VCT
06/04/2016 17:06
ASSET
NOT PRICE SENSITIVE
REL: 1706 HRS Vector Limited
ASSET: VCT: Overseas Investment Office Approves Purchase of Vector Gas
Overseas Investment Office Approves Purchase of Vector Gas Limited
The Overseas Investment Office has approved the application of First State
Funds to purchase Vector Gas Limited which owns and operates Vector's gas
transmission and non-Auckland gas distribution businesses.
This follows shareholder approval which was obtained at a special meeting on
16 December 2015.
The transaction is now unconditional and completion is expected to take place
on 20 April 2016.
Vector will continue working with First State Funds to ensure a smooth
transition.
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
About gas transmission and non-Auckland gas distribution businesses
The gas transmission business operate
o the Vector Transmission System, owned by Vector Gas Limited comprising
2,211 km of pipelines, 233 stations and associated non-network assets that
supply natural gas to most cities and large towns in the North Island of New
Zealand; and
o the 309 km Maui Pipeline owned by Maui Development Limited.
The non-Auckland gas distribution business comprises gas distribution
networks spread across six regions in the North Island, consisting of 3,413
km of main pipes and an additional 1,414 km of service pipes. The
non-Auckland gas distribution business provides gas distribution services to
gas retailers who sell gas to more than 60,000 customers.
About First State Funds
First State Funds comprises the Global Diversified Infrastructure Fund and
Colonial First State Active
Infrastructure Income Fund, both managed by First State Investments (FSI).
FSI is a leading global infrastructure asset manager, with approximately NZ$7
billion of equity invested in infrastructure assets across Australia, New
Zealand and Europe over a 20 year period. FSI has made 16 utility investments
over that time; with existing investments including Ferngas (German gas
network), EVG (German gas network), Reganosa (Spanish gas storage), ANZ
Terminals (Australian and New Zealand bulk liquid storage network),
Electricity North West (UK electricity distribution network), Caruna (Finnish
electricity network) and Anglian Water Group (UK water utility).
End CA:00280448 For:VCT Type:ASSET Time:2016-04-06 17:06:07
