Update on Trustpower retail sale and Manawa Energy launch
Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com
2 May 2022
Update on Trustpower retail sale and Manawa Energy launch
Trustpower Limited (Trustpower), in which Infratil is a 51% shareholder, today announced that the
conditions of the sale of their gas, telecommunications, and retail electricity supply business
(excluding the supply of electricity to commercial and industrial customers) to Mercury NZ Limited
have been met and completion of the sale is scheduled to occur today (effective as of 1 May
2022).
The company also confirmed its name change to Manawa Energy Limited, as previously advised
to the market in August 2021, takes effect today.
A copy of the release is attached.
Any enquiries should be directed to:
Mark Flesher
Investor Relations
Infratil Limited
mark.flesher@infratil.com
2 May 2022
Update on retail sale and Manawa Energy launch
The conditions of the sale of Trustpower's gas, telecommunications, and retail electricity supply business
(excluding the supply of electricity to commercial and industrial customers) to Mercury NZ Limited have been met
and completion of the sale is scheduled to occur today (effective as of 1 May 2022).
The final sale price of $467m is made up of an underlying price of $426m and a $41m payment for estimated
working capital. The working capital value does not include ‘accounts payable as at completion’ which are retained
by Trustpower. After settling all working capital balances Trustpower expects to receive net proceeds from sale
between $432m to $442m. Note the sale and purchase agreement includes typical working capital wash-up
provisions.
No further announcements will be made following completion.
The company confirms its name change to Manawa Energy Limited, as previously advised to the market in August
2021, takes effect today.
Details of Manawa Energy’s strategy, capability and targets will be provided alongside our FY-22 full-year results
on 16 May 2022.
Launch media release available at www.manawaenergy.co.nz/news
NZX Name Change Information
Before 2 May 2022 From 5 May 2022
Company name Trustpower Limited Manawa Energy Limited
Ticker code TPW MNW
ISIN NZTPXE0001S5 Remains unchanged
Other Manawa Energy Group Name Changes Effective 2 May 2022
Before 2 May 2022 From 2 May 2022
Manawa Energy Limited (formerly Hopsta Limited) Manawa Energy Generation Limited
Trustpower Insurance Limited Manawa Energy Insurance Limited
Trustpower Metering Limited Manawa Energy Metering Limited
About Manawa Energy Ltd.
Manawa Energy is New Zealand’s largest independent
*
electricity generator and renewables developer, with 26
power schemes throughout New Zealand and a total installed capacity of 498MW. Its commercial and industrial
electricity business supplies around 680 customers at more than 14,000 electricity connections nationally, currently
supplying ~1,250GWh per annum.
*
By independent we mean without an integrated mass market retail business
Investor enquiries:
Phil Wiltshire
General Manager: Corporate Services
phil.wiltshire@manawaenergy.co.nz
027 582 6600
Media enquiries:
Abbie Siely
Head of Community and Communications
abbie.siely@manawaenergy.co.nz
021 276 5319
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
Other issuers discussed similar conditions around this time
Matched by meaning across NZX announcement text, not keywords — based on our semantic index of announcement bodies.
- MCY — Mercury NZ Limited: Results reflect significant change within half year2022-02-21
“ple or beneficial title, and water. The applicants have also filed a related claim in the Waitangi Tribunal pursuant to the Treaty of Waitangi Act 1975, but have not yet taken any further steps in relation to that claim. The Group holds land at Maraetai, Waikato that is subje…”
- MCY — Mercury NZ Limited: TECT restructure condition satisfied2022-04-03
“TECT restructure condition satisfied in Mercury’s acquisition of Trustpower’s retail business 4 April 2022 - Mercury NZ Limited (Mercury) is pleased to confirm that the Tauranga Energy Consumer Trust (TECT) restructure condition in its acquisition of Trustpower Limited’s (Tru…”
- MCY — Mercury NZ Limited: Trustpower retail acquisition unconditional2022-05-01
““Our focus moves quickly to how we integrate the two retail businesses supported by our outstanding generation assets, and how we can be innovative, responsive and streamlined in the way we operate.” Background Mercury initially announced it had entered into binding agreemen…”