DOCSLIB.ORG

Annual Report 2008 Connecting

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

Annual Report 2008 Connecting with People TrustPower Limited Annual Report 2008 Directory Board of Directors Bruce J Harker - Chairman Sir Ronald P Carter Michael J Cooney I Sam Knowles HR Lloyd Morrison Geoffrey JC Swier Registered Offi ce TrustPower Building Truman Road This year we are putting the focus on TrustPower Te Maunga Mount Maunganui people – our customers, our employees, and the Website www.trustpower.co.nz people who we recognise every year for their Email Address [email protected] outstanding contribution to our communities. Postal Address Private Bag 12023 Tauranga We take a look at the way each and every one Telephone: 07 574 4800 Facsimile: 07 574 4825 of these people contribute to our business and Auditors PricewaterhouseCoopers 188 Quay Street together we look forward to a powerful future. Auckland Share Registrar Computershare Investor Services Limited Contents 159 Hurstmere Road Takapuna Highlights 2008 01 Private Bag 92119 Strategic Focus 2009 01 Auckland Telephone: 09 488 8700 TrustPower Profi le 02 Facsimile: 09 488 8787 Top Companies for Leaders 03 Shareholders with enquiries about transactions, change of address or dividend payments should contact the Share Registrar. Directors’ Report 04 Kinect Telecommunications 08 Stock Exchange Listing Chief Executive’s Report 09 New Zealand Exchange Limited Level 2 NZX Centre Community Awards 12 11 Cable Street Board of Directors and Management Team 14 Wellington Carbon Credits 15 Sustainability Outlook 16 Financial Calendar Becoming Carbon Neutral 19 Environmental Performance 20 Annual Meeting 31 July 2008 Our Customers 22 First quarter operating information 31 July 2008 Our People 24 Payment September bond interest 15 September 2008 Half year announcement 30 October 2008 Sustainable Economic Performance 26 Record date interim dividend 28 November 2008 Corporate Governance Statement 28 Payment December bond interest 15 December 2008 Payment interim dividend 15 December 2008 Financial Statements 2008 31 Third quarter operating information 29 January 2009 Auditors’ Report 32 Payment of March bond interest 13 March 2009 Statutory Information 62 Full year announcement 14 May 2009 Record date of fi nal dividend 29 May 2009 Security Holder Information 66 Payment of fi nal dividend 5 June 2009 About this Report 69 Payment of June bond interest 15 June 2009 Annual report due 30 June 2009 Sustainability GRI Index 70 Directory 73 Otanewainuki Kiwi Trust photographs on page 12 by Connecting with People Annual Report 2008 73 Moana Bianchin Photography. Highlights 2008 TrustPower recognised internationally as one Earnings before interest, tax, of two country level depreciation, amortisation winners for Australia and New Zealand in and fair value movements of the Top Companies for fi nancial instruments grew Leaders 2007 Survey undertaken by Hewitt 6 per cent to $208 million. Associates, the RBL Sale of 528,000 Kyoto compliant carbon credits to Group, and Fortune Electrabel of Belgium and Kansai Electric Power Magazine. Company of Japan. Strategic Focus 2009 Protect and grow TrustPower’s premium Complete construction of retail brand. Snowtown Wind Farm Development of Australian business Stage I on budget and strategy. ahead of schedule. Complete successful resource consenting Optimise sale of unsold outcomes for the Wairau and Arnold hydro Kyoto Credits. projects and Lake Mahinerangi and Kaiwera Downs wind projects. TrustPower Annual Report 2008 01 TrustPower is a national based electricity generator and retailer he Company owns 594 MW of TRUSTPOWER GENERATION ASSETS hydro and wind generation 1 Kaimai 12 Arnold producing around 2,320 GWh per 2 Matahina 13 Kumara/Dillmans/ T 3 Wheao/Flaxy Duffers annum in an average year. In the last twelve months the Company 4 Hinemaiaia 14 Kaniere Forks/ 5 Mangorei McKays Creek has completed the construction and ( 6 Motukawa 15 Coleridge + commissioning of a 93 MW expansion of the 7 Patea 16 Highbank ) ( * , ) Tararua wind farm and the construction and 8 Tararua Wind Farm 17 Montalto * 9 Cobb 18 Wahapo commissioning of a 6 MW hydro enhancement , + - / 10 Waihopai 19 Paerau/Patearoa - . known as Deep Stream at Waipori in Otago. 11 Argyle/Wairau 20 Waipori/Deep Stream 0 TrustPower is currently constructing (' a 98MW wind farm in South Australia. / RETAIL CUSTOMERS 0 (, (( The Company has around 222,000 1 Counties 12 Marlborough (*(+ () (- (( (' electricity customers and provides 26,000 2 Waipa 13 Tasman () telecommunications services to around 3 Central Waikato 14 Nelson (* (+ 22,000 customers. 4 Southern Thames 15 Buller Valley 16 West Coast (, TrustPower has 390 employees working (/ (. 5 Tauranga/Rotorua/ 17 Christchurch (/ (- (. in a number of locations throughout Taupo 18 Ashburton New Zealand and an employee based in 6 Wairoa 19 Oamaru (0 )' )( Adelaide. The Company’s head offi ce is 7 Hawkes Bay 20 Central Otago (0 based in Tauranga. 