Results of NZ Windfarms Limited Special Shareholder Meeting
At NZ Windfarms Limited's special meeting, held in Auckland and online today, shareholders were asked to vote on 3 resolutions, which were supported by the Board.
As required by NZX Listing Rule 6.1, all voting was conducted by a poll.
The resolutions passed by shareholders were:
1. That the Company giving effect to the provisions in the Investors' Agreement described in the notice of this meeting by:
selling to the joint venture established under the Investors' Agreement certain assets of the existing windfarm which are necessary for the repower project including consents, land, wind rights, roading and electrical grid connection infrastructure at financial close;
investing in the joint venture as required to enable it to retain up to a 50% interest in the joint venture; and
raising equity in the Company's investment vehicle for the joint venture provided that such equity does not result in the Company ceasing to control, or own directly or indirectly more than 50% of, that investment vehicle;
be approved.
That the issue by the Company of 43,209,500 ordinary shares to Meridian Energy Limited on 25 October 2023 be ratified.
That the directors be authorised to increase the remuneration per annum of the independent directors of the Company by 4% and of the Chair of the Repower Committee by a further $10,400 both with effect from 1 July 2023 pursuant to the per position sums shown in the "Proposed Remuneration" column of the table in the explanatory notes of the notice of this meeting.
Details of the total number of votes cast in person or by a proxy holder are:
Resolution
For
Against
Abstain
That the Company giving effect to the provisions in
75,441,078
6,920,429
942,297
the Investors' Agreement described in the notice of
(91.60%)
(8.40%)
this meeting by:
• selling to the joint venture established under
the Investors' Agreement certain assets of
the existing windfarm which are necessary
for the repower project including consents,
land, wind rights, roading and electrical grid
connection infrastructure at financial close;
• investing in the joint venture as required to
enable it to retain up to a 50% interest in the
joint venture; and
• raising equity in the Company's investment
vehicle for the joint venture provided that
such equity does not result in the Company
ceasing to control, or own directly or
indirectly more than 50% of, that investment
vehicle
be approved
That the issue by the Company of 43,209,500
75,719,109
6,889,659
73,438,784
ordinary shares to Meridian Energy Limited on 25
(91.66%)
(8.34%)
October 2023 be ratified.
That the directors be authorised to increase the
134,622,578
19,603,306
1,011,302
remuneration per annum of the independent
(87.29%)
(12.71%)
directors of the Company by 4% and of the Chair of
the Repower Committee by a further $10,400 both
with effect from 1 July 2023 pursuant to the per
position sums shown in the "Proposed
Remuneration" column of the table in the
explanatory notes of the notice of this meeting.
Craig Stobo
Chairman
Attachments
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Disclaimer
NZ Windfarms Limited published this content on 20 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 December 2023 02:02:35 UTC.
NZ Windfarms Limited is a New Zealand-based long term specialist wind farm owner and operator. The Company is engaged in the generation for sale of renewable electricity to the national grid in New Zealand. The Companyâs Te Rere Hau wind farm is located on North Range Road in the Tararua Ranges outside of Palmerston North. The wind farm has about 92 turbines with a nameplate capacity of 46 megawatts (MW), producing sufficient electricity to power approximately 16,000 households. It also focuses on extending the Te Rere Hau wind farm footprint to the northwest, into the Ernslaw forestry block called the Aokautere Extension Project. Its approximately 500 kilowatts (kW) turbines are over 30 meters high and have a rotor diameter of approximately 30 meters. Each one produces enough electricity to power approximately 200 households. It operates primarily in New Zealand. Its wholly owned subsidiaries include NZWL-TRH Limited and TRH Services Limited.