NGC'S CFO resigns

Energy company NGC Holdings Ltd today announced the resignation of its chief financial officer, Kevin Baker.

Mr Baker will leave the company on July 29.

NGC is the subject of a takeover offer by Auckland-based lines company Vector. NGC's independent directors have recommended that shareholders accept the offer of $2.62 of Vector shares and 78c in cash for each NGC share.

Vector already owns just over 67 per cent of NGC, after buying out Australian Gas Light's 66 per cent stake last year.

Mr Baker's responsibilities will be covered in the interim period by the NGC's treasurer and group finance manager, Mukesh Panchal.

Shares in NGC last traded down a cent at $3.87.

- NZPA