8 New Plymouth 21 Otago )) 9 Wanganui 22 Dunedin )' )* 10 Manawatu 23 Invercargill/Gore 11 Wellington The Company’s vision is to be the leading renewable energy company in Australasia. PRTRUSTPOWER HAS AI CORE GROUP OF VALUES IDE WHICH WE REFER TO AS Passion Respect Integrity Innovation Delivery Empower for customer for all in everything as a cornerstone with attitude. our people to make service. stakeholders. we do and say. of product decisions and be and business accountable. development. 02 Connecting with People TrustPower was named in the exclusive group of country winners and was the only New Zealand company to make the winners’ list. TTopop CCompaniesompanies aders In 2007 Hewitt Associates, The RBL Country level winners eachfo forr Le for Leaders Group and FORTUNE magazine Australia and New Zealand. undertook Top Companies for Leaders, Representatives from Hewitt the world’s most comprehensive Associates visited TrustPower, global leadership study. the only New Zealand fi nalist, The study examined how conducting a series of interviews organisations choose and develop and collecting evidence to confi rm leaders, and sought to validate the leadership practices. correlation between leadership The study confi rmed that by having practices and fi nancial results. the right leadership practices and Initially, global research identifi ed processes in place, maintaining a a group of more than 530 companies strict focus on critical talent at all throughout the world, which levels, and having a continuous shared key attributes in their desire to improve, Top Companies approach to leadership that set cultivate and nurture their talent, them apart from others. earn a reputation for doing it well, Hewitt Associates then assembled and improve their performance. a diverse judging panel of six In October 2007, TrustPower was distinguished experts, named in the exclusive group of acknowledged internationally as country winners. While two leaders in the areas of leadership Australian companies were and business, to further assess recognised, TrustPower was the those companies. Judging criteria only New Zealand Company to make included leadership practices, the winners’ list. company reputation, leadership It was extraordinary for TrustPower culture and values, corporate to receive acknowledgement in social responsibility and business such a signifi cant survey performance. encompassing world-class The judges sought to identify organisations, and the entire twenty Global winners, ten Asia TrustPower team are justifi ably Pacifi c Regional winners, and two proud of this achievement. TrustPower Annual Report 2008 03 Directors’ Report Bruce Harker BE(Hons), PhD (Elec. Eng), MIPENZ Chairman contribution from telecommunication Operating expenses including energy services. Total electricity volume sold was and line costs increased 10 per cent on the 4,540 GWh compared with 4,575 GWh in previous year, primarily driven by higher the year to 31 March 2007. Customer wholesale electricity costs. High frequency numbers increased to 222,000 at 2008 keeping costs in the North Island due to low year end from 219,000 a year earlier. availability of North Island hydro generation The New Zealand electricity supply in the last quarter of the fi nancial environment has been characterised by year together with higher generation lake storage levels and infl ows that have production costs have also contributed to been below average for much of the 2008 increased operating expenses. fi nancial year. However, spot electricity Net profi t after tax, return on average prices in the fi rst nine months remained shareholders’ funds, was 7.9 per cent (last below average but increased signifi cantly year 8.6 per cent). in the fi nal quarter. Group operating cash fl ow was Generation production of 2,018 GWh for $161.0 million for the 2008 fi nancial year the year was up 4 per cent on the previous versus $161.2 million in the previous year. year but around 270 GWh down on long Taking into account the signifi cant term average. Hydro production was shortfall in production from the Company’s down 220 GWh or 13 per cent on long term own generation assets and high wholesale average. North Island hydro production prices for the fi nal quarter of the fi nancial FINANCIAL PERFORMANCE accounted for around 185 GWh of this year, the result was satisfactory and again TrustPower’s consolidated operating shortfall as a result of record low infl ows demonstrates that the Company’s trading surplus after tax was $98.1 million for the into a number of catchments. Wind and risk management practices are sound. year ended 31 March 2008, compared with production was up 272 GWh on the FINANCIAL POSITION $102.4 million, as restated for International previous year due to nearly a full year’s TrustPower’s balance sheet as at Financial Reporting Standards (“IFRS”) contribution from Stage III of the Tararua 31 March 2008 remains in good shape. adjustments, for the same period last year. Wind Farm which was commissioned in Shareholders’ funds have increased to Earnings before interest, tax, depreciation, July 2007. However, wind production was $1,257 million from $1,217 million. amortisation and fair value movements also down 50 GWh (8 per cent) on long term Included in accounts payable and on fi nancial instruments (“EBITDAF”) average.
Recommended publications
  • Download PDF

