NGC spokesman Keith FitzPatrick said that at the special meeting in Wellington today 99.9% of shareholders voted for the $NZ500 million sale of the TCC station at Stratford and the $NZ92.5 million sale of the Cobb near Nelson. "We expect these sales to become unconditional within the next two days for the values agreed, subject to some small completion adjustments, such as the level of working capital."
The 354MW TCC station, which uses about 1.4 million standard cubic metres a day of Maui and Tariki, Ahuroa, Waihapa and Ngaere (Tawn) gas, will substantially strengthen the Taranaki influence of Wellington-headquartered Contact Energy. Tauranga-headquartered TrustPower's purchase of the small 32MW Cobb station, 112 km northwest of Nelson, will complement its three small Taranaki hydro stations.
NGC Holdings is two-thirds owned by the Australia Gas Light Company.
