\RXbRQbWKHIDFHRIWKLV$FFHSWDQFH)RUP
8 SALE OF PART OF HOLDING ONLY: If you want to accept the Offer
for part of your holding only, please enter the number of Tilt Shares
you wish to sell in the relevant box on the face of this Acceptance
Form before returning the Acceptance Form.
9 INTERPRETATION: In this Acceptance Form references to the
Transferor in the singular shall include the plural.
IF YOU ARE IN ANY DOUBT ABOUT THE PROCEDURE FOR ACCEPTANCES, PLEASE CALL COMPUTERSHARE INVESTOR
SERVICES LIMITED ON 0800 650 034 (WITHIN NEW ZEALAND) OR +64 9 488 8777
CERTIFICATE OF NON-REVOCATION OF POWER OF ATTORNEY
,:(
(Insert name of Attorney(s) signing)
of
(Address and Occupation)
HEREBY CERTIFY:
1. THAT by a Power of Attorney dated the
day of the Transferor named and described on the face of
this Acceptance Form (“DonorŐ DSSRLQWHGPHKLVKHULWVWKHLUDWWRUQH\RQWKHWHUPVDQGFRQGLWLRQVVHWRXWLQWKDW3RZHURI$WWRUQH\
7+$7,ZHKDYHH[HFXWHGWKH$FFHSWDQFH)RUPSULQWHGRQWKHIDFHRIWKLVGRFXPHQWDVDWWRUQH\XQGHUWKDW3RZHURI$WWRUQH\DQG
SXUVXDQWWRWKHSRZHUVWKHUHE\FRQIHUUHGXSRQPHXV
7+$7DWWKHGDWHKHUHRI,ZHKDYHQRWUHFHLYHGDQ\QRWLFHRULQIRUPDWLRQRIWKHUHYRFDWLRQRIWKDW3RZHURI$WWRUQH\E\WKHGHDWK RU
winding up) of the Donor or otherwise.
Signed at
this day of 2018
Signature of Attorney(s)
Note: Your signature does not require witnessing.
Performance Rights Acceptance Form
FULL CASH TAKEOVER OFFER FOR ALL EQUITY SECURITIES IN TILT RENEWABLES LIMITED
Security Holder (“Transferor”)
CSN / Holder Number
Sub Register
3HUIRUPDQFHULJKWVKHOGDVDWb$XJXVW
T1R Rights
Consideration
NZ$
T1A Rights
Consideration
NZ$
T2R Rights
Consideration
NZ$
T2A Rights
Consideration
NZ$
Total Consideration
NZ$
By signing this Acceptance Form the Transferor hereby:
(a) irrevocably accepts the full cash takeover offer (“Offer”) dated 2 September 2018 by the unincorporated joint venture
(“TLT JV”) established by Infratil 2018 Limited and Mercury NZ Limited, for all of the performance rights granted under
the Tilt Renewables Limited incentive plan for eligible employees, being Tranche 1 Relative Total Shareholder Return
(“TSR”) Performance Rights (“755LJKWV”), Tranche 1 Absolute TSR Performance Rights (“7$5LJKWV”), Tranche 2 Relative
TSR Performance Rights (“T2R Rights”) and Tranche 2 Absolute TSR Performance Rights (“T2A Rights”) (together, the
“Performance Rights”), held by the Transferor as set out in the boxes above (“Nominated Performance Rights”);
(b) acknowledges that Simmons Corporate Finance Limited has prepared an independent adviser report under rule 22
RIbWKH7DNHRYHUV&RGHDVDQLQGHSHQGHQWDGYLVHUDSSRLQWHGE\7/7-9 RQWKHIDLUQHVVDQGUHDVRQDEOHQHVVRIWKH
FRQVLGHUDWLRQDQGWHUPVRIWKH2IIHUDVbEHWZHHQGLIIHUHQWFODVVHVRIƓQDQFLDOSURGXFWVLQWKLVFDVHEHWZHHQWKHVKDUHV
LQb7LOW5HQHZDEOHV/LPLWHGDQGHDFKFODVVRI3HUIRUPDQFH5LJKWVDQGEHWZHHQWKHGLIIHUHQWFODVVHVRI3HUIRUPDQFH5LJKWV
– while the Simmons Corporate Finance Limited report is not a report on the merits of the Offer, it discusses matters
relevant to a decision on whether or not to accept the Offer for the Performance Rights;
(c) subject to the terms and conditions of the Offer, agrees to transfer those Nominated Performance Rights to a member of
7/7-9 DVbGHWHUPLQHGE\WKHPHPEHUVRI7/7-9
(d) without limitation to any other term of the Offer, represents and warrants as set out in paragraph 4.7 (to the extent
DSSOLFDEOH RIWKHb2IIHUDQGLQSDUWLFXODUWKDWWKHERDUGRI7LOW5HQHZDEOHV/LPLWHGKDVDJUHHGWRYDU\WKH3HUIRUPDQFH
5LJKWVWRHQDEOHWKHPWREHbWUDQVIHUUHG DQG
H DVVHWRXWODWHULQWKLV$FFHSWDQFH)RUPDSSRLQWVHDFKPHPEHURI7/7-9DVDWWRUQH\DQGDJHQWRIWKH7UDQVIHURU
Note: You may only accept this Offer in respect of all Performance Rights held by you that are transferable under their terms.
