6 October 2017
NZ Windfarms announces maiden dividend of 0.85 cents per share
NWF today advises it will pay a maiden dividend. Rodger Kerr-Newell, NZ
Windfarms'' Chairman said, "We''re very pleased to announce a maiden dividend,
as initiatives put in place over the last year bear fruit."
The dividend will be 0.85c/share, fully imputed, equating to $2.45m. It
follows successful shareholder resolutions at the AGM last week to acquire
the windfarm electrical reticulation assets, saving the organisation over
$700k per annum. Kerr Newell notes, "The board made a commitment to
shareholders at the AGM last week that this transaction was imminent, and
that a dividend would be paid upon completion. We completed the transaction
last Friday, just three days after the AGM. When combined with other
disclosed operational initiatives, electricity price hedging and an ambitious
forward work programme, we''re now in a vastly better place than we were six
months ago."
CEO John Worth noted that the dividend was a function NZ Windfarms making a
transition towards global best practice; "Much of our activity this year has
been focussed on getting the basics right; smart turbine curtailment to
reduce operational expenditure and noise, right sizing our team, obtaining
regulatory relief to curtail on price and taking control of our asset base
are what we call the essential factors in successfully running a merchant
wind-generation business. As we get these things behind us we free up
horsepower to focus on future strategic initiatives," said Worth. NZ
Windfarms has made commitments to shareholders to progress either retail or
other fuel development or acquisition in the next 12 months.
For further information contact:
John Worth
Chief Executive Officer
+64 21 800 310
End CA:00308399 For:NWF Type:GENERAL Time:2017-10-09 08:30:57