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- Release Date: 20/03/12 12:47
- Summary: DIRECTOR: VCT: Change to Board of Directors
- Price Sensitive: No
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VCT
20/03/2012 10:47
DIRECTOR
REL: 1047 HRS Vector Limited
DIRECTOR: VCT: Change to Board of Directors
Vector Market Statement
Vector, New Zealand's largest owner of electricity and gas infrastructure
assets, today announced the resignation of independent director James Miller
from the Board, effective immediately.
Announcing the resignation today, Chairman Michael Stiassny said Mr Miller
had been approached to join the Board of Mighty River Power given their
impending listing on the NZX and because of this, would be standing down from
the Vector Board.
Mr Miller was appointed to Vector in June 2009, in his first appointment as a
Director for a listed company.
"I will always be very appreciative to the Vector Board and the AECT for
providing me my first opportunity to serve on a Board," said Mr Miller.
"Vector is in great shape, profitability is up and the balance sheet is
strong. It also has the support of a stable long term shareholder which is
critical to success in the infrastructure space," he said.
Mr Stiassny said it was a tribute to James' talent and all he has learned at
Vector, one of New Zealand's largest listed companies, that he was joining
Mighty River Power at a time of great change.
"James has also had a strong relationship with the AECT and has been a strong
supporter and advocate of the listed infrastructure model, with the Trust
providing stability to enable the Board to appropriately focus on long term
value creation," said Mr Stiassny.
Vector's very successful model of local ownership is to be adopted by
Government for its own electricity companies.
Mr Stiassny thanked Mr Miller for his contribution and wished him well in his
future endeavours.
An announcement regarding a new director will be made in due course.
ENDS
End CA:00220919 For:VCT Type:DIRECTOR Time:2012-03-20 10:47:31
