“A preliminary review by PWC (PriceWaterhouseCoopers) confirms ongoing keen interest in the opportunity to acquire the stake of the major shareholders. PWC are comfortable with that and so am I,” New Plymouth Mayor Peter Tennent told EnergyReview.Net this morning.

The indicative, non-binding bids would be considered by the council’s equity subcommittee next Wednesday and by full council the following day.

“I expect PWC to come in and say this is the range of bids received and these are the ones we recommend. We will be seeking confirmation of that. So a sale could be made in August.”

Tennent said the crucial number for the council when making its decision was NZ$19.3 million - the amount it got each year from Powerco by way of dividends. If money raised from a proposed sale could not replace this lost dividend, then it would not proceed.

PWC was doing due diligence of the bids received and would short-list up to five bids for final consideration. “The majority of bids have been priced at a premium to the current market price.” Tennent confirmed this meant the present Powerco share price.

EnergyReview.Net has previously reported that over 20 companies - from North America, Asia, Australia and New Zealand - have expressed interest in the 53.65% of Powerco being sold by the NPDC, Taranaki Electricity Trust and Wanganui’s Powerco Community Trust. PWC is handling the sales process for NPDC, TET and PCT.