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Wednesday 14 May 2025

TECT are pleased to share that last week the Commerce Commission granted Contact Energy clearance to acquire all shares in Manawa Energy.

The Scheme of Arrangement (Scheme) was announced in September last year and the next step will see Manawa hold a shareholder meeting to vote on the scheme.

TECT are a 26.8% shareholder of Manawa, formerly Trustpower, and this shareholding has been a core investment for the Trust since 1993.

Together with Infratil, a 51% shareholder of Manawa, TECT have committed to vote in favour of the Scheme at the upcoming shareholder meeting, subject to certain conditions.

Further information about the remaining steps and timeline will be outlined in the Scheme booklet, and released to NZX prior to the end of May (although this is subject to change) with the remaining conditions expected to be implemented in July 2025.

The Scheme is subject to several remaining conditions as set out in the Scheme Implementation Agreement. These include shareholder approval, High Court approval and other customary conditions. Subject to satisfying the remaining conditions of the Scheme Manawa expects that the Scheme will be implemented in July 2025.

Through this acquisition, TECT will become a shareholder in Contact, one of New Zealand’s leading energy companies, as well as receiving a cash payment.

TECT Chairperson Mark Arundel says this development allows TECT to further diversify its portfolio, building a strategic and sustained investment fund.

“Strengthening our portfolio enables long-term benefits to our community, ensuring we can continue to provide impactful, community-focused funding to our region now and for future generations.”

For further information on the acquisition and next steps, please see the NZX market announcements from Contact and Manawa Energy.