Media Release
Kerikeri, Thursday 10 March 2011

Trust to retain Top Energy shares

The Trustees of the Top Energy Consumer Trust held a public meeting on 8 March 2011 to complete the review of its shareholding in Top Energy Limited. After careful consideration, the Trustees have determined:

‘The Trust shall continue to hold the shares in Top Energy Limited, under the terms of the Trust’s Deed’.

The Trust has held the shares, on behalf of Far North power consumers connected to Top Energy’s lines network, since 1992. Under the Trust’s Deed, Trustees are required to consult at least every five years with power consumers, through a formal review process - to see if they want the Trust to continue holding the shares.

The review process commenced in October 2010 and included reports from Top Energy Group Directors and the Trustees, along with written and verbal submissions received from the public.

864 people responded to the Trust’s invitation to submit their views on the question of who should own the shares in the Company. Of these respondents, just over 91% supported continued Trust ownership. Other ownership options canvassed included issuing shares to power consumers, either with or without the ability to on-sell them. Fewer than 1 in 10 respondents supported either of these options.

Said Chairman of Trustees, Robin Shepherd, “The Trust has conducted Top Energy Ownership Reviews in 2000, 2005 and again in 2010. In all of these reviews, Trust ownership has continued to be supported by the vast majority of submissions received. In addition we’re thrilled that many submissions included supportive comments and encouragement on the Company’s performance. There were also a number of comments made that did not directly relate to the Ownership Review and several which raised issues or questions in relation to Top Energy’s operations. The Trust has passed those on to the Company for its consideration and response, where appropriate.

The Trust advises that its determination shall continue in effect for a further 5-year period, or until some earlier circumstances arise which Trustees believe warrants them undertaking a full review and public consultation procedure. END.

ENDS

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