Local Govt | National News Video | Parliament Headlines | Politics Headlines | Search

 

City Vision Entrust Leader Asks Entrust Chair to Explain

City Vision Entrust Team Leader Asks Entrust Chair to Explain Australian Interest

It is time for Entrust Chair William to explain why The Australian newspaper believes that a sell down of the Entrust 75.1% shareholding is on the cards (see report below), says City Vision Entrust Team Leader and former cabinet Minister Peter Neilson.

The report in The Australian says merchant banks UBS and Morrison & Co are both believed to be interested in buying the Entrust shares in Vector, possibly now worth $3billion. William Cairns the Chair of Entrust needs to front up and explain why there is all this interest in purchasing the Entrust shareholding in Vector unless someone from Entrust has indicated some plan exists for having a sell down. Willian Cairns should clearly state whether he or other representatives of Entrust or Vector have met with any of the merchant banks named in the article to discuss a possible sell down of the Entrust Vector shares.

Back on 24 August William Cairns said talking about the Trust “it has no plans to reduce its shareholding in Vector” and ‘Entrust is committed to maintaining its stake in Vector, as well as the ongoing payments of dividends to the community, based on Vector’s financial performance’. He went on to say “We are not selling down. End of story”

Those words appear reassuring but may be completely misleading.

Under Clause 14.1 of its Trust Deed the Entrust trustees may advance the termination date for the trust. Prematurely terminating or winding up the trust means the Entrust Vector shares would be granted to Auckland Council for them to receive any future dividends and allowing the Auckland Council to sell the shares. This may explain the cute use of the term “dividends to the community” that is all Auckland ratepayers rather than saying dividends will continue to be paid to the current dividend beneficiaries living in the old Auckland Electric Power Board area as at present.

If the Entrust Vector shares are vested in the Auckland Council then the Entrust trustees will not need to plan to sell them down because the Auckland Council will do it for them.

If the Chair of Entrust does not fully explain and clarify his earlier statements in light of the disclosures in the Australian newspaper City Vision will be forced to organise an on-line petition to protect the future dividends for the existing beneficiaries. It would be an outrage if the incumbent Entrust trustees were to try and wind up the trust prematurely without any mandate from the electors and before the October Entrust trustee election outcomes were known.

Peter Neilson leads the City Vision Entrust ticket for the Entrust election, with postal voting between the 11th and 26th of October 2018.City Vision is strongly opposed to either a further sell-down of the Entrust Vector shares or a premature wind up of the Trust to allow Auckland Council to sell the Vector shares concluded Peter Neilson.


Power struggle across the ditch - DATA ROOM
Author: ROOM BRIDGET CARTER; Murdoch, Scott
Publication info: The Australian ; Canberra, A.C.T. [Canberra, A.C.T]10 Sep 2018: 18.


© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

New Reports: Flood Risk From Rain And Sea Under Climate Change

One report looks at what would happen when rivers are flooded by heavy rain and storms, while the other examines flooding exposure in coastal and harbour areas and how that might change with sea-level rise.

Their findings show that across the country almost 700,000 people and 411,516 buildings worth $135 billion are presently exposed to river flooding in the event of extreme weather events...

There is near certainty that the sea will rise 20-30 cm by 2040. By the end of the century, depending on whether global greenhouse gas emissions are reduced, it could rise by between 0.5 to 1.1 m, which could add an additional 116,000 people exposed to extreme coastal storm flooding. More>>

ALSO:

 
 

Gordon Campbell: On The Commerce Commission Fuel Report

The interim Commerce Commission report on the fuel industry will do nothing to endear the major oil companies to the New Zealand public... More>>

ALSO:

Emergency Govt Bill: Overriding Local Licensing For The Rugby

“It’s pretty clear some clubs are having difficulty persuading their district licensing committees to grant a special licence to extend their hours for this obviously special event, and so it makes sense for Parliament to allow clubs to meet a community desire." More>>

ALSO:

Leaving Contract Early: KiwiBuild Programme Losing Another Top Boss

Ms O'Sullivan began a six-month contract as head of KiwiBuild Commercial in February, but the Housing Ministry has confirmed she has resigned and will depart a month early to take up a new job. More>>

ALSO:

Proposed National Policy Statement: Helping Our Cities Grow Up And Out

“We need a new approach to planning that allows our cities to grow up, especially in city centres and around transport connections. We also have to allow cities to expand in a way that protects our special heritage areas, the natural environment and highly productive land." More>>

ALSO:

Ombudsman's Report: Ngāpuhi Elder 'Shocked' By Conditions At Ngawha Prison

A prominent Ngāpuhi elder is shocked to find inmates at Ngawha Prison are denied water and forced to relieve themselves in the exercise yard... Chief Ombudsman Peter Boshier has released a report highly critical of conditions at the Northland prison. More>>

ALSO:

Promises: Independent Election Policy Costing Unit A Step Closer

The creation of an entity to provide political parties with independent and non-partisan policy costings is a step closer today, according to Finance Minister Grant Robertson and Associate Finance Minister James Shaw. More>>

ALSO:

School's In: Primary And Intermediate Principals Accept New Offer

Primary and intermediate school principals have voted to accept a new settlement from the Ministry of Education, which includes entrenched pay parity with secondary principals. More>>

ALSO:

IPCA On 'Rawshark' Investigation: Multiple Police Failings In Hager Searches Confirmed

The Independent Police Conduct Authority has found that the Police's unlawful search of Nicky Hager's property in October 2014 resulted from an unwitting neglect of duty and did not amount to misconduct by any individual officer... More>>

ALSO:

Broadcasting Standards: Decisions On Coverage Of Mosque Attacks

The Authority upheld one of these complaints, finding that the use of extensive excerpts from the alleged attacker’s livestream video on Sky News New Zealand had the potential to cause significant distress to audiences in New Zealand, and particularly to the family and friends of victims, and the wider Muslim community. More>>

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels