Alinta withdraws panel application

Alinta Energy has withdrawn its application to the Takeovers Panel to limit security holder Coastal Capital International's voting rights at an extraordinary general meeting next week.

Alinta applied on Monday to limit Coastal's voting rights after it acquired a 16.53 per cent interest in Alinta Energy without obtaining prior approval under the Foreign Acquisitons and Takeovers Act to acquire more than 15 per cent.

But Alinta asked to withdraw its application today after Coastal told the panel that it and its associates would not vote in excess of 14.9 per cent of the total number of Alinta Energy shares.

The Takeovers Panel said it was satisfied that it was not against the public interest to allow Alinta to withdraw its application.

Next week's extraordinary meeting is being held to seek shareholder approval for a complex debt-for-equity swap.

If the deal is approved, ownership of most of Alinta's assets will pass to its finance syndicate, which includes private equity funds TPG Capital, Oaktree Capital and Anchorage Capital.