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Business as Usual on Powerco Sale Process
18 June 2004
Business as Usual on Powerco Sale Process
Today’s announcement from Powerco on the revision of its financial statements will have no impact on the sale process of the New Plymouth District Council’s 38.16 per cent shareholding.
Mayor Peter Tennent says: “The announcement is no surprise and will have no effect on the process. We have been aware of Powerco’s tax position since its merger with CentralPower in 2000.
“Furthermore, prospective buyers are also aware of this information, as it was contained in the information memorandum provided to all interested parties.”
Powerco’s revised financial statements will also have no effect on dividend payments to the council or any other shareholders, says Mayor Tennent.
“It’s business as usual – we will continue with the sale process and look forward to the receipt of indicative bids on Wednesday, 23 June.”
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