Capital Distribution Review
Under the terms of the Deed of Trust of the MainPower Trust, Trustees are required to prepare a Review Report every six years to consider whether it is in the best interest of Beneficiaries for the capital of the Trust Fund to continue to be held in whole or in part in the Trust or to distribute all or some of this capital to the Trust’s Beneficiaries. Previous reviews have not resulted in any distribution of capital.
Approximately 97% of the capital of the Trust Fund is represented by the Trust’s 100% ownership of MainPower New Zealand Limited, (the “Company”). This is the Trust’s only significant investment. The Company owns and operates the electricity distribution network throughout the North Canterbury and Kaikoura regions.
On 20 March 2018 the Trustees resolved unanimously that it is in the best interests of Beneficiaries for the MainPower Trust to continue to hold 100% of the distributable capital of the Trust.
The Trustees must consult the Trust’s Beneficiaries on the Capital Distribution Review Proposal that they have approved.
Beneficiaries include “Qualifying Customers", who are the customers of the Company whose premises are connected to the Company’s electricity distribution network and who take line services from the Company, with one main exception. Customers whose premises are located in that part of Kaiapoi that was previously the Kaiapoi Borough are not Beneficiaries of the Trust.
A summary of the Trustees’ Review Report may be viewed at:
- the service centre of the Waimakariri District Council;
- the service centre of the Hurunui District Council;
- the service centre of the Kaikoura District Council;
- the public libraries in Kaikoura, Oxford, Rangiora, Kaiapoi, Amberley, and Hanmer Springs;
- at the head office of MainPower New Zealand Limited, Fernside Road, Rangiora
- at the offices of the Trust Secretary at Koller and Hassall Ltd, 267 High Street, Rangiora; and
- the website of the MainPower Trust: www.mainpowertrust.org.nz
Copies of the Review Report will be available at the above offices and libraries and can also be downloaded from the MainPower Trust’s website:
The commercial consulting firm, PwC, of Auckland provided Trustees with independent advice in support of their review. The detailed public version of this advice may also be viewed on the MainPower Trust’s website noted above.
If any Qualifying Customers would like further information to assist them with deciding whether to make a submission, please contact the Trust Secretary’s office using the contact details above.
The final decision of the Trustees on the proposal, the “Review Decision” will be made at a Trustee meeting to be held on 21 August 2018 that will be open to the public. Notice of the Trustees’ Review Decision will be given by:
• Making the Notice available for inspection during normal business hours at the Council service centres and libraries referred to above, the offices of the Trust Secretary, and the office of the Company, Fernside Road, Rangiora; and
• By way of a public notice in newspapers circulating in the region: and
• On the Trust’s website www.mainpowertrust.org.nz.
Qualifying Customers Poll: Qualifying Customers who were on the Roll of Qualifying Customers at midnight on 9 June 2018 are provided with the opportunity, if they disagree with the Trustees’ Review Decision, to ask Trustees to reconsider their Review Decision by way of a Reconsideration Poll. The Trustees’ Reconsideration Decision is final.
Qualifying Customers who would like Trustees to reconsider their decision must give formal notice to the Secretary of the Trust by 11 September 2018. A valid notice will contain:
• A statement that each of the Qualifying Customers signing the notice required the Trustees to reconsider their Review Decision;
• The full name and address of each such Qualifying Customer;
• The ICP number of each such Qualifying Customers as recorded on the Qualifying Customers power account; and
• The signature of each such Qualifying Customer.
• For the avoidance of doubt, the formal notice requiring a Poll may include more than one Qualifying Customer as long as each Qualifying Customer provides the above information.
Where the number of Qualifying Customers who give such notices totals at least 5% of all the Qualifying Customers, then a Reconsideration Poll will be held in accordance with the provisions of the Trust Deed.
If a Poll is requisitioned the Trustees would immediately appoint a Returning Officer who would conduct the Poll.
The Reconsideration Poll will take place during October 2018 and will close on 29 October 2018. The Returning Officer would declare the result of the Poll on 3 November 2018.
To be advertised in newspapers circulating in the North Canterbury and Kaikoura regions on,
Saturday 9 June,
Wednesday 13 June
Thursday 14 June (North Canterbury News only)
Saturday 16 June