Hearing Date confirmed
Re: Hearing in the matter of CIV 2021-470-49 TECT Restructure proceeding
Pursuant to a minute of Justice Lang dated 21 July 21, counsel in this proceeding were invited to indicate their availability for a fixture commencing on 15 November 2021, in Tauranga.
The fixture starting 15 November 2021 is confirmed, and the approved timetable in the lead up to the hearing is as follows:
a. By 9 August 2021 – any evidence from Independent Counsel.
b. By 23 August 2021 – any further evidence from the Plaintiffs.
c. By 18 October 2021 – Plaintiffs’ submissions to be filed and served.
d. By 1 November 2021 – any other submissions (by interested parties and Independent Counsel) to be filed and served.
TECT comment on Trustpower Retail Business sale - 21st June 2021
Trustpower has today announced the conditional sale of its gas, telecommunications, and retail electricity supply business to Mercury NZ Limited for $441 million.
This follows Trustpower’s announcement in January that it was undertaking a strategic review, including a possible sale of its retail business.
As a result, it was necessary for TECT to update its structure, in order to protect the status of its existing beneficiaries in the event of a sale.
To learn more, click here.
TECT Proposal Update - 21st May 2021
Following consultation with Consumers, the Trustees have decided to proceed with changes to the structure of TECT. On 14 May 2021, the Trustees filed an application in the High Court seeking orders under the Trusts Act 2019 that it is lawful and proper for the Trustees to implement the proposed changes to TECT.
The Trustees also filed an interlocutory application for orders from the Court about how this proceeding should be served on interested parties including Consumers, and to seek a direction appointing Independent Counsel. The Court has granted those orders. Consumers will be directly sent information about this proceeding, including the notice to Consumers which can be accessed below. The Court documents can also be accessed below.
The Court will schedule a full day hearing in the High Court to hear the Trustees’ application for orders approving the changes to TECT. The hearing date will be notified on this website when it is available.
If you wish to be formally involved in the Court proceeding, you must file documents in the High Court and serve them on TECT by 2 July 2021. Further details are in the documents below.
High Court - Document Library
TECT consultation on structure changes; rebate protected
Trustpower announced on 28 January 2021, that it is undertaking a strategic review of its retail business, that includes a potential sale.
We wrote to all beneficiaries and valued stakeholders of TECT, to let them know that Trustpower’s decision means that TECT has to change.
Trustees have released 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. This proposal protects the rebate for existing TECT beneficiaries for approximately 30 years.
You can learn more about the proposal in the video below.
The detailed Notice of Proposal was emailed to all beneficiaries and you can find all additional information below.
All TECT beneficiaries were entitled to make a submission on the proposal. Beneficiaries who wished to comment on the proposal were invited to make a submission in writing by 4:00pm, Monday 22 March 2021. Submissions are now closed.
Hearing of TECT Consumer Submissions
TECT heard submissions on proposed changes to the structure of TECT following a consultation period that was undertaken between 18 February and 22 March 2021.
Approximately 700 written submissions were received by the closing date of Monday 22 March 2021.
Submitters who requested an opportunity to speak to their submissions were invited to speak at a hearing of oral submissions held on Thursday 25th March 2021.
All TECT beneficiaries were invited to attend the hearing, but beneficiaries only had speaking rights if they requested to do so as part of their submission.
TECT Proposal Document Library
Consumer Information Sessions
Trustees held a series of information sessions to outline the proposal and answer any questions on Wednesday 3, Thursday 4, and Sunday 7 March. View the presentations below.