Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Russell McVeagh assists Trustpower with historical milestone

Russell McVeagh assists Trustpower with their historical milestone

2 November 2016

This week, the demerger of Trustpower became effective. This transaction, first announced to the market in December 2015, is a historical milestone for both Trustpower, and for renewable generation in Australasia. Russell McVeagh was involved in all aspects of the transaction.

As a result of the demerger, Trustpower (a NZX-listed company with a total asset base of approximately NZ$3.8 billion) has separated into two independent publically-listed entities: Tilt Renewables Limited, which now holds Trustpower's Australian and New Zealand wind assets, as well as its wind and solar development projects; and 'new' Trustpower (formerly Bay Energy Ltd), which continues to operate Trustpower's hydro-electricity generation assets and Trustpower's multi-product retail business, which involves the supply of electricity, gas and telecommunications services.

The demerger was effected by way of a 'scheme of arrangement', and required shareholder and Court approval. Shareholders approved the demerger on 9 September 2016, and the Court granted final approval on 19 October 2016.

The implementation of the demerger was not without its challenges. As far as the firm is aware, this is the first major demerger in New Zealand given effect by way of a scheme of arrangement since the demerger of Telecom and Chorus in 2011 (Russell McVeagh acted for Telecom in that transaction).

Joe Windmeyer, Partner in Auckland's Corporate Advisory Group says, "We are pleased to have been part of the successful creation of two new companies to enhance shareholder opportunities and to reflect and support strategic goals across both businesses".

Russell McVeagh congratulates Management and the Boards of Tilt Renewables and 'new' Trustpower on this achievement.


ends



© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Reference Group Proposal: Motorists, MTI Support Ban On Less Safe Car Imports

A proposal to ban some used car models from being imported into New Zealand is being welcomed by the Motor Industry Association, which says Japan's scraps are being sent here for waste disposal. More>>

ALSO:

Gordon Campbell: On Asking The Banks To Be Nicer To Farmers

Few would begrudge the idea that banks should be made to act more humanely – given the obscene profits that the Aussie banks are extracting annually from New Zealand, they can surely afford to cut some slack. More>>

ALSO:

Wider Net Ban, Other Threats: Plan To Expand Protection For Maui And Hector’s Dolphins

The Government is taking action to expand and strengthen the protection for Māui and Hector’s dolphins with an updated plan to deal with threats to these native marine mammals. More>>

ALSO:

Fish & Game Support: Canterbury Officer Of Health Warns On Nitrates In Water

"Nitrate testing of 114 drinking water samples from across the Canterbury plains showed that more than half of them were above the level considered safe in the world's largest ever study on the impacts of nitrates in drinking water." More>>

ALSO: