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Income Payout Should Proceed Immediately

MEDIA RELEASE

Monday, 29 May 2000


INCOME PAYOUT SHOULD PROCEED IMMEDIATELY

Mayor of Auckland City, Chris Fletcher says income dividends received by the Auckland Electricity Consumers Trust (AECT) from Vector should be paid out immediately.

Mrs Fletcher said, “If the AECT can assure the three Councils as capital beneficiaries that the payment is from income, there is nothing stopping it proceeding.”

Court action was taken by the three Councils - Auckland, Manukau and Papakura - last October to clarify how much of the proposed dividend payout was derived from “capital” and how much from “income”. While hearing dates have been delayed the Councils have sought to resolve the matter through discussions with the Trust and Company.

“Neither the AECT or Vector have responded to the repeated requests for information on where the payout money has come from.”

“The Councils have consistently said we want dividends from income to be paid out. Our message is simple, please go ahead with payments to customers if you can guarantee it is from income.”

The three Councils want to protect capital assets in Vector for future investment in Auckland’s infrastructure.

Chris Fletcher says Auckland’s legacy is at stake. “We don’t want to see capital from the company given away. If the Trust is confident that the dividends are from income it should go ahead with the payment.”


Ends.

Contact:
Chris Fletcher Tel. 585 0035 or 025 276 0013.


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