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Trust to Retain Control of Vector - 3 November 2004 |
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MEDIA RELEASE
AECT confirms Trust to retain control of Vector and looks to higher dividends for beneficiaries.
Auckland Energy Consumer Trust Chairman, Mr Warren Kyd, has confirmed that the Trust will retain control of infrastructure company Vector once the company makes 24.9 percent of its shares available in a public offering.
“The Trust’s share will be 75.1 percent and the Trust will have control over all ordinary and special resolutions,” Mr Kyd told the audience at the Trust’s 2004 Annual Meeting held in Auckland on 3 November.
The public offering follows the Trust’s agreement for Vector to acquire Australian Gas and Light’s 66.05% shareholding in NGC.
“With this transaction, Vector becomes a significantly larger and a more diversified New Zealand energy business, and will also become a much more valuable asset for the Trust,” said Mr Kyd.
The Trust is expecting this to result in better dividends for its beneficiaries.
“We won’t know until the end of the current financial year what size the dividend will be. But we fully expect our beneficiaries will receive a considerably higher payout thanks to this transaction,” he said.
Commenting on the public offering of Vector shares, Mr Kyd said the Trust wants beneficiaries to have some form of priority access to the shares.
The details are still being finalised but Mr Kyd confirmed the public offering will take place in the next 12 months.
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