from Ray Andersen who presented at the August Meeting. Recently TECT sold 83 million shares it held in Manawa Energy on behalf of the consumers and has not distributed the proceeds to the consumers. Instead TECT has taken the money and share exchange.

Background:

MY INTENTION IS TO ALERT  RATEPAYERS MANY OF WHOM ARE TECT BENEFICIARIES AS TO THE ILLICIT BEHAVIOUR OF THE TECT TRUSTEES SINCE 2012 WHEN WILLIAM BEAU HOLLAND BECAME A TRUSTEE.

HE DESCRIBED THE TRUST AS NOT BEING FIT FOR PURPOSE AND SET ABOUT TO EVOLVE THE TRUST INTO AN ENTIRELY CHARITABLE  ORGANISATION BY 2023 WHICH WAS CONFIRMED IN HIS CHAIRMAN'S REPORT IN 2018.

IN 2015 IN HIS CAPACITY OF CHAIRMAN MR HOLLAND AND TRUSTEES SOLD 20 MILLION TRUSTPOWER SHARES UNDER THE GUISE OF A DIVERSIFICATION OF ASSETS AS IN HIS OPINION (ALL EGGS WERE IN ONE BASKET)

HOWEVER THESE EGGS WERE GOLDEN AND NOT FRAGILE

IN 2018 TRUSTPOWER ANNOUNCED A DEMERGER OF TILT RENEWABLE ENERGY SHARES ON A ONE FOR ONE BASIS AND TECT RECEIVED 83 MILLION SHARES, NOT THE 103 MILLION THEY WOULD HAVE GOT

MERCURY ENERGY OFFERED MR HOLLAND $191 MILLION TO BUY THE TILT SHARES @ $2.30 PS

MR HOLLAND OFFERED TO DISBURSE THE SALE PROCEEDS TO BENEFICIARIES WITH A PAYMENT OF $2,500 ON THE CONDITION THAT THEY WOULD THEN BE DISQUALIFIED FROM RECEIVING ANY FURTHER ANNUAL REBATE PAYMENTS.

THE PROPOSAL WAS QUICKLY WITHDRAWN BY TRUSTEES AFTER STRONG OPPOSITION FROM BENEFICIARIES

UNFORTUNATELY IN DEFIANCE OF THE BENEFICIARIES ADVICE MR HOLLAND SOLD THE SHARES TO MERCURY FOR THE ALREADY AGREED  SUM OF $191 MILLION WHICH EQUATED TO $2.30 PS

WITHIN A COUPLE OF YEARS THE TILT SHARES HAD INCREASED IN VALUE TO $8.00 RESULTING IN A PAPER LOSS OF $473 MILLION

UNFORTUNATELY FOR TRUST BENEFICIARIES AT THE DIRECTION OF MR HOLLAND AND  HIS THE TRUSTEES THE SALE PROCEEDS HAD BEEN  INVESTED IN A PORTFOLIO OF SHARES ON THE AMERICAN STOCK MARKET AND DUE TO THE COVID CRASH IN 2020 THE ENTIRE INVESTMENT WAS LOST CAUSING A TOTAL LOSS OF $664 MILLION.

IN 2020 TRUSTPOWER ANNOUNCED THE SALE OF THE RETAIL DIVISION TO CONTACT ENERGY.

MR HOLLAND ADVISED THAT DUE TO AN ANOMALY WITHIN THE CURRENT RULES THERE NEEDED TO BE CHANGE MADE TO PROTECT THE FUTURE ELIGIBILITY OF BENEFICIARIES TO RECEIVE ANNUAL REBATE PAYMENTS. THIS RULE CHANGE WAS MADE BY TRUSTEES PRIOR TO THE COMPLETION OF THE SALE TO CONTACT ENERGY AS IT WAS A CONDITION OF THE SALES AGREEMENT BETWEEN THE PARTIES.

NOTWITHSTANDING THAT THE "PROBLEM" HAD BEEN SORTED MR HOLLAND FALSELY CLAIMED THAT A COMPLETE "RESTRUCTURE' OF THE ORIGINAL TECT CONSUMER TRUST WAS NECESSARY.

THE OUTCOME OF THE RESTRUCTURE HAS SEEN THE OWNERSHIP OF THE MANAWA SHARES BEING "TRANSFERRED" TO THE TRUSTEES OF THE NEWLY CREATED ENTIRELY CHARITABLE COMMUNITY TRUST.

ACCORDING TO A RECENT STATEMENT BY THE TECT CEO DUE TO THE FACT THAT THE BENEFICIARIES NO LONGER OWN THE CONTACT ENERGY SHARES, THEY ARE NOT ENTITLED TO ANY SHARE OF THE $94 MILLION CASH PORTION OF THE SALE NOR ARE THEY ENTITLED TO ANY FUTURE ANNUAL REBATE PAYMENTS.

THE RESULT OF THE RESTRUCTURE HAS CLEARLY NOT BEEN BENEFICIAL TO THE ALLEGED FORMER OWNERS, OF THE SHARES AND CONTRADICTS THE REASON GIVEN BY MR HOLLAND FOR INSTIGATING SUCH RADICAL CHANGES.

THE OUTCOME SEEMS TO PROVIDE EVIDENCE THAT MR HOLLAND HAS BEEN ABLE TO ACHIEVE HIS PERSONAL AGENDA TO EVOLVE TECT IN TO AN ENTIRELY CHARITABLE COMMUNITY TRUST WITHIN THE 2023 DEADLINE.

FOOTNOTE

IN 2023 MR HOLLAND AND HIS DEPUTY NATALIE BRIDGES 'DONATED" 21 MILLION OF TECT BENEFICIARIES MONEY TO ANNE TOLLEY THE CHAIRPERSON OF THE COMMISSIONERS TO ENSURE THAT THERE WERE SUFFICIENT FUNDS AVAILABLE TO PROCEED WITH THE REVITALISATION OF THE MUSEUM AND CIVIC PRECINCT

IT HAS SINCE BEEN REVEALED THAT HOBEC ARE RELOCATING THEIR BUSINESS PREMISES TO THE NORTHERN QUARTER OF THE PRECINCT AND ARE LOOKING FORWARD TO THE BENEFITS OF OPERATING WITHIN  THIS VIBRANT NEW CIVIC PRECINCT

INTERESTINGLY MR & MRS BRIDGES OWNED COMMERCIAL PROPERTY IN THE CBD BEFORE THEIR SUDDEN DEPARTURE IN 2023

It was suggested that all Consumer Beneficiaires receive $2000 Bonus payment from the sale of Manawa shares.

Ongoing August 2025:

further to my recent emails regarding the poor performance of the  "Rogue" TECT Trustees, there has recently been a significant revelation made public.

In a Statement made by the TECT CEO Mr Werder, in response to the Proposal that there be a $2,000 Bonus Payment made to TECT Beneficiaries from the Cash portion of the proceeds of the Manawa Energy Shares to Contact Energy,

He has stated that the proposed Bonus payment could not be considered because the Beneficiaries no longer "owned" the 83 million Manawa Energy Shares, as they had been "transferred" to the entirely new TECT Charitable Trust, along with all other Shares and Assets amounting to a value of around $1 Billion.

For many years the Manawa Shares have been "held" on behalf of the TECT Beneficiaries in a Company called TECT Holdings Ltd which is recognised by the NZX as the Registered Owner.

Mr Werder, on behalf of the Trustees, claims that as a result of the controversial "Restructure" in 