Top Energy consumers overwhelmingly want ownership of the company to remain with the Top Energy Consumer Trust.
Trust Chair Yvonne Sharp says over 300 submissions were received during the public consultation period between 13 June and 19 July, with a final decision made on 30 August.
Of these respondents, 95.7% supported continued Trust ownership with other ownership options canvassed including 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, 2011, and 2016. In all of these reviews, Trust ownership was supported by the vast majority of submissions received and this trend has continued this time.”
“We’re thrilled 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 that Trustees believe warrants them undertaking a full review and public consultation procedure.
The Review process commenced in December 2021 and included reports from Top Energy Limited Directors and the Trustees, as well as receiving written and verbal submissions from the public.
Contact: Philippa White 021 2418740