    Download PDF

    Table of Contents Executive summary ............................................................................................... 2 What Auckland consumers have to say about electricity retail issues ........................... 3 The EAP has not fully met the requirements of the terms of reference ......................... 4 The big-5 incumbent retailers are to blame for residential price increases .................... 5 Sweet-heart deals with Tiwai Smelter are keeping prices artificially high ...................... 6 Stronger wholesale and retail competition needed to make electricity more affordable ... 8 Saves & Winbacks is making the two-tier retail market problem worse ...................... 11 Late payment penalties disadvantage vulnerable Kiwis unable to pay on time ............. 14 Prepayment arrangements exploit vulnerable consumers ......................................... 18 There are questions about compliance with the Vulnerable Consumer Guidelines and the objectives of the Guidelines .................................................................................. 19 Concluding remarks and recommendations ............................................................. 20 Appendix 1: Price increases over the last 18-years largely driven by retail (energy) .... 22 Appendix 2: Manipulation of pricing data can make it look like lines are to blame ........ 27 Appendix 3: The electricity retail and generation markets are highly “concentrated” .... 30 Appendix 4: Retail competition improvements driven by the last inquiry reforms
  • New Zealand Broadband: Free TV's and Fridges - the Consumer Wins but Is It Sustainable?

    New Zealand Broadband: Free TV's and Fridges - the Consumer Wins but Is It Sustainable?

    MARKET PERSPECTIVE New Zealand Broadband: Free TV's and Fridges - The Consumer Wins but is it Sustainable? Peter Wise Shane Minogue Monica Collier Jefferson King Sponsored by Spark New Zealand Limited IDC OPINION The New Zealand telecommunications market is shifting; from a focus around better and faster connectivity, to service innovations and value. Consumers are enjoying better internet connectivity and a raft of competitive offers from more than 90 retailers. Retailers, however, are feeling the pinch of decreasing margins. Questions are starting to arise about the sustainability of such a competitive retail marketplace. Total telecommunications market revenues increased by 1.1% from NZ$5.361 billion in the year to December 2016 to NZ$5.421 billion in the year to December 2017. IDC forecasts that this growth will continue in future years with a Compound Annual Growth Rate (CAGR) of 1.4% to 2021. However, this growth disguises the true story of a market that is displaying extreme price pressure and competition in both fixed and mobile. Overall, ARPUs are either flat or declining in both broadband and mobile and in the broadband space Retail Service Providers (RSPs) continue to compete away any chance of strong, sustainable ARPU growth. New Zealand telecommunication's structural separation and national broadband plan have created new constructs and market dynamics. The UFB initiative has commoditised fibre in New Zealand. Consumer fibre plan prices have plummeted from averaging over NZ$200 per month in 2013 to around NZ$85 per month as at February 2018. Fibre is available to more than a million homes and premises, and over a third have made the switch.
  • The Climate Risk of New Zealand Equities

