Wednesday, 4 September 2002, 3:03 pm Press Release: North Shore City
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.
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