Power shares may be for sale
Raetihi and Waiouru area power users will be able to own shares in their electricity company soon, but they will have to pay for them. . As of right, every domestic user, and every other consumer using more than 1500 units of
electricity per year would be able to buy 250 shares at $1 each, under a proposal put forward by Midwestern Powerco for making the company fully commercial. The proposal put together by directors is aimed to ensure the direc-
tion and control of the company are retained in the present Powerco supply area. To achieve this the maximum shareholding of any individual or , firm would be 10 per cent. Power consumers
would be able to buy shares and pay for them over a three year period, billed through their power account. A community trust, with a guaranteed annual income of at least $150,000 to spend on
community projects, would own three million fully paid $1 preference shares. The trust would have seven members, five appointed by Powerco directors, one from each of the Wanganui and Rangitikei Districts.
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Ruapehu Bulletin, 8 September 1992, Page 2
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184Power shares may be for sale Ruapehu Bulletin, 8 September 1992, Page 2
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