Who owns Top Energy now?
Far North power consumers connected to Top Energy’s line network own the company with the shares being held, on your behalf, in the Top Energy Consumer Trust.
So what’s this 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 Energy’s 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 Energy’s offices located at :
Whangatane Drive, KAITAIA
1254 Puketona Road, KERIKERI
Level 2, John Butler Centre, 60 Kerikeri Road, KERIKERI
To download or review these reports on line click on the report below:
Top Energy Directors’ Report (2MB)
Trustees’ Report
Public Consultation Process
This includes calling for written submissions and conducting a public hearing, after which, the Trustee will make their decision. This communication is part of the consultation process.
Here’s an approximate timetable over which this consultation process will take place:
| Consultation Process Approximate Timetable | |
| Call for written submissions | 8 November 2010 |
| Submissions Close date | 10 December 2010 |
| Public Hearings* | 24-28 January 2011 |
| Ownership Decision | Early February 2011 |
| * Actual dates for Public Hearings will be notified closer to the time. |
|
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 Energy’s 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:
| 1) | Complete and mail or fax a SUBMISSION RESPONSE FORM which will be delivered , unaddressed to all household letterboxes, week commencing 15 November 2010. Or you can download and print the form. |
| 2) |
Write a detailed submission and mail, e-mail or fax it to the Trust, or |
| 3) | To make an submission on line, click here |
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
P O Box 43
Kerikeri 0245
NorthlandFax: 09 407 0611
e-mail: trust@topenergy.co.nz
NOTE: Your submission must be received by the Trust no later than last post, Friday 10 December 2010.
Can I make a verbal submission at a Public Hearing?
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.
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