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Appointments For POWERCO Capital Bond Issue

14th February 2002

Lead Manager And Co-Managers Appointed For POWERCO Capital Bond Issue

Chairman Barry Upson recently announced that Powerco intends to launch a $100M capital bond issue in the New Zealand market in the first half of this year subject to shareholder approval.

Following a recent selection process Powerco is pleased to announce that ABN Amro Rothschild/ABN Amro Craigs Limited have been appointed as Lead Manager Mr Upson said.

Co-Managers appointed for the issue will be ASB Securities Limited, Forsyth Barr Limited and Macquarie Equities New Zealand Limited.

The launch of these capital bonds follows Powerco's continued growth achievements over the past five years and will provide longer-term securities to replace a current short term bank facility Mr Upson stated.

Shareholders will be asked to approve the issue at a shareholders meeting planned for the first half of the year. Mr Upson stated that terms and conditions including pricing will be confirmed closer to the date of the issue.

Powerco is New Zealand's third largest electricity and gas distribution utility with around 205,000 consumers connected to networks in Taranaki, Wanganui, Manawatu, Wairarapa and Wellington. The company shareholder numbers have increased to more than 16700 and there are almost 11,300 existing bondholders.


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