June 09, 2014
Ngati Rangitihi does deal on power fight
Te Mana o Ngati Rangitihi Trust has reached a confidential settlement with Eastern Bay Energy Trust over costs in their long-standing dispute over ownership of electricity lines network Horizon Energy Distribution.
The Matata-based trust had contested in both the High Court and the Court of Appeal the Eastern Bay Energy Trust’s right to hold more than 25 percent of shares in Horizon.
It lost both cases, and has now accepted the court’s decision.
However, the court did uphold Te Mana’s view that a poll run by the energy trust to seek consumer approval for a full takeover of Horizon Energy was flawed.
Te Mana had the backing of minority shareholder Marlborough Lines.
Energy trust chairman Don Lewell says he is satisfied with the agreement reached on costs and feels that the final settlement of this matter will be of benefit to everyone concerned.
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