NOTES AND INSTRUCTIONS FOR COMPLETION
1 TO ACCEPT THE OFFER: Complete and sign this Acceptance Form where marked “Signed by the Transferor” and date
where marked.
2 METHOD OF PAYMENT: You should select a method of payment. If you do not, or the details that you provide are not
VXIƓFLHQWWRHIIHFWDQHOHFWURQLFWUDQVIHUWR\RX\RXZLOOEHSDLGE\FKHTXHRUE\GLUHFWFUHGLWWRDQH[LVWLQJQRPLQDWHG
account held by Computershare.
3 ON COMPLETION: Place the signed Acceptance Form in the enclosed reply-paid envelope and post to the address
below, or email the signed Acceptance Form to the email address provided below, as soon as possible but in any event
so as to be received not later than 11.59pm New Zealand time on 15 October 2018 (unless extended).
7/7-97DNHRYHU2IIHU
c/- Computershare Investor Services Limited
Private Bag 92119
9LFWRULD6WUHHW:HVW
Auckland 1142
Email: TLTJVacceptances@computershare.co.nz
SOHDVHSXW7/7-97DNHRYHU2IIHULQWKHVXEMHFWOLQHIRUHDV\bLGHQWLƓFDWLRQ
If you post and email this Acceptance Form please mark the original Acceptance Form “EMAILED”.
IF YOU ARE IN ANY DOUBT ABOUT THE PROCEDURE FOR ACCEPTANCES, PLEASE CALL COMPUTERSHARE
,19(67256(59,&(6/,0,7('21 :,7+,11(:=($/$1' 25
POWER OF ATTORNEY
BY THE TRANSFEROR’S EXECUTION OF THIS ACCEPTANCE FORM, THE TRANSFEROR hereby enters into a Power of
$WWRUQH\LQIDYRXURIbHDFKPHPEHURI7/7-9DVIROORZV
$VIURPWKHGDWHRIEHQHƓFLDORZQHUVKLSDQGWLWOHWRP\1RPLQDWHG3HUIRUPDQFH5LJKWVSDVVLQJWRDPHPEHURI7/7-9LQ
DFFRUGDQFHZLWKbWKHWHUPVRIWKH2IIHU,KHUHE\LUUHYRFDEO\DXWKRULVHDQGDSSRLQWHDFKPHPEHURI7/7-9 ZLWKSRZHURI
VXEVWLWXWLRQE\HDFKPHPEHURI7/7b-9LQIDYRXURIVXFKSHUVRQ V DVWKHVXFKPHPEHUPD\DSSRLQWWRDFWRQLWVEHKDOI DV
P\DWWRUQH\DQGDJHQWWRDFWIRUPHDQGGRDOObPDWWHUVRIDQ\NLQGRUQDWXUHZKDWVRHYHULQUHVSHFWRIRUSHUWDLQLQJWRWKH
1RPLQDWHG3HUIRUPDQFH5LJKWVDQGDOOULJKWVDQGEHQHƓWVDWWDFKLQJWRWKHPDVDQ\PHPEHURI7/7-9PD\WKLQNSURSHUDQG
H[SHGLHQWDQGZKLFK,FRXOGODZIXOO\GRRUFDXVHWREHGRQHLISHUVRQDOO\DFWLQJDVDOHJDORUEHQHƓFLDORZQHURIWKH
Nominated Performance Rights.
METHOD OF PAYMENT
3D\PHQWZLOOEHPDGHE\HLWKHUHOHFWURQLFWUDQVIHUGLUHFWO\LQWRWKH7UDQVIHURUōVEDQNDFFRXQWRUE\FKHTXH3OHDVHVHOHFWD
method of payment by ticking the appropriate box below. Note that all payments will be made in New Zealand dollars.
Method of Payment (please tick one):
Electronic Transfer Cheque
1RWH ,I\RXGRQRWVHOHFWDPHWKRGRISD\PHQWRUWKHGHWDLOVWKDW\RXSURYLGHDUHQRWVXIƓFLHQWWRHIIHFWDQHOHFWURQLF
transfer, you will be paid by cheque or by direct credit to your existing nominated account held by Computershare.
Electronic Transfer Details: Please complete the details below if you wish to be paid by electronic transfer:
Account Name:
1=%DQN$FFRXQW1XPEHU
Contact Details: Daytime Phone Number:Email Address:
Dated and executed the
day of 2018.
FOR INDIVIDUAL HOLDER
6LJQHGE\WKH7UDQVIHURU
Signature
You can ACCEPT
the Offer for your
Shares online
DID YOU KNOW?
www.TiltTakeover.co.nz
If you have any questions in relation to the
Offer, please contact Computershare on
0800 650 034 (or, if calling from outside
New Zealand, +64 9 488 8777)
* Your CSN and Acceptance Code are located
on the top right hand corner of the acceptance
form accompanying the Offer document
STEP ONE
Go to www.TiltTakeover.co.nz
and click ACCEPT
STEP THREE
&RQƓUP\RXUGHWDLOVDQG
select your preferred
SD\PHQWbPHWKRG
STEP TWO
Enter your CSN and
Acceptance Code
*
ACCEPT the Offer
in four easy steps
STEP FOUR
Review and ACCEPT the Offer
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
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“Mercury partners with Infratil in Tilt Renewables offer 15 August 2018 – Mercury is partnering with majority shareholder Infratil (IFT) in a takeover offer for all shares in listed renewable energy generator Tilt Renewables (TLT) with the intent to privatise the company. As pa…”