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AECT Welcomes Company's Purchase of Stake in NGC - 11 October 2004 |
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Owner of Vector, the Auckland Energy Consumer Trust (AECT), has welcomed the company’s announcement today that it has reached agreement to purchase the Australian Gas Light Company’s (AGL) 66.05% stake in NGC.
Chairman Warren Kyd said that the purchase is a culmination of a lengthy process in which Trustees, AECT staff and professional advisers have all worked together vigorously. The Trustees see the acquisition as a natural growth strategy for Vector which will enable it to further its role as a major player in the New Zealand energy industry.
“Importantly for New Zealand it will bring another valuable energy asset back under local ownership.”
Mr Kyd said that the AECT will give every assistance to the company to ensure that the acquisition is completed on time. Mr Kyd said that the acquisition will allow the income beneficiaries, the power consumers of Auckland, to receive increased dividends over time and value will be added to the company’s balance sheet.
The acquisition represents a great opportunity for the company and it also presents a great challenge to the board and management.
“The AECT wishes the company well and looks forward to a successful outcome."
Warren Kyd
Chairman
09 266 4668
11 October 2004
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