Capital Distribution
Review
2024 Capital Distribution Review
Under the terms of the Deed of Trust of the MainPower Trust, Trustees are required to prepare a Review Report every six years to consider whether it is in the best interest of Beneficiaries for the capital of the Trust Fund to continue to be held in whole or in part in the trust or to distribute all or some of this capital to the Trust’s Beneficiaries. Previous reviews have not resulted in any distribution of capital.
Approximately 97% of the capital of the Trust Fund is represented by the Trust’s 100% ownership of MainPower New Zealand Limited, (the “Company”). This is the Trust’s only significant investment. The Company owns and operates the electricity distribution network throughout the North Canterbury and Kaikōura regions.
On 12 March 2024, the Trustees resolved unanimously that it is in the best interests of Beneficiaries for the MainPower Trust to continue to hold 100% of the distributable capital of the Trust.
The Trustees must consult the Trust’s Beneficiaries on the Capital Distribution Review Proposal that they have approved.
Beneficiaries include “Qualifying Customers”, who are the customers of the Company whose premises are connected to the Company’s electricity distribution network and who take line services from the Company, with one main exception. Customers whose premises are located in that part of Kaiapoi, that was previously the Kaiapoi Borough are not Beneficiaries of the Trust.
The next Capital Distribution Review will be held in 2030
2024 Capital Distribution Review Decision
The Trustees would like to thank all of the qualifying customers who sent in submissions in relation to the 2024 Capital Distribution Review.
This was the first time that the Trust was able to email those qualifying customers where email addresses were held. The majority of responses, in term, were received by email.
Almost 400 submissions were received – of which approximately 80% supported the Trustees’ initial decision to retain the distributable capital of the Trust.
A public meeting was held on the 3rd of September where qualifying customers were welcome to attend and speak to the trustees. The trustees thank those who attended and spoke to them. All the written submissions were also considered by the trustees.
At the public meeting held on the 17th of September the Trustees resolved to uphold their initial decision to retain the Trust capital.
