|
The Auckland Energy Consumer Trust (AECT) has had independent advice that the market value of its stake in infrastructure company Vector has increased from $1.3 billion in 2002 to $2.3 billion.
The AECT holds the majority 75.1 percent shareholding in Vector which is the largest multi-network infrastructure and associated services company in New Zealand. Mr Warren Kyd, chairman of the AECT, says the increase in value follows Vector’s acquisitions in UnitedNetworks and NGC in recent years.
“There has been a $1.0 billion increase in the value of the AECT’s holding in Vector, with those major acquisitions delivering substantial increased value, from both a capital value and profitability perspective,” said Mr Kyd.
Other findings from the independent review show that, in the period since 2001 and to the forecast year 2006, the value of the AECT’s shares in Vector have increased by 17 percent per annum. Total shareholder return over this time is calculated at nearly 21 percent per annum.
“Clearly, the decision to proceed with the acquisition of NGC and the subsequent offering of shares in the company is creating significant value for the Trust and its beneficiaries,” said Mr Kyd.
Mr Kyd is to make these comments and provide a review of the AECT’s activities over the past year at a meeting of AECT beneficiaries tonight, Wednesday 2 November, commencing 7.00pm at the Ellerslie Event Centre.
“This has been an exceptional year for the Trust and I am pleased that the Trust continues to deliver positive results to our beneficiaries,” said Mr Kyd.
ends.
Contact details:
Mr Warren Kyd
0274 462489 |
