Tauranga Energy Consumer Trust (TECT) has confirmed its strategic asset allocation for the investment of funds from the proceeds of its recent selldown of 20 per cent of its shareholding in Trustpower.
TECT Trustees engaged the services of Fidato Advisory Ltd to provide advice on the diversified investment programme. After a comprehensive due diligence process the trust has confirmed the asset allocation and selected fund managers.
In the interests of diversifying its investment portfolio, TECT sold 20 million of its shares in Trustpower in April 2015. This reduced TECT's holding from 33.2 per cent to 26.8 per cent of shares in the company. The shares were sold at a price of $7.74 per share, realising total gross proceeds of $154,800,000.
TECT chairman Bill Holland said the process to reinvest the funds had been comprehensive.
"TECT is a long-term investor and this was fundamental to our investment decisions."