Friday, 1 December 2006, 11:09 am Press Release: North Power
PRESS RELEASE
Post Tongan Riot – Northpower’s
Position
Whangarei electricity company Northpower
Limited today announced that the provisional sale and
purchase agreement for the assets of the Tongan Electricity
Business would not proceed as originally planned.
The
company has been actively involved in the sale process since
June of this year.
Chairman Warren Moyes said that the
process had been structured in a way which required several
conditions to be satisfied prior to settlement, including
the completion of legislative changes via the final Tongan
session of Parliament for 2006.
“Northpower has been
100% aware of the challenges of a transaction such as this
and has worked with many groups to structure the deal to
mitigate as much risk as possible” he said.
However recent events meant the transaction as
originally planned was not now an option for the company.
This plan would have seen Northpower purchasing the
electricity distribution and generation assets across the
four main islands of Tongatapu, Vava’u, Ha’apai and
Eua.
Despite the recent unrest, Northpower was keen to
maintain its links with the country Moyes said.
“Now
more than ever Tonga needs to know that these historical
relationships have substance and there may well be a role
for Northpower in the future delivery of electricity to the
Tongan consumers”, he said.
The Tongan network services
some 20,000 homes across 1200kms of network on the four main
islands.
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