Strong Global Interest in Council’s Powerco Shares

19 May 2004
N E W S R E L E A S E

Strong Global Interest in Council’s Powerco Shares

The availability of a large number of shares in energy distribution firm Powerco is generating considerable interest in the global marketplace.

At noon today (19 MAY), some 20 potential buyers from North America, Asia, Australia and New Zealand had expressed an interest in the shares.

New Plymouth Mayor Peter Tennent says the high level of interest “is hardly surprising given Powerco’s impressive track record and the substantial number of shares for sale”.

With the expressions of interest phase now complete, potential buyers have until mid-June to make indicative bids for NPDC’s 38.16% Powerco shareholding, as well as the 11.79% stake owned by Taranaki Electricity Trust (TET).

“Assuming those bids are attractive, we will then short-list a small number of parties to undertake due diligence, after which we will receive final bids,” says Mayor Tennent.

“If everything goes well, we will seek to lock in a purchase agreement by the end of July.”

Probity auditor appointed
NPDC has appointed prominent chartered accountant Roy Tiffin as probity auditor for the sale of the council’s shares, to ensure a due and proper process is developed and followed.

A separate probity auditor will be appointed for the sale of TET’s shares.

Mr Tiffin has exceptional experience in his field, with nearly 40 years of auditing in England, South Africa and New Zealand, and five years as director of Audit New Zealand where he was the auditor of several local authorities.

He is first vice-president of the Institute of Chartered Accountants of New Zealand, a Fellow of the Institute of Chartered Accountants in England and Wales and a Fellow of the Institute of Chartered Accountants of New Zealand.

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