Top Energy consumers overwhelming want ownership of the company to remain with the Top Energy Consumer Trust.
Trust Chair Yvonne Sharp says nearly 800 submissions were received during the public consultation period between 15 August and 14 October, with a final decision made on 6 December.
Of these respondents, 95.4% supported continued Trust ownership with other ownership options canvassed included merging with another lines distribution company or issuing either all or less than 50% of the shares to power consumers.
Ms Sharp describes the response as encouraging and indicative of a trend for support of the Trust model which has been evident in previous reviews.
“The Trust has conducted previous Ownership Reviews in 2000, 2005 and 2011. In all of these reviews, Trust ownership was supported by the vast majority of submissions received and this trend has continued this time.”
“It is pleasing that many submissions included supportive comments and encouragement on the Company’s performance,” she says.
The Top Energy Trust has held the shares, on behalf of Far North power consumers connected to Top Energy’s lines network, since 1992. Under the Trust’s Deed, Trustees are required to consult with power consumers at least every five years to find out what consumers think about how the Company should be owned.
The Trust’s determination will continue in effect for a further 5-year period, or until some earlier circumstance arises which Trustees believe warrants them undertaking a full review and public consultation procedure.
The Review process commenced in February 2016 and included reports from Top Energy Group Directors and the Trustees, as well as receiving written and verbal submissions from the public.
Contact: Yvonne Sharp, Chair, Top Energy Consumer Trust. Ph: 0-9 407 7992.