TECT restructure receives High Court approval
TECT restructure receives High Court approval
16 December 2022 – Mercury NZ Limited (Mercury) welcomed the High Court’s decision today to approve the Tauranga
Energy Consumer Trust’s (TECT) proposed restructure of its Trust Deed by its trustees.
“This is a significant milestone, and an exciting step towards bringing together the two businesses in a way that delivers great
value for our customers,” said Mercury Chief Executive, Vince Hawksworth.
Completion of the transaction is expected in the first half of 2022, following implementation of the TECT Trust Deed restructure.
Background
Mercury announced it had entered into binding agreements with Trustpower to acquire its retail business for NZ$441 million on
21 June this year. Once complete, the combined business will have approximately 780,000 connections across both energy and
telco services.
ENDS
Howard Thomas
General Counsel and Company Secretary
Mercury NZ Limited
For investor relations queries, please contact:
Tim Thompson
Head of Treasury and Investor Relations
0275 173 470
For media queries, please contact:
Shannon Goldstone
Head of Communications
Media phone: 027 210 5337
ABOUT MERCURY NZ LIMITED
Mercury’s mission is energy freedom. Our purpose is to inspire New Zealanders to enjoy energy in more wonderful ways and
our goal is to be New Zealand’s leading energy brand. We focus on our customers, our people, our partners and our country;
maintain a long-term view of sustainability; and promote wonderful choices. Mercury is energy made wonderful. Visit us at:
www.mercury.co.nz
STOCK EXCHANGE LISTINGS: NEW ZEALAND (MCY) / AUSTRALIA (MCY)
NEWS RELEASE
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Other issuers discussed similar conditions around this time
Matched by meaning across NZX announcement text, not keywords — based on our semantic index of announcement bodies.
- IFT — Infratil Limited: Infratil 2022 Investor Day2022-02-14
“Retail business sale nears completion The operational activities required to separate the Retail business from retained operations are on track, in preparation for settlement of the transaction with Mercury which is now expected to be in the second quarter of 2022 •The key condit…”
- IFT — Infratil Limited: Interim results for the period ended 30 September 20212021-11-11
“the relationship between consumers and owners is a step further removed with Trustpower’s conditional sale of its energy and telecommunications retailing activities to Mercury Energy for $441 million. TECT, which continues to own 26.8% of Trustpower supports the sale…”
- MEL — Meridian Energy Limited: Meridian completes sale of Australian business2022-01-31
“Release M e r i d i a n E n e r g y L i m i t e d ( A R B N 1 5 1 8 0 0 3 9 6 ) A c o m p a n y i n c o r p o r a t e d i n N e w Z e a l a n d L e v e l 2 , 5 5 L a d y E l i z a b e t h L a n e , P O B o x 1 0 8 4 0 , W e l…”