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25-01-2018, 12:13 PM
#191
I used to be a trust power customer but switched to genesis because i use gas too. A friend joined trustpower recently and got a large quality smart tv as an inducement. Now TECT who own shares in trust power and give an annual chq to all trust power customers of re $360-$400 are proposing a winding up with each customer getting a $2500 chq soon followed by 5 more annual cheqs before the trust ceases. Trustpower are taking legal advice and dont seem too happy atp.
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25-01-2018, 12:16 PM
#192
Originally Posted by Joshuatree
I used to be a trust power customer but switched to genesis because i use gas too. A friend joined trustpower recently and got a large quality smart tv as an inducement. Now TECT who own shares in trust power and give an annual chq to all trust power customers of re $360-$400 are proposing a winding up with each customer getting a $2500 chq soon followed by 5 more annual cheqs before the trust ceases. Trustpower are taking legal advice and dont seem too happy atp.
I don’t think it’s all trustpower customers... just customers in the Tauranga area
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25-01-2018, 03:42 PM
#193
The wind up of TECT will cost Trustpower heaps. Power customers in Tauranga only pay more to receive their power from Trustpower because they know they will get $496 back from TECT (you need to be a customer of Trustpower to get the TECT dividend).
Using the numbers in the BOP Times article today and since Trustpower still ends up cheaper, lets be generous and assume they only take 80% of the TECT dividend as "super" profits.
58,000 Trustpower consumers get the TECT dividend x $496/year = $28.77m * 80% = $23.01m
That's quite a hit for Trustpower to meet the market, no wonder the shares are down today.
Also a bad look for a cornerstone shareholder to express such blatant doubt on their own investment.
He said the proposal was being driven by uncertainty in the energy sector, including technology changes like household solar power units, industry structural changes like company acquisitions and politicians making regulatory changes.
''We think there is uncertainty. We are not worried about Trustpower - it is more about the whole sector,'' he said.
Last edited by Jaa; 30-01-2018 at 06:09 PM.
Reason: The "hit" was a bit low as the TECT dividend rises every year and was $496 last November
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26-01-2018, 08:50 PM
#194
Member
Could not agree more with the Trust. I think the way the rebates have been allocated has been very close to illegal for years. All consumers in the old Tuaranga lines area should have got it regardless of who supplied the energy.
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30-01-2018, 05:31 PM
#195
Originally Posted by horus1
Could not agree more with the Trust. I think the way the rebates have been allocated has been very close to illegal for years. All consumers in the old Tuaranga lines area should have got it regardless of who supplied the energy.
Agree, if the trustees really wanted to help the people of Tauranga they would ensure all power consumers in the region get the cheques not just Trustpower consumers. Like the Auckland and Hamilton energy trusts.
But that was the dodgy deal done at the time. A further even dodgier deal to remove competition was done to include the customers of the then council owned Tauranga Electricity Limited (TEL) as part of Trustpower's buy out of TEL. The council used the money to buy all those faded cobblestones around the CBD, replacing a dividend producing asset with depreciating ones
At least TECT beneficiaries have benefited from this rort via their shareholding in Trustpower. Though TECT have diluted their shareholding over time and Infratil has benefited even more.
How well those beneficiaries respond when they realise they are being offered only $4,000 for $15,000 of assets is anyone's guess.
Would prefer the money is used to help people pay their power bills and under-ground power lines etc, which was the purpose of the trust and TEPB before it.
Last edited by Jaa; 30-01-2018 at 06:32 PM.
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30-01-2018, 06:38 PM
#196
Member
I live in Tauranga. When we moved house in 2016 we changed power company's . My calculations was that another power company was cheaper to the effect that we did not need a christmas savings plan. Good on to the people that enjoy the christmas chq.
Last edited by blocker3; 30-01-2018 at 06:50 PM.
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21-03-2018, 05:38 PM
#197
https://www.nzx.com/announcements/315847 - There we go, TECT withdraws the proposal and we can all go back to normal.
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21-03-2018, 09:53 PM
#198
Originally Posted by hardt
Thank ****
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22-03-2018, 10:29 AM
#199
TECT were poor at marketing and getting their message across, Trustpower had multiple ads and spin and made it emotive to boot. So we keep on subsidising trust power who are a listed company and only care about profits and put minimal into the B.O.P and Infratil the majority owner absolutely diddley squat, what a rort !. The Tauranga communities have been screwed imo.
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22-03-2018, 01:53 PM
#200
Originally Posted by Joshuatree
TECT were poor at marketing and getting their message across, Trustpower had multiple ads and spin and made it emotive to boot. So we keep on subsidising trust power who are a listed company and only care about profits and put minimal into the B.O.P and Infratil the majority owner absolutely diddley squat, what a rort !. The Tauranga communities have been screwed imo.
they could sell there tlit shares and use that money for funds in the community or have they not thought of that?
one step ahead of the herd
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