Ann: ASSET: MELCA: Meridian Sells Arc Innovations to Vector

• Release Date: 01/12/14 10:30
• Summary: ASSET: MELCA: Meridian Sells Arc Innovations to Vector
• Price Sensitive: No
• Download Document  1.63KB

					MEL
01/12/2014 10:30
ASSET
NOT PRICE SENSITIVE
REL: 1030 HRS Meridian Energy Limited

ASSET: MELCA: Meridian Sells Arc Innovations to Vector

Meridian sells Arc Innovations to Vector
1 December, 2014

Today Meridian Energy signed an agreement with NZX listed lines company
Vector Limited [NZX: VCT] ('Vector') concluding the sale of its metering
asset and services subsidiary Arc Innovations Limited ('Arc'). The sale was
subject to Vector securing Commerce Commission approval to acquire the
business, which was granted last week.

Meridian Chief Executive Mark Binns says "we're clear on Meridian's future
direction as a retailer. We want to focus on improving customer experience
and owning electricity meters and providing metering services to the wider
market is not integral to that".

The ownership of Arc will transfer to Vector today and includes employees,
metering assets at 135,000 customer connections predominantly in Canterbury
and Hawkes Bay and contracts to provide smart metering services to all major
retailers.

In addition, Meridian has concluded a separate contract for Vector's
subsidiary Advanced Metering Services Limited ('AMS') to provide metering
services to a large proportion of Meridian's customer base as well as the
upgrade of meters at the majority of its customer sites.

Binns says "AMS is an experienced meter service provider and we are looking
forward to working with them".

For media queries, please contact:
Amy Lockyer
External Communications
021 722 393

For Investor Relations queries, please contact:
Owen Hackston
Investor Relations Manager
021 246 4772
End CA:00258320 For:MEL    Type:ASSET      Time:2014-12-01 10:30:15