Orion announces $200 million
capital reparation
1 March 2002
Christchurch based network company, Orion New Zealand Limited, has announced a $200m capital repatriation to take place on Thursday 7 March 2002.
The repatriation is tax free to Orion's shareholders and is being made following the receipt of the necessary IRD binding ruling.
Orion's shareholders and their respective shares of the repatriation are:
| |
% |
% |
| Christchurch City Holdings Limited |
87.625 |
175.3 |
| Selwyn Council Trading Enterprises Limited |
10.725 |
21.4 |
| Banks Peninsula District Council |
1.650 |
3.3 |
| |
|
|
| |
100.000 |
200.0 |
Announcing the repatriation, Chairman Linda Constable said that the cash returns to the shareholders since corporatisation in 1993 amount to over $650m. About half of the returns had been due to the highly successful Enerco investment.
"The returns to shareholders and the Canterbury region over this period have been exceptional and the company is continuing to perform strongly", Ms Constable said.
"Even after all of the above cash distributions to shareholders, the company will be virtually debt free with a debt gearing level of less than 5%."
The company owns and manages one of the most reliable and lowest cost electricity networks in the country.
For more information:
Linda Constable
Chairman
Orion NZ Limited
Phone: 025 228 5456
or
Chris Laurie
Managing Director
Orion NZ Limited
Phone 03 363 9800
|