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- Release Date: 01/06/12 13:20
- Summary: GENERAL: VCT: Vector Disappointed in Decision
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VCT
01/06/2012 11:20
GENERAL
REL: 1120 HRS Vector Limited
GENERAL: VCT: Vector Disappointed in Decision
Vector, New Zealand's largest owner of electricity and gas infrastructure
assets, is disappointed in the Court of Appeal's decision released today. The
decision overturned the High Court ruling in favour of Vector's Judicial
Review action.
Vector CEO Simon Mackenzie said the decision was disappointing from a good
regulatory process perspective.
"While it's not a positive outcome, it's still part of a larger process and
we don't see it having an impact on our operations today. However, the
material issues will be heard in the merits appeals later this year and we
will be considering our options with respect to this Court of Appeal
decision."
Vector's Judicial Review argument focused on the process and rules for
setting the starting prices and that fact that these were not included in the
final input methodologies, which makes investment decisions extremely
difficult. The High Court ruled in favour of Vector's Judicial Review action
on 27 September 2011.
End CA:00223524 For:VCT Type:GENERAL Time:2012-06-01 11:20:10