    The Climate Risk of New Zealand Equities

    The Climate Risk of New Zealand Equities Hamish Kennett Ivan Diaz-Rainey Pallab Biswas Introduction/Overview ØExamine the Climate Risk exposure of New Zealand Equities, specifically NZX50 companies ØMeasuring company Transition Risk through collating firm emission data ØCompany Survey and Emission Descriptives ØPredicting Emission Disclosure ØHypothetical Carbon Liabilities 2 Measuring Transition Risk ØTransition Risk through collating firm emissions ØAimed to collate emissions for all the constituents of the NZX50. ØUnique as our dataset consists of Scope 1, Scope 2, and Scope 3 emissions, ESG scores and Emission Intensities for each firm. ØCarbon Disclosure Project (CDP) reports, Thomson Reuters Asset4, Annual reports, Sustainability reports and Certified Emissions Measurement and Reduction Scheme (CEMAR) reports. Ø86% of the market capitilisation of the NZX50. 9 ØScope 1: Classified as direct GHG emissions from sources that are owned or controlled by the company. ØScope 2: Classified as indirect emissions occurring from the generation of purchased electricity. ØScope 3: Classified as other indirect GHG emissions occurring from the activities of the company, but not from sources owned or controlled by the company. (-./01 23-./014) Ø Emission Intensity = 6789 :1;1<=1 4 Company Survey Responses Did not Email No Response to Email Responded to Email Response Company Company Company Air New Zealand Ltd. The a2 Milk Company Ltd. Arvida Group Ltd. Do not report ANZ Group Ltd. EBOS Ltd. Heartland Group Holdings Ltd. Do not report Argosy Property Ltd. Goodman Property Ltd. Metro Performance Glass Ltd. Do not report Chorus Ltd. Infratil Ltd. Pushpay Holdings Ltd. Do not report Contact Energy Ltd. Investore Property Ltd.
  • FNZ Basket 14102010

    FNZ Basket 14102010

    14-Oct-10 smartFONZ Basket Composition Composition of a basket of securities and cash equivalent to 200,000 NZX 50 Portfolio Index Fund units effective from 14 October 2010 The new basket composition applies to applications and withdrawals. Cash Portion: $ 1,902.98 Code Security description Shares ABA Abano Healthcare Group Limited 88 AIA Auckland International Airport Limited Ordinary Shares 6,725 AIR Air New Zealand Limited (NS) Ordinary Shares 2,784 AMP AMP Limited Ordinary Shares 432 ANZ Australia and New Zealand Banking Group Limited Ord Shares 212 APN APN News & Media Limited Ordinary Shares 1,759 APT AMP NZ Office Trust Ordinary Units 8,453 ARG Argosy Property Trust Ordinary Units 4,344 CAV Cavalier Corporation Limited Ordinary Shares 482 CEN Contact Energy Limited Ordinary Shares 1,508 EBO Ebos Group Limited Ordinary Shares 537 FBU Fletcher Building Limited Ordinary Shares 1,671 FPA Fisher & Paykel Appliances Holdings Limited Ordinary Shares 6,128 FPH Fisher & Paykel Healthcare Corporation Limited Ord Shares 3,106 FRE Freightways Limited Ordinary Shares 1,625 GFF Goodman Fielder Limited Ordinary Shares 3,990 GMT Macquarie Goodman Property Trust Ordinary Units 8,004 GPG Guinness Peat Group Plc Ordinary Shares 15,588 HLG Hallenstein Glasson Holdings Limited Ordinary Shares 430 IFT Infratil Limited Ordinary Shares 6,363 KIP Kiwi Income Property Trust Ordinary Units 10,287 KMD Kathmandu Holdings Limited Ordinary Shares 690 MFT Mainfreight Limited Ordinary Shares 853 MHI Michael Hill International Limited Ordinary Shares 1,433 NPX
  • Chris Liddell

    Chris Liddell

    CHRIS LIDDELL “We tend to overestimate the short term impact of trends and underestimate the long term impact. In the long term it is clear that environmental issues will be a significant threat to both global growth and human wellbeing. They will also however be an opportunity for some countries to take, and benefit from, a leadership position. New Zealand could be, and should be, one of those countries.” Chris was recently Vice Chairman and CFO of General Motors. Previously he was CFO of Microsoft, CFO of International Paper and CEO of Carter Holt Harvey. He was also the former Chairman of Project Crimson, a Director of the New Zealand Rugby Union and a trustee of the New Zealand Sports Foundation. He is currently involved in a number of philanthropic projects in New Zealand, is a Trustee of the New Zealand Institute, a Patron of the University of Auckland fundraising campaign and a Director of IMG, the leading sports management company in the world. GEOFF ROSS “I am involved in Pure Advantage, because I believe it is what will give this country a competitive advantage. As the world looks for greener - food, beverage, tourism, energy, technology, fashion, etc, business opportunities will emerge. With a Pure Advantage and some haste, we can grab these opportunities. Creating wealth for all New Zealanders.” Geoff was the founder and CEO of 42 Below Limited which was a listed company for three years prior to its sale to Bacardi in late 2006. Prior to 42 Below, he was a Managing Partner and Board Member of DDB Advertising for two years and was a Client Service Director and Management Team Member for Saatchi & Saatchi in Wellington for eight years.
  • Infratil Monthly Operational Report Introduction Trustpower

