Trust refines dividend entitlement for 08 pay-out

Media Release
Kaikohe, Friday 24 October 2008

Trust refines dividend entitlement for 2008 pay-out

The Top Energy Consumer Trust will again be paying a dividend to Far North power consumers.

The payment, of $200 for most households, is their share of the $5 million dividend paid by Top Energy to the Trust, from its profits for the year ended 31 March 2008.

To be entitled to a share, power consumers will have been connected to Top Energy’s lines network on 26 October 2008 and have contributed a minimum of $200 in annual line charges to the company, via their power account, during the year ended 31 March 2008. The need for a consumer to have paid at least $200 during the year is a new requirement from previous years.

The amount individual households will receive this year is in line with Trust payments in previous years.

Commenting on why the Trust has slightly changed its entitlement procedures to include a minimum line charge contribution, Top Energy Consumer Trust Chairman, Robin Shepherd said, “Top Energy has invested over $70m in our Ngawha Power Station expansion and on strengthening and maintaining our lines network. So we need to make sure we sensibly and responsibly manage our available funds. It is only fair that a power consumer should contribute at least $200 revenue to Top Energy before receiving a dividend in return”. Where a consumer has a connection point with very low power consumption they will, in most cases, have other connections for which they will receive the usual dividend”, Shepherd added.

Dividend cheques will be mailed to consumers shortly before Christmas, as is usual for the Trust’s annual dividend pay-out.

ENDS

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