2015 - Target Company Statement

In May 2015 Eastern Bay Energy Trust announced that it had reached an agreement with Marlborough Lines to acquire Marlborough’s stake in Horizon Energy for $4.41 per share. A copy of the pre-bid agreement was forwarded to Horizon. If it acquired the shares, the Eastern Bay trust would then own 91.18 percent of the company, which would allow it, under the takeovers code, to compulsorily acquire the remaining privately held shares in the company.

On 5 June 2015, a takeover notice was formally issued to Horizon as part of the energy trust’s move to buy all the shares in Horizon Energy. A recommendation from the Horizon board would be sent to all shareholders on June 29.

The acquisition of the remaining shares in the Company by the Energy Trust represented a significant milestone in the Company’s history. Horizon Energy was delisted from the stock exchange on 28 July 2015 and came under the control and direction of the Trust.