NGC executive steps down ahead of Vector takeover

NGC's chief financial officer, Kevin Baker, has resigned and will leave this Friday, days before Vector's takeover offer for the gas transmission and distribution company closes.

Baker took up the post six years ago. His responsibilities will be covered by the company's treasurer and group finance manager, Mukesh Panchal.

NGC's head office is in Wellington, while Vector is based in Auckland.

Baker said that after nine years at NGC, he was "just taking the opportunity to take a bit of a career break" and would not be working for at least two to three months. He and his family were "very settled" in Wellington, where he would like to stay - "that's relatively non-negotiable".

Earlier yesterday, Vector told the NZX it had moved to a 70.5 per cent stake in NGC. Its offer for the company closes on August 10.

NGC shareholders are being offered $3.40 a share. Vector is paying them 78c in cash, and the rest in its new shares, which are due to start trading on the stock exchange on August 26.

NGC shares have been trading as high as $3.70 lately, as investors try to get their hands on Vector shares.

Local fund manager Brook Asset Management says it expects to be the largest of the new Vector shareholders once it lists. New shareholders are being issued 24.9 per cent of the company in new stock, and the publicly elected Auckland Energy Consumer Trust will hold the rest.