    Infratil Monthly Operational Report Introduction Trustpower

    Infratil on Facebook Email not displaying correctly? View it in your browser Infratil Monthly Operational Report 1 July 2011 Introduction Infratil's 2011 Annual Report was released and is available here. The Report provides a record of Infratil's performance over the year to 31 March 2011, its financial position as at 31 March 2011, the strategic factors which are guiding management and a summary of the performance, circumstance and prospects of Infratil's businesses. After almost a quarter of the financial year the main "take out" thus far is that Infratil is tracking to budget with the pluses and minuses roughly in balance. The 4.75cps final dividend was paid in June. 25% of shareholders holding 11% of the shares took advantage of the DRP and 1.4 million shares were issued at $1.87 each. After the DRP issue, Infratil has 604.2 million shares on issue. TrustPower A wet, warm winter has depressed wholesale electricity prices and coincidentally the Electricity Authority has initiated a $10.5 million campaign to encourage consumers to check their power bills to see if they can lower their costs. The Authority reported that approximately 6% of those who checked their bills subsequently initiated a change of retailer. The Authority is funded by a levy on electricity consumption. Over the last year about 30,000 accounts have switched company each month. Over this period TrustPower's customer gains and losses have been in balance with the overall outcome being gains by Pulse, Meridian and Genesis drawn from Contact and Mighty River Power. The temperate winter may be increasing supply and reducing demand (less electricity has been consumed to date in 2011 than for the same period in 2010) resulting in low wholesale prices, but the situation may be analogous to mortgage borrowers with floating rate loans.
  • Annual Report 2002 STOCK EXCHANGE for the YEAR ENDED 30 JUNE 2002

    Annual Report 2002 STOCK EXCHANGE for the YEAR ENDED 30 JUNE 2002

    NEW ZEALAND Annual Report 2002 STOCK EXCHANGE FOR THE YEAR ENDED 30 JUNE 2002 Brought to you by Global Reports Chairman’s Report 1 Chief Executive Officer’s Report 5 Financial Statements 8 Directory 16 Member Firms of the Exchange 17 NZSE services and prices 18 Ten year summary 20 The Board is committed to delivering an NZSE entity which encourages and grows New Zealand’s capital markets. We will continue to work with the Government for the betterment of the market. Demutualisation will mean that the NZSE is in a far better position to deliver value to New Zealand. Brought to you by Global Reports CHAIRMAN S REPORT Simon Allen, Chairman GLOBAL ECONOMIC PERFORMANCE COMBINED WITH OTHER MAJOR FACTORS INCLUDING THE SEPTEMBER 11 TERRORIST ATTACKS AND GOVERNANCE ISSUES HAVE LED TO POOR PERFORMANCE IN ALL MAJOR MARKETS. The past year has seen significant changes SUMMARY OF THE YEAR within the capital markets and at the New Ended 30 June 2002 Zealand Stock Exchange. Alongside and partly interdependent with Dollars in thousands 2002 2001 +/– demutualisation, the Board has initiated a Revenue 10,277 9,344 +10% change process within the organisation. Expenses before tax* 9,938 8,066 +23% Significant changes to the Board occurred Surplus/(deficit) –515 747 –169% during the year. Members’ funds 6,503 7,018 –7% As part of our previously signalled move to a commercial Board structure of smaller size * Excluding non-recurring expenses. and with a greater balance of non-broking Directors, three long standing Directors, Eion Edgar, Malcolm Brown and Hamish Taylor stood down and were replaced by three non-broking commercial Directors, Andrew Harmos, Lloyd Morrison and Tim Saunders.
  • STOXX Pacific 100 Last Updated: 01.08.2017

