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NZ Windfarms (NWF) investor relations material
NZ Windfarms Scheme Meeting 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Opening remarks and agenda
Directors, management, legal, financial advisors, and share registrar introduced; meeting logistics and safety procedures outlined, with both in-person and virtual attendance options.
Purpose of the meeting is to consider and vote on the scheme of arrangement for Meridian's acquisition of all outstanding shares at NZ$0.25 per share.
The agenda centers on a single Scheme Resolution, with voting by poll and procedural details provided.
Shareholders are encouraged to read the Scheme Booklet and Independent Adviser's Report before voting.
Financial performance review
EBITDAF for FY25 revised down to NZ$4.6 million due to lower wind volumes; recent years show volatility from weather and aging assets.
Net electricity revenue remained stable between NZ$9.7m and NZ$10.8m from FY22–FY24, but generation volumes have been below long-term averages.
Dividends have been paused since February 2023 to support strategic growth and are unlikely to resume before 2028 if the scheme does not proceed.
Board and executive committee updates
Board unanimously recommends shareholders vote in favor of the scheme, citing reduced risk, value realization, and premium offer.
Board acknowledges duty to act in shareholders' best interests, even at the cost of their own positions.
CEO and directors will not remain post-transaction; most staff will transfer to Meridian, with Adam Radich (GM Operations & Development) offered a role.
The board evaluated alternative funding options for the Te Rere Hau JV before accepting Meridian's offer.
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