Power trustees election next month

Ruapehu Bulletin, Volume 12, Issue 574, 21 February 1995, Page 7

Power trustees election next month

Power consumers will next month have the chance to vote for two of the five trustees who administer the shares in King Country Energy on their behalf. In late February and early March this year a postal election will be held to elect two trustees to the King Country Electric Power Trust. One trustee stood down in 1994, two. will stand down in 1995 and two in 1996, with the cycle repeating thereafter. Voting papers are to be posted out on 24 February 1 995 and the poll will close at 5pm on 1 0 March 1995. The rules governing the election of trustees state that the trustees shall endeavour to ensure that at any time at least one trustee is elected from the Turangi area, at least one from the Taumarunui area and at least one from the Ohakune area. The

trustees may if there is no current representative from the areas concerned, declare a person to be elected as a trustee, even though that person may not have been the highest polling candidate. The Secretary to the Trust is Norman Annand and any queries consumers may have on the Trust and its affairs should be addressed tp him at PO Box 363, Taumarunui The King Country Electric Power Trust was declared in June 1993 by King Country Energy Limited, with the objectives of enabling the trustees: To receive shares in the company vested in the trustees; if the trustees so elect, to subscribe for, purchase or otherwise acquire additional shares in the capital of the company; to retain and hold such shares until such time as following an ownership review, the shares or a portion of them are sold, transferred or disposed of; in the event of any sale,

transfer or other distribution of the shares to hold the proceeds for the benefit of the consumers or if the shares are sold in order to raise funds for the company, for the benefit of the company; to receive dividends and to distribute" these to or for the benefit of the consumers as laid out in the trust deed; following the termination date (1 January 2072 or earlier if the trust is wound up) to pay the capital of the trust for the benefit of the consumers as laid down in the trust deed; to encourage and facilitate the company in meeting its objective of being a successful business and to distribute to consumers in their capacity as owners the benefits of ownership of the shares in the company. The trustees must by 18 June 1996 prepare a report considering proposals and available options for the future ownership of the shares. This report must be given to the directors of the company for

comment. It will then be made available for public comment. Following completion of the public consultation process the trustees have to decide whether to retain the shares in the trust, dispose of a portion of the shares and retain the remainder, or dispose of all of the shares. If the shares are to be distributed in any way the trustees must prepare a distribution plan showing to whom they are to be distributed, how and when and whether they are to be distributed to consumers with or without payment. If shares are to be retained by the trustees after the review, further reviews must be carried out at no more than five year intervals. The first trustees were appointed by the directors of the company and the consumers elected one trustee in 1994.