Entrust, the majority owner of Vector, on Monday, September 2, announced its annual dividend of $360, stemming from its shareholding in the listed energy company.
This year in addition to the $360 Entrust dividend payment, a further payment of $15 from Vector which is customers’ share of the credit received from Transpower, known as loss rental rebate will be paid to beneficiaries.
The payment will be made to more than 336,000 Aucklanders and businesses in the Entrust district that are connected to Vector’s electricity network in late September.
Entrust Chairman, William Cairns says Entrust is pleased to pay the dividend, which will contribute more than $120 million to Auckland’s economy.
“Entrust is determined to deliver for our beneficiaries. We know that some in our community really rely on the dividend and that it makes a difference. A good portion of it will be spent in local neighbourhoods, with local businesses, which further benefits local communities.
“There is strong support for Entrust across the Auckland region, with 78% of all Aucklanders believing the Entrust structure should remain in place, using profits from Vector to provide dividends to local households in the Trust area, and 63% saying that their family needs the dividend to meet the rising cost of living in Auckland.
“Entrust is pleased that its work is so strongly supported by the people of Auckland,” Entrust Chairman, William Cairns said.
Entrust dividend key facts:
2019 dividend is $360 per individual/business
Total 2019 dividend just over $120 million
Paid in late September via direct credit, cheque or credit to electricity accounts
Goes to 336,000 hardworking people and businesses in the Entrust district
Added to the Entrust dividend is $15 from Vector, bringing the combined payment to power customers to $375 in total
Entrust dividends have contributed more than $1.7 billion to Auckland’s economy over the last 26 years
New Zealand’s largest dividend distribution