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- Release Date: 29/06/12 17:34
- Summary: GENERAL: VCT: Vector to appeal to Supreme Court
- Price Sensitive: No
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VCT
29/06/2012 15:34
GENERAL
REL: 1534 HRS Vector Limited
GENERAL: VCT: Vector to appeal to Supreme Court
Vector announced today that it will appeal the recent Court of Appeal ruling
in favour of the Commerce Commission in respect of the rules and process for
setting starting price adjustments.
In March 2011, Vector commenced a judicial review process which argued that
the methodology for setting starting prices should be included in final input
methodologies. The High Court ruled in favour of Vector's judicial review
action on 27 September 2011, however this decision was overturned in the
Court of Appeal on 1 June 2012.
Vector Chief Executive Simon Mackenzie said the company believed that the
original decision made by the High Court was robust and is therefore
appealing to the Supreme Court for a final decision on the issue.
"The inclusion of a starting price methodology in the input methodologies
framework is fundamental to a good regulatory regime and in our view this was
implicit in the decision to make the amendments to the Commerce Act in 2008,"
he said.
ENDS
About Vector
Vector is New Zealand's leading multi-network infrastructure company which
delivers energy and communication services to more than one million homes and
businesses across the country.
The company owns and manages a unique portfolio which consists of electricity
distribution, gas transmission and distribution, electricity and gas metering
installations and data management services, natural gas and LPG and fibre
optic networks.
Vector is listed on the New Zealand Stock Exchange with ticker symbol VCT.
Our majority shareholder, with voting rights of 75.4%, is the Auckland Energy
Consumer Trust (AECT).
For further information, visit www.vector.co.nz
End CA:00224462 For:VCT Type:GENERAL Time:2012-06-29 15:34:09
