Background
The BOP Electricity Consumer Trust (the Trust) was set up on 1 August 1994 by BOP Electricity Limited (BOPE) to comply with the Government-approved establishment plan to corporatise the former Bay of Plenty Electric Power Board. The plan gave 25% of BOPE's shares to the Trust as its initial Trust Fund.
In 1999, further Government restructuring of the electricity industry resulted in the sale of Bay of Plenty Electricity's retail and generation assets, together with the BOPE name, to a consortium led by Todd Energy. The remaining network assets were transferred to a new company, Horizon Energy Distribution Limited (HEDL), with the Trust retaining its 25% shareholding in the new entity.
The sale of the retail and generation assets resulted in a return of capital to HEDL shareholders, with the Trust receiving $25.387 million. After considering various investment options, the Trust decided to purchase the HEDL shares held by United Networks Limited, taking its shareholding in Horizon to 77.3%. Since that acquisition, the value of the Trust's HEDL investment has increased considerably.
The original Trustees, Des Butler, Malcolm Law and Jim Parkinson of Whakatane; Brian Ponting of Kawerau and Jim Steele of Opotiki, were appointed from within the Board members of the former BOP Electric Power Board.
The original Trust Deed required that there be three Trustees from the Whakatane District, one from the Kawerau District and one from the Opotiki District. In July 2002, amendments were made to the Trust Deed reducing the number of elected Trustees from the Whakatane District to two and enabling the elected Trustees to appoint two further Trustees. The appointed Trustees serve a two-year term, after which they are eligible for reappointment. Two elected Trustees are required to stand down biennially by rotation, but may make themselves available for re-election.
The current elected Trustees are Kevin Hennessy (Chairman) - Opotiki District, Peter Patterson - Whakatane District, Brian Ponting (Deputy Chairman) - Kawerau District.
A casual vacancy following the retirement of elected Trustee Toni Owen has been filled by appointment under the terms of the Trust Deed, for the remainder of the term until September 2009. Rex Wilson of Ohope is the Trustee appointed to this position.
The current appointed Trustees are Donna Smit and David Bulley.
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