    STOXX Pacific 100 Last Updated: 01.08.2017

    STOXX Pacific 100 Last Updated: 01.08.2017 Rank Rank (PREVIOU ISIN Sedol RIC Int.Key Company Name Country Currency Component FF Mcap (BEUR) (FINAL) S) AU000000CBA7 6215035 CBA.AX 621503 Commonwealth Bank of Australia AU AUD Y 98.1 1 1 AU000000WBC1 6076146 WBC.AX 607614 Westpac Banking Corp. AU AUD Y 72.3 2 2 AU000000ANZ3 6065586 ANZ.AX 606558 Australia & New Zealand Bankin AU AUD Y 58.9 3 3 AU000000BHP4 6144690 BHP.AX 614469 BHP Billiton Ltd. AU AUD Y 56.2 4 5 AU000000NAB4 6624608 NAB.AX 662460 National Australia Bank Ltd. AU AUD Y 54.3 5 4 AU000000CSL8 6185495 CSL.AX 618549 CSL Ltd. AU AUD Y 38.8 6 6 AU000000TLS2 6087289 TLS.AX 608545 Telstra Corp. Ltd. AU AUD Y 33.0 7 7 AU000000WES1 6948836 WES.AX 694883 Wesfarmers Ltd. AU AUD Y 31.3 8 8 AU000000WOW2 6981239 WOW.AX 698123 Woolworths Ltd. AU AUD Y 23.4 9 9 AU000000RIO1 6220103 RIO.AX 622010 Rio Tinto Ltd. AU AUD Y 18.9 10 11 AU000000MQG1 B28YTC2 MQG.AX 655135 Macquarie Group Ltd. AU AUD Y 18.6 11 10 AU000000TCL6 6200882 TCL.AX 689933 Transurban Group AU AUD Y 15.9 12 12 AU000000SCG8 BLZH0Z7 SCG.AX AU01Z4 SCENTRE GROUP AU AUD Y 14.9 13 14 AU000000WPL2 6979728 WPL.AX 697972 Woodside Petroleum Ltd. AU AUD Y 14.4 14 13 AU000000SUN6 6585084 SUN.AX 658508 SUNCORP GROUP LTD. AU AUD Y 12.5 15 15 AU000000AMC4 6066608 AMC.AX 606660 Amcor Ltd. AU AUD Y 12.0 16 16 AU000000QBE9 6715740 QBE.AX 671574 QBE Insurance Group Ltd.
  • 21 June 2021 Trustpower Agrees Terms with Mercury for Conditional

    21 June 2021 Trustpower Agrees Terms with Mercury for Conditional

    21 June 2021 Trustpower agrees terms with Mercury for conditional sale of its retail business Trustpower Limited (Trustpower), in which Infratil is a 51% shareholder, this morning announced the sale of its gas, telecommunications and retail electricity supply business (excluding the supply of electricity to commercial and industrial customers) to Mercury NZ Limited (Mercury). The sale is conditional on, among other things, Trustpower shareholder approval. Infratil advises that it is supportive of the sale of Trustpower’s retail business to Mercury, and intends to vote in favour of the sale at the Trustpower annual shareholder meeting on 22 September 2021. Trustpower has advised that, subject to all conditions being satisfied, it expects the sale to complete late 2021 or early 2022. A copy of the Trustpower release is attached. Any enquiries should be directed to: Mark Flesher, Investor Relations, Infratil Limited [email protected] Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com NZX Release Monday 21 June 2021 Title: Trustpower agrees terms with Mercury for conditional sale of its retail business. Trustpower today announces the conditional sale of its gas, telecommunications, and retail electricity supply business (excluding the supply of electricity to commercial and industrial customers) to Mercury NZ Limited (Mercury) for $441million, subject to post-completion adjustments. The sale of the retail business will take effect following the conditions of the sale being met, which is expected to be late 2021 or early 2022. Key conditions of sale include Commerce Commission approval, Trustpower shareholder approval (which is expected to be sought at its Annual Shareholder meeting on 22 September 2021) and the TECT restructure being completed.
  • For Personal Use Only Use Personal for D Total Number Held in Class: 11,082,245

