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

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