Trustpower has confirmed it has initiated a strategic review and potential sale of its retail electricity, gas and telecommunications businesses. https://www.nzx.com/announceme...
As a 26.8% shareholder of Trustpower, and because a sale of Trustpower’s retail business would require changes to the structure of TECT, TECT’s Trustees were briefed by Trustpower on the review in advance of it being publicly announced.
Trustees are well advanced in developing a proposal that outlines the changes to TECT’s structure needed to meet the purpose of the Trust Deed, and to ensure that the best interests of the Trust and its beneficiaries are protected.
In particular, Trustees are focused on protecting the TECT rebate for existing beneficiaries.
TECT expects to shortly provide a full update to beneficiaries on the proposed changes and undertake a consultation process.
TECT will not be making any further media comment until the full update.