SOUTH CANTERBURY POWER TRUST - 1999 THREE YEAR REVIEW
Comment on the Directors' 3 yearly Review of the Trust, 1999
The Trustees thank the directors of Alpine Energy Ltd for their report, provided in accordance with clause 4.1 of the Trust Deed.
The Directors of Alpine Energy are required to report to the South Canterbury Power Trust on a number of matters, in a manner prescribed by the Trust Deed. A summary of the requirements is appended to this report.
The Trustees of Linetrust South Canterbury acknowledge and thank the Directors of Alpine Energy Ltd for their report in the three-year ownership review of the Trust. The Trustees also congratulate the Company on its recent performance and efficiency.
In a letter dated 21 May 2004 the Trustees initiated a review in terms of clause 4 of the Trust Deed. The Directors of Alpine Energy are required to report to LineTrust South Canterbury on a number of matters, in a manner prescribed by the Trust Deed. A summary of the requirements is appended to this report.
An overwhelming majority of voters in the South Canterbury Power Trust public poll want a long term trust.
The declared results of the poll, which closed at 12 noon on the 24th December 2001, showed that 12,672 people returned their polling papers. This was a response rate of 52.79%. Of those, 81.79% (10,365) supported the Power Trust’s resolutionto extend the Trust’s life, and 18.12% (2,297) did not vote in support of that intention.
LINETRUST SOUTH CANTERBURY, DEED OF TRUST