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Ngai Tahu withdraw from Ruataniwha Water Storage Scheme

Media Release

19 May 2014

Ngai Tahu withdraw from Ruataniwha Water Storage Scheme

A potential investor in Hawke’s Bay’s Ruataniwha Water Storage Scheme has today withdrawn from the Memorandum of Understanding signed in September 2013.

Ngai Tahu Holdings Corporation Limited (NTHC) today released a media statement withdrawing its intention as a potential investor in the scheme.

According to HBRIC Chief Executive Andrew Newman, NTHC’s withdrawal is tied to TrustPower’s earlier withdrawal from their stake in the MOU.

“Ngai Tahu have been looking for a partner with infrastructure expertise as well as an entity already operating in the South Island. TrustPower brought both of those qualities to the table and Ngai Tahu were depending on an investor partner to meet those needs,” said Andrew Newman.

While withdrawing from the MOU, NTHC have also signalled that they are open to dialogue with HBRIC should those conditions again be met.

HBRIC continues to focus on gaining workable resource consents through the Environmental Protection Authority’s Board of Inquiry, and the signing of Water User Agreements with farmers.

“If both of these ‘conditions precedent’ are met, we are confident of raising the capital we will need,” added Mr Newman.

Conversations continue with other potential investors.

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