Dividend Announced - 10 September 2004 Print

Auckland Energy Consumer Trust (AECT) beneficiaries will receive a bumper dividend this year of $170 per household, the equivalent of 4-5 months free residential line charges.


Trust chairman Warren Kyd says the increase of over 9% on last year’s dividend payment reflects the success of Vector’s merger with United Networks and its transformation into a high performing multi-network infrastructure company.

“We are confident Vector will continue to unlock value from its businesses which will in turn benefit AECT beneficiaries”, he said.

The AECT is 100% shareholder of Vector which recently announced a net profit of $57.8 million.

The dividend payment will appear on beneficiaries (Vector electricity customers in Auckland City, Manukau City and parts of the Papakura District) power accounts from mid September through to mid October – depending on the households energy retailer’s billing cycle.

The AECT was created in 1993 and with more than 286,000 consumer beneficiaries, is the largest consumer trust in New Zealand.

For further information please contact: www.aect.co.nz