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

 

Auckland Energy Consumer Trust Welcomes VECTOR Win

Auckland Energy Consumer Trust Welcomes VECTOR Win

AUCKLAND, October 21, 2002 – The Auckland Energy Consumer Trust (AECT) said today it is delighted that VECTOR Limited, which it wholly owns, has been successful in its takeover offer for UnitedNetworks Limited (UNL).

“The beneficiaries of the Auckland Energy Consumer Trust can now look forward to gaining over time from this investment by VECTOR,” said Karen Sherry, chair of the AECT.

Her statement come after the announcement that VECTOR has secured more than 90 percent of UnitedNetworks shares, meaning it can now move to compulsorily acquire the remainder of the company.

The Trust has long seen UnitedNetworks as a natural partner for VECTOR and consumers in VECTOR’s traditional network area can expect payouts from enhanced dividends over time, as the financial advantages of the transaction flow through, Ms Sherry said.

“The Trust’s primary goal is to maintain and enhance the value of its assets on behalf of its beneficiaries, and VECTOR’s success with its offer for UnitedNetworks meets that objective,” Ms Sherry said.

She noted VECTOR’s existing customers are also assured that the company’s pricing policy and undergrounding programme will be maintained. Under a Deed signed between the Trust and VECTOR, the company is committed to these essential operating requirements.

“As owners of VECTOR, the Trust would like to congratulate the company on this successful offer,” Ms Sherry said.


ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Government: RSI ‘State Of The Nation’ Report Published
latest research, science and innovation system report card is now available, and outlines how the system is performing, Research, Science and Innovation Minister Megan Woods has announced. “The report seeks to increase transparency, act as a reliable data source and stimulate discussion... More>>




Fonterra: Increases 2021/22 Forecast Farmgate Milk Price

Fonterra Co-operative Group Limited today increased and narrowed its forecast Farmgate Milk Price range to NZD $7.90 - $8.90 per kgMS, from NZD $7.25 - $8.75 per kgMS. The midpoint of the range, which farmers are paid off, has increased to NZD $8.40 per kgMS, from NZD $8.00 per kgMS... More>>

Stats: Auckland’s Population Falls For The First Time
In the wake of the COVID-19 pandemic, New Zealand’s population growth slowed down with Auckland recording a population decline for the first time ever, Stats NZ said today. “New Zealand saw slowing population growth in all regions... More>>



Pamu & Westpac: Market-leading Sustainability-Linked Loan

Westpac NZ and Pāmu have signed New Zealand’s most comprehensive Sustainability-Linked Loan to date, also the largest in the agricultural sector, and the first involving a state-owned enterprise. Pāmu, also known as Landcorp, is New Zealand’s biggest farming business. It will borrow $85m from Westpac NZ over three years... More>>


Retail NZ: Some Good News In COVID Announcements, But Firm Dates Needed

Retail NZ is welcoming news that the Government is increasing financial support for businesses in light of the ongoing COVID-19 lockdown, and that retail will be able to open at all stages of the new “Covid Protection Framework... More>>

ComCom: Companies In Hot Water For Selling Unsafe Hot Water Bottles And Toys

A wholesaler and a retailer have been fined a total of $140,000 under the Fair Trading Act for selling hot water bottles and toys that did not comply with mandatory safety requirements. Paramount Merchandise Company Limited (Paramount) was fined $104,000 after pleading guilty in the Manukau District Court... More>>