Northern News : November 24th 2010
9 NORTHERN NEWS, NOVEMBER 24, 2010 Who should own Top Energy? So whats this question about? The Trust is managed by five Trustees. One of their special responsibilities that is set out in the Trust Deed, is to consult with local power consumers on their preference for the ownership structure of Top Energy. This must happen at least every five years. A review of ownership was last conducted in 2005. How's the Review to be conducted? The process required to be followed is set out in the Trust Deed. It requires Top Energys directors to produce a report which details their analysis of the advantages and disadvantages of various types of ownership structure. It also contains their recommendation in relation to continued ownership. Your Trustees are required to review this Directors report and to make comments on it. Both these reports are now available for your perusal, from Top Energys offices located at: KERIKERI Level 2, John Butler Centre, 60 Kerikeri Rd KAITAIA Whangatane Drive KERIKERI 1254 Puketona Road The reports are also available on the Companys web site at www.topenergy.co.nz So what's in the Directors' Report? Top Energy Directors have recommended: "That the shares of Top Energy Limited continue to be retained by the Top Energy Consumer Trust." The Directors have also concluded that: the advantages of trust ownership outweigh the disadvantages of such a structure the financial performance of the Company has not been negatively affected by the ownership structure under which it operates Top Energys objectives, as reflected in the Statement of Corporate Intent, are best achieved through the current Trust ownership structure. How can I make a submission? You can make a written submission (followed by a verbal submission at a later hearing, if you so choose) by using one of the following three options: Complete and mail or fax the SUBMISSION RESPONSE FORM attached, or Write a detailed submission and mail, e-mail or fax it to the Trust, or Visit www.topenergy.co.nz follow the TECT Ownership Review prompts and make your submission on line. NOTE: There is no set format required for a written submission. However, please ensure your full name, address and ICP Number (shown on your latest energy retailer power account) are clearly shown on it. Written submissions should be sent to: The Secretary Top Energy Consumer Trust POBox43 Kerikeri 0245 Northland E-mail: firstname.lastname@example.org Fax: 0-9 407 0611 NOTE: Your submission must be received by the Trust no later than last post, Friday 10 December 2010. Can I make a verbal submission? Yes. So long as you have first made a written submission, received by the Trust before 10 December 2010 and you have indicated you wish to be heard at a Public Hearing. The Trust will notify you of Public Hearing dates and venues. The Hearings are likely to be conducted 24-28 January 2011. FIRST NAME LAST NAME EMAIL POSTAL ADDRESS My preferred ownership structure for Top Energy Ltd is (please tick one): Continue with Trust ownership Transfer Top Energy shares to power consumers, with restricted ability to on-sell Transfer Top Energy shares to power consumers, with no on-selling restrictions Other (please specify) ICP NUMBER, IF APPLICABLE (SHOWN ON YOUR LATEST POWER ACCOUNT) Do you also wish to make a verbal submission at a Public Hearing? Yes No If Yes, the trust will notify you of hearing dates, venues and attendance times, in due course. Do you have any additional comments? Submission Response Form Your Trustees want to hear your views about what ownership structure you want for Top Energy. PLEASE NOTE: This is NOT a voting paper. Your views will however help the Trustees to decide what Top Energys future ownership structure should be. Who owns Top Energy now? Far North power consumers connected to Top Energys line network own the company with the shares being held, on your behalf, in the Top Energy Consumer Trust. MAIL TO: Freepost Top Energy The Secretary Top Energy Consumer Trust POBox43 Kerikeri 0245 Northland TECTOR10 Consulta on Process Approximate Timetable Call for submissions 8 November 2010 Submissions Close date 10 December 2010 Public Hearings* 24-28 January 2011 Ownership Decision Early-February 2011 *Actual dates and venues for Public Hearings will be no fed closer to the me.
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