Share Sale Now Possible
September 4, 2002

Three councils now have the option of selling their 16.2 million shares in UnitedNetworks Ltd (UNL) as part of the possible sale of the utility company's shares or assets.

North Shore City, Waitakere City and Rodney District Councils share a combined 10.7 per cent stake in UNL. Currently these shares are held through the Waitemata Electricity Trust which is administered on the communities' behalf by the UnitedNetworks Shareholders' Society as the trustee.

The councils, together with the trustee and UNL, have signed a "deed of variation" which amends the trust deed. This ensures they have the flexibility to consider all options regarding their ratepayers' investment in the company.

Speaking on behalf of the three councils, North Shore City Mayor George Wood says they are now in a better position. "This avoids the threat that our shares become devalued in the event that we're left as a minority shareholder in UNL following a takeover of the company or a sale of all its assets," he says.

(ends)

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