Update on retail sale and Manawa Energy launch

GENERAL
Mon, May 02 2022 08:30 am

The conditions of the sale of Trustpower's gas, telecommunications, and retail electricity supply business (excluding the supply of electricity to commercial and industrial customers) to Mercury NZ Limited have been met and completion of the sale is scheduled to occur today (effective as of 1 May 2022).

The final sale price of $467m is made up of an underlying price of $426m and a $41m payment for estimated working capital. The working capital value does not include ‘accounts payable as at completion’ which are retained by Trustpower. After settling all working capital balances Trustpower expects to receive net proceeds from sale between $432m to $442m. Note the sale and purchase agreement includes typical working capital wash-up provisions.

No further announcements will be made following completion.

The company confirms its name change to Manawa Energy Limited, as previously advised to the market in August 2021, takes effect today.

Details of Manawa Energy’s strategy, capability and targets will be provided alongside our FY-22 full-year results on 16 May 2022.

Launch media release available at www.manawaenergy.co.nz/news

Name Change Information in attached release.

Investor enquiries:

Phil Wiltshire
General Manager: Corporate Services
[email protected]
027 582 6600

Media enquiries:
Abbie Siely
Head of Community and Communications
[email protected]
021 276 5319


Announcement PDF


Markets News

NZ sharemarket down 0.38%
Markets Market close

NZ sharemarket down 0.38%

The S&P/NZX 50 Index closed at the day’s low of 12,349.47, down 46.79 points or 0.38%.

Graham Skellern 26 Jul 2024
Markets

Forsyth Barr initiates full Turners coverage

Forsyth Barr says a premium valuation is now warranted. 

Rebecca Howard 26 Jul 2024
Forsyth Barr initiates full Turners coverage
Economy

The kiwi dollar is falling prey to the bears

The only worst performer is the Norwegian krone.

Rebecca Howard 26 Jul 2024
The kiwi dollar is falling prey to the bears