Council to Meet following Powerco Merger Spec.

23 April 2004
N E W S R E L E A S E

Council to Meet following Powerco Merger Speculation

News of a possible merger of power distribution companies Powerco and NGC has been greeted with interest by the New Plymouth District Council, which owns 38% of Powerco shares.

The equity sub-committee of the council met this afternoon to discuss the development.

Chief executive Rodger Kerr-Newell says an extraordinary meeting of the full council will be held at 4.30pm on Monday (APRIL 26) to consider the options available.

He says: “Today’s news is an exciting development and triggers a number of options for the council as a significant Powerco shareholder. Our next step, at Monday’s meeting, is to consider where we go from here.”

Members of the public will be excluded from Monday’s meeting due to the confidential nature of the subject.

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