Media release: 26 August 2018

C&R plan to selldown Entrust’s shares in Vector

City Vision, a local government Labour and Green coalition, believes it is time for Communities and Residents (C&R) to say what their policy is on selling down the Entrust shareholding in Vector.

“Entrust Chair, William Cairns is being less than frank about a further sell down of the Entrust shareholding in Vector when he stated last week that a sell down of shares was absolutely nonsense” (See reference here ) says former Cabinet Minister and City Vision for Entrust spokesperson Peter Neilson.

“The majority of the current C&R Entrust trustees have been opposed to a further sell down of shares. But C&R are planning to reverse that by changing the trustees.

C&R are a National Party front organisation and National is committed to the mixed-ownership model which would require a further sell down of the Trust’s Vector shareholding from 75.1% to only 51%.

That would cut the $350 dividend currently paid, each year, to the beneficiaries. C&R has dropped James Carmichael from their Entrust ticket and the Vector Board because he opposes a further sell down, and is seen as an impediment to that happening.

Michael Stiassny has been dropped as Chair of the Vector Board by the current C&R Entrust trustees for the very same reason.

If Entrust sells down more Vector shares, the cash goes to the Auckland Council not the current dividend recipients who will also see their dividends cut. City Vision strongly opposes any further sell down of shares and will announce its policies and ticket this week. C&R need to front up now and say what their policy is on the further sell down of Entrust’s Vector shares and what that would do, to the dividend the Auckland trust beneficiaries currently receive each year. This needs to be done before we begin voting for the Entrust trustees on 11 October.

The C&R infighting and their reluctance to be honest and upfront is one more reason why it is time for a change at Entrust”  says Mr Neilson


Ends

Contact:  Peter Neilson spokesperson for City Vision for Entrust campaign 021 395 891 peter@neilson.net.nz

Notes:

Entrust, formerly Auckland Energy Consumer Trust, holds 75.1% of the shares in Vector (worth more than $2.1 billion) on behalf of the Vector customers living in the old Auckland Electric Power Board (AEPB) area.

All consumers (approximate 300,000) within the Entrust district are eligible to vote in the upcoming election for the five Entrust trustees.  Postal voting starts on 11 October until election day on 26 October 2018.

Entrust election information https://www.electionservices.co.nz/entrust.html

City Vision, a coalition of Labour, Greens and community independents, will announce its candidates on Wednesday 29 August 2018.