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Trust again to pay out dividend

Draft Media Release
Kaikohe, Tuesday 24 November 2009

Trust again to pay out dividend

The Top Energy Consumer Trust is again to pay out a dividend to Far North power consumers.

Most qualifying power consumers will get $200 (large commercial or industrial consumers will receive $500) as their share of the $5 million dividend paid by Top Energy to the Trust, from its profits for the year ended 31 March 2009.

Qualifying power consumers were connected to Top Energy’s network as at 1 November 2009 and must have contributed more than $200 (GST exclusive) in line charges via their power accounts, for the year ended 31 March 2009.

The requirement to contribute at least $200 before being entitled to a dividend has been carried over from the previous year. The Trustees have, however, listened to the objections and points made by those who did not receive a payment last year and have agreed that those permanent residential consumers who paid less than the required $200 will be encouraged to apply for consideration for a partial payment, which will not exceed the amount they have paid (GST exclusive).

According to Robin Shepherd, Top Energy Consumer Trust Chairman, this review of the entitlement to a payment has been made following a number of complaints received over the last year. “When we introduced the new entitlement rules last year, our understanding was that power consumers with a very low power consumption connection point would most likely have other connections for which they would receive a payment. However, following the distribution, we became aware a number of permanent residents were perhaps disadvantaged because they had maintained minimal power consumption during the year. The Trust is now prepared to consider an approach from these residents. Once these people can show that the supply is to their main residence, they will be paid the appropriate amount, Shepherd said.

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


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