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Entrust Kicks off 2018 Dividend Process

Entrust Kicks off 2018 Dividend Process

Important information for dividend recipients

Auckland, 25 June 2018 – The four-month process to organise New Zealand’s largest dividend payout gets underway this month, as Entrust mails payment preference forms to more than 327,000 Auckland homes and businesses.

The annual dividend, paid in late September, has a number of payment options and those living in the Entrust district get to choose the one that suits them best, says Entrust Chairman, William Cairns.

“Now’s the time we ask our dividend beneficiaries to update their payment preferences, choosing from cheque, direct credit to a bank account or a credit to their electricity bill. It’s all about making things easy for later in the year.

“Forms will start to appear in letterboxes this week. The good news is that most people won’t have to do anything.

“At this stage, we want to hear from people who want to choose or change their payment method.

“The fastest and most convenient way to get the dividend is via direct credit. The money goes straight in, there’s no waiting for the postie or a trip to the bank.”

To make the payment process smooth, regardless of payment method, there’s two important things to get right:

• Check the name on the Entrust form is exactly the same as your bank account. If it’s not, get your electricity retailer to update your power account name to match

• If you need to change the payment method update the Entrust form and return it by Monday 6 August

William Cairns says that there’s a lot of work that goes on behind the scenes to make things runs smoothly.

“Entrust want to make sure that people are all set to receive the dividend later this year. People tell us the dividend makes a real difference, so we encourage everyone living in the district to take a few moments now to check their details.”

The dividend is paid in September to homes and businesses in the Entrust district* (encompassing Auckland, Manukau, northern parts of Papakura and eastern Franklin) that are connected to Vector’s electricity network.

Last year the dividend was $350 - a significant amount for most households and a boost to Auckland’s economy of more than $110 million.

Update forms will be appearing in mailboxes from today. For more information visit www.entrustnz.co.nz or www.facebook.com/entrustnz

ENDS

About Entrust

Entrust (formerly Auckland Energy Consumer Trust) is a private trust that owns the majority of Vector on behalf of its more than 320,000 beneficiaries.

Entrust owns 75.4% of shares in Vector. The shares are held in trust for energy consumer beneficiaries in Auckland, Manukau, northern parts of Papakura and eastern Franklin who are paid a cash dividend each year. Last year the dividend was $350.

The organisation was created in 1993, to ensure that power lines remained in the control of electricity consumers and was established under a trust deed for 80 years on behalf of electricity consumers in the area that used to be served by the Auckland Electric Power Board.


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