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Powerco / Unl Integration Delivers Results

Powerco / Unl Integration Delivers Results

Powerco’s purchase of UNL assets, and the equity raising process that has accompanied it, has given the company the size and the liquidity to allow it to enter the New Zealand Stock Exchange’s top forty listed companies.

Powerco will be included in the NZSE40 from December 2, 2002.

Powerco Chief Executive, Steven Boulton, said the ranking was a reflection of Powerco’s recent progress and performance, and the success of its acquisition strategies.

Mr Boulton said Powerco’s focus over the coming months would be on bedding in the integration of assets from the UNL purchase.

“With the settlement activities complete, integration is on target.

“We’re working through rationalisation of business processes and systems, policies, assignment of contracts and so on. We’ll have the integration complete by 31 January 2003 – meaning that by that date, Powerco will be in control of all key systems and business processes.

“Doubling the size of the company also means we will need some 40 new staff members, for a mix of engineering, finance and account management positions, to be based in Wellington and New Plymouth. We are currently recruiting to fill these roles. All new employees should be on board before the end of the January”.

Mr Boulton noted that Standard & Poor’s had removed Powerco from CreditWatch, following the successful financial close of the acquisition of the UNL assets. Powerco was placed on CreditWatch on September 10 when the acquisition was announced.

Standard & Poor’s note that the ratings outlook for Powerco is stable, as the business position has strengthened in recent years through the expansion of its territory. Powerco now holds a BBB+ long term credit rating.

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