Watch NZH Local Focus: People power prevails; - KCEPT shareholders relieved after company ownership reviewed

It was a victory for shareholders in King Country Electric Power Trust who gathered in Taumarunui on Monday morning to find out if the Board had listened to their appeals not to change the structure of the Trust.

The trustees decided to leave the ownership as is and not sell it's shares in King Country Energy to Trust Power.

It was great news for beneficiaries including Sandra Greensalde who had been rallying the community since February to make submissions.

"I was going to the coffee shop, but I think I'm going to have to go to the pub now actually. We have to have a celebration, we're thrilled."

308 submissions were received on the proposal to consider changing the ownership structure.

Many people were worried if that happened - funds currently poured back into the community would dry up.

Chairman Robert Carter says a majority of submissions supported option one - for the KCEPT to retain it's current 19.98% shareholding in King Country Energy.

Despite the outcome, there are still concerns about the distribution of profits back to the community.

Jacques Windell says he knows of people that only get a return of about ten dollars.

"In this part of the country, the bigger businesses are getting a large share of the distribution so your lower socio-economic beneficiaries, which this trust was actually set up to help, are not being helped at all."

But King Country Electric Power Trust Chairman Rob Carter says that is simply the economic reality.

"You've got to remember that large contributors to the profits also expect to see a return in their benefit."

The review process - which was managed by Price Waterhouse Coopers - cost $730,000.

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