    For Personal Use Only Use Personal for D Total Number Held in Class: 11,082,245

    Disclosure of ceasing to have substantial holding Section 25, Securities Markets Act 1988 To: NZX Limited And: Infratil Limited (IFT) Date this disclosure made: 3 December 2013 Date last disclosure made: 20 December 2012 Substantial security holder(s) giving disclosure Name(s): Julie Louise Nevett and Terence Kevin McAlister as trustees of the Dixieland Trust. Contact details: Address: C/- Morrison Kent PO Box 10035 Wellington 6143 New Zealand Attention: Andrew Stewart Telephone: +64-4-472-0020 Email: [email protected] Date on which substantial security holder(s) ceased to have substantial holding: 29 November 2013 Summary of previous substantial holding to which disclosure relates Class of listed voting securities: Ordinary shares (IFT) Summary for: Julie Louse Nevett and Terence Kevin McAlister as trustees of the Dixieland Trust For last disclosure,— a total number held in class: 4,000,000 b total in class: 585,119,364 c total percentage held in class: 0.683% For current holding after ceasing to have substantial holding,— For personal use only d total number held in class: 11,082,245 e total in class: 586,234,511 f total percentage held in class: 1.890% mor532-012_025.docx Details of transactions and events giving rise to person ceasing to have substantial holding The Dixieland Trust held 4,000,000 ordinary shares in IFT and more than 20% of the voting shares in H.R.L. Morrison & Co Group Limited. As part of a reorganisation of the Morrison & Co group of companies, on 27 November 2013, Woodward Funds Management Limited (‘WFML’) and H.R.L.
  • “The Script” Script” August 2005 the Official Newsletter of the New Zealand Shareholders’ Association Incorporated

    “The Script” Script” August 2005 the Official Newsletter of the New Zealand Shareholders’ Association Incorporated

    “The“The Script” Script” August 2005 The official newsletter of the New Zealand Shareholders’ Association Incorporated BEWARE LABELS, BUT FOLLOW THE NAMES. Director conduct came into focus in the Mark and team insisted on full disclosure of Vertex saga, recently concluded. Vertex was all information relating to Vertex operations, a sharemarket listed plastics company. which is their right as directors, including Board machinations highlighted both the role pricing information, which relates directly to and performance of directors and some Vertex quoting in competition to Alto. Sandy performed badly. and Paddy object. Warren sits on the fence. Mark through a consistent pattern of George Gould, Canterbury rainmaker, rich behaviour obstructs Vertex capital list member and strategic shareholder in expenditure and advises Sandy that until the Vertex sells his stake to fellow Canterbury Board considers the acquisition of Alto, he rainmaker, Masthead, the investment vehicle will continue this course of action. Warren of the Stewart family, of PDL( a listed plastics sides with Mark. company previously sold to French interests) fame. Masthead also owns a stake in Alto The board ceases to function and Paddy and Plastics a Vertex competitor. George is Sandy go to court to have all other directors alleged to have promised Masthead removed, citing appointment irregularities significant board representation. An among other things. They might have Independent Director of Vertex, Sandy Maier, achieved the same outcome with an EGM. thought that the Masthead nominees Mark A quick assessment gave this alternative the Stewart and sidekick would have difficulty thumbs down. Masthead 19.9%, a supportive acting as Vertex directors as they also sat major shareholder and management with on the Alto board.
  • Innovation & Investment Infratil

    Innovation & Investment Infratil

    Infratil Annual Report 2021 Innovation & Investment 01 Addressing social & environmental challenges The lack of preparation for the covid personal fulfilment, are all challenges with Infratil’s goal is to provide good risk- pandemic resulted in extreme measures to shared consequences. “Privatising profits adjusted returns for shareholders and in protect people and maintain economic and socialising costs” is in focus and is so doing to allocate capital and to equilibrium. Because they were impacting how companies prioritise their manage its activities in recognition of considered necessary to save lives many responsibilities to their owners and to wider responsibilities. It must also be measures crossed established boundaries society and the environment. To be accountable through measurement, of personal freedoms and cost, without successful for its owners a company must reporting, and transparency. causing social backlash (mainly). show that it is positively contributing to its people, to those who use its services, to its Last year will be remembered While covid remains a threat, attention for the speed of change. is now focused on other environmental community and to the environment. Coincidentally environmentalist and social concerns. And fueled by the Especially with climate change, corporate David Attenborough published experience of covid, there is both urgency profits are no solace if global warming to get ahead of the challenges and continues with terrible consequences. a testament reflecting on the willingness to undertake big, if not world since 1937 when he was But anyone who wants to see social and extreme, measures. 11 and what needs to happen environmental challenges met and to reverse the environmental But there are other lessons that should be surmounted, should also want to enlist taken from the covid response.