KEY POINTS:
Solid Energy does not expect to be overwhelmed by crowds at its first annual meeting today.
The meeting in Auckland is the first of its kind for a state owned enterprise and was advertised nationwide. Invitations have gone out to other SOEs, energy analysts and the media.
A spokeswoman said there had been just a handful among the public stating they wanted to come, in spite of the offer of refreshments after the meeting at The Langham, Auckland. The meeting room can seat 300.
Taxpayer-owned SOEs have been criticised for not opening themselves up to the same scrutiny as listed companies and there have been questions raised about top salary levels. Solid Energy has also been attacked for infiltrating community and environmental groups opposed to its activities on the South Island West Coast.
The company says that because of heightened interest in energy companies this year, it was "appropriate to give all our stakeholders the opportunity to hear more about our business performance, future growth, diversification plans and how we are discharging our corporate social responsibility." The spokeswoman said speeches by chief executive John Palmer and chairman Don Elder would take around 35 minutes before questions from the floor, much in the manner of a listed company meeting.
The company recovered from a disastrous first half to notch up an after-tax profit of $34.4 million for the 2007/08 financial year, well down on last year's record $96.4 million.
Solid Energy's plans for coal seam gas could be up for discussion today.
Since November last year, five test wells have been successful in releasing gas in sufficient quantities to flare. It is estimated the gas resource is similar to that of the Kupe field to come on stream next year.
Last week Solid Energy announced it had signed a five-year deal with BlueScope Steel, Australia's biggest steelmaker, to supply its biggest mill in New Zealand, at Glebrook.
As part of the agreement, Solid Energy promised to invest more than $100 million to extend the Huntly East mine.
Solid Energy meeting
Where: The Langham, Auckland.
When: 11.30am today.
