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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Commerce Commission: Latest Broadband Report Confirms Improved Performance Of Premium Fibre Plans

The latest report from the Commerce Commission’s Measuring Broadband New Zealand programme shows that the performance of Fibre Max plans has improved substantially. This follows a collaboration between the Commission, its independent testing partner, ... More>>

Air New Zealand: Capital Raise Deferred

Air New Zealand has decided to defer its planned capital raise to later in 2021 allowing more time to assess the impacts of recent developments on the airline’s path to recovery. 'We’ve seen some clearing of COVID-19 clouds recently, with ... More>>

Commerce Commission: Cartel Conduct Now Punishable By Up To 7 Years’ Jail Time

Cartel conduct can now be punished with a term of imprisonment of up to 7 years, after the Commerce (Criminalisation of Cartels) Amendment Act 2019 came into effect today. Cartel conduct includes price fixing, market allocation and bid rigging (see ... More>>

Stats NZ: Auckland Population May Hit 2 Million In Early 2030s

Auckland’s population may rise from about 1.7 million currently to 2 million by early next decade, Stats NZ said today. “Auckland will likely have the highest average annual growth of New Zealand’s 16 regions over the next 30 years, from ... More>>

Stats NZ: March Card Spending Rebounds Despite COVID

There was a lift in retail card spending in March following a fall in the lockdown-disrupted February month, Stats NZ said today. Seasonally adjusted retail card spending rose by $53 million (0.9 percent), compared with February 2021. Visit our website to read ... More>>

PwC: Outcome Of Review Into Air New Zealand Gas Turbines Business

Air New Zealand has received the report into its Gas Turbines business from independent external advisers PwC. Air New Zealand Chairman Dame Therese Walsh says the report identified a range of effective controls in the Gas Turbines revenue contracting ... More>>

LPG Association: Renewable LPG Achieves Emissions Budgets With No Need To Ban New LPG Connections

Renewable LPG can supply New Zealand’s LPG needs and achieve the emissions reductions proposed by the Climate Commission without the need to ban new connections, a new study shows. The investigation, by leading consultancy Worley, was prepared for the ... More>>