Review of Board Composition NZ Windfarms has initiated a process to review the composition of its Board. Following the recent AGM, the number of directors was reduced to three. Since that time, the remaining directors have determined that additional appointments are required to provide a Board with wide shareholder support and an appropriate mix of skills and experience.
NZ Windfarms Limited (NWF) has been advised by Windflow Technology Limited (WTL) that the resolutions supporting the conditional settlement of all outstanding matters between the two companies were passed at shareholder and security holder meetings held on 30 November 2015. The agreement is now unconditional.
Vicki Buck and Michael Stiassny have advised New Zealand Windfarms Limited (NWF) that they will not stand for re-election at the Annual Meeting to be held tomorrow. As a result, they will stand down as Directors of the Company with effect from the close of the AGM.
NZ Windfarms Limited (“NWF”) advises that the Bank of New Zealand ("BNZ”) guarantee in favour of Powerco Transmission Services Limited ("Powerco”), as referred to on page 38 of the Annual Report for the year ended 30 June 2015, will be renewed for twelve months from expiry of the existing guarantee to 30 November 2016. The guarantee will be for $10,058,000.
NZ Windfarms Limited (NWF) has reached agreement with Windflow Technology Limited (WTL) over the outstanding issues between the companies. See the attached announcement for full details.
NZ Windfarms Limited (“NWF”) advises it has received the Environment Court's decision on an application by Palmerston North City Council for declarations on the company's compliance with its operating consent. See the attachment for full details.
NZ Windfarms Limited (“NWF”) has recently been asked by a small group of shareholders for clarification of, and additional information on, a number of key issues. A response has been provided which brings together information previously provided by NWF in shareholder reports, annual meeting presentations and market announcements.