John Bongard flags November departure from Meridian board

John Bongard flags November departure from Meridian board

By Suze Metherell

May 28 (BusinessDesk) - John Bongard will resign as a director of Meridian Energy, the government controlled energy generator and retailer, after four years on the board.

Bongard will leave the board in November, having joined it in May 2011, the Wellington-based energy company said in a statement. Previously head of Fisher & Paykel Appliances, Bongard is leaving to further his involvement in community-based interests including The Rising Foundation, Netball New Zealand and other South Auckland-based organisations, Meridian said.

The partially privatised energy company listed on the NZX in October 2013, with the shares offered in a two-payment instalment receipts process to sweeten the offer for small investors, with $1 upfront and full dividend entitlements, and the remaining 50 cents coming due this month. Earlier this month Meridian said 98 percent of investors had taken up the offer to make the second payment.

In February, Meridian said it planned to return $625 million to shareholders over the next five years, subject to business remaining largely the same, including the Tiwai Point smelter owners not terminating their contract.

The company reported a 21 percent increase in first-half earnings before interest, tax, depreciation, amortisation and fair value adjustments to $324.3 million, and flat profit of $117.1 million. Revenue rose 22 percent to $1.33 billion.

Meridian shares fell 1.1 percent to $2.28.

(BusinessDesk)

© Scoop Media