Vector Limited (VCT)

[Jantar]

I hope he goes as well. Any director who is not doing all he can to protect the shareholders' investments does not deserve to be a director.

[blackcap]

I hope he goes as well. Any director who is not doing all he can to protect the shareholders' investments does not deserve to be a director.

looks like he is gone already.... https://www.anzsecurities.co.nz/Dire...spx?id=4023153

[Crackity]

NZ Windfarms AGM tomorrow - I'm going to stand by the above prediction

Arent you all lucky to get the good oil here first

decided to limit any possible reputational damage by withdrawing before the meeting. Smart, eh but what happens next?

[Harvey Specter]

Arent you all lucky to get the good oil here first

decided to limit any possible reputational damage by withdrawing before the meeting. Smart, eh but what happens next?

You didn't call it 100% but they copped out so maybe you are right on the numbers. Will be interesting to see if VCT uses their votes to try and block the new directors, resulting in a smaller board (I wonder if there is a minimum number of directors in the constitution). VCT still has Simon on the board to represent their interests. Will move discussion t the NWF thread though.

Interesting still no comment on VCT selling part of their regulated business. It was only $950m I guess!

[Blendy]

I'll be at the Vector AGM today for my next live blog session - anyone have any questions you'd like me to ask?

[BlackPeter]

I'll be at the Vector AGM today for my next live blog session - anyone have any questions you'd like me to ask?

Hi Blendy, if you are happy to do a bit of stirring ... you could ask how their NWF investment is going (VCT owns roughly 27% of New Zealand Windfarms and de facto controls the company) ... and what their plans are with NWF from here ...

Note - Vector (as most other NWF investors) lost a significant part of their capital in NWF and didn't had so far any income from them. NWF is to a degree run like a Vector appendix (with NWF using e.g. the Vector business premises in AKL).

Obviously - I don't expect them to announce their strategy related to NWF at the AGM, but it might be very interesting to observe the body language of Simon Mackenzie (he is sitting as well on the NWF board) and Michael Stiassny (he used to sit on the NWF board) while you ask this question.

[Blendy]

Hi Blendy, if you are happy to do a bit of stirring ... you could ask how their NWF investment is going (VCT owns roughly 27% of New Zealand Windfarms and de facto controls the company) ... and what their plans are with NWF from here ...

Note - Vector (as most other NWF investors) lost a significant part of their capital in NWF and didn't had so far any income from them. NWF is to a degree run like a Vector appendix (with NWF using e.g. the Vector business premises in AKL).

Obviously - I don't expect them to announce their strategy related to NWF at the AGM, but it might be very interesting to observe the body language of Simon Mackenzie (he is sitting as well on the NWF board) and Michael Stiassny (he used to sit on the NWF board) while you ask this question.

Yes, very good - will do, as I also unfortunately have a historic NWF holding that I would like to see improved....

[Blendy]

Ugh, I had all my posts stored up to post in one message, but I guess the message reply timed out and I've lost it all.

Will post a summary after.

[Blendy]

Overall, a very nice and straightforward meeting, with a large attendance. There were electric vehicles parked outside to test drive.

It started with a presentation and video starring children about the future of energy in Auckland, and how change is so critical to our shared future. Focus on communities and businesses and how new tech will connect them. Glen Innes was selected as a community test location for electric hubs as its substation had a life of around 40 years and was due to need upgrading in the next year or two anyway.

Plenty of discussion about electric vehicles, how EV tech and charging units are the way of the future, and other renewable and sustainable energy. Interesting to note a relationship with an Australian company that offers peer to peer energy sharing via the Blockchain. I'd like to look into this further - I presume this could be useful for selling your stored solar energy to other people?

No questions about NWF, and due to a paperwork technicality, I wasn't allowed to ask questions.

Question about the white water park - Vector are very pleased to be a part of an international Olympic quality facility.

Question about why Vector are so against spending money on simply replacing substation transformers on the network, rather than the heavy focus on new technology. Answer was a discussion about changing technology is the way of the future, and NZ will be left behind when compared to many other parts of the world. Energy consumption has dropped 11% through consumer changes in the way energy is used (LED lights etc), and maintaining expensive transformers with a 40 year lifespan to try to gain an ROI is no longer the most viable option.

Simon McKenzie answered almost all of the questions - and all extremely thoroughly.

Voting went through with the two Board Members re-elected.

Shareholders Association had a display there, which was handy as I'd been meaning to join, so I've now done that.

The afternoon tea was very impressive! The most amount of mini pies I've ever seen, plus sandwiches, chocolate brownie and lamingtons, and fruit platters.

Nothing really controversial happened, so this summary has been very short!

[BlackPeter]

Thanks for that, Blendy - and welcome to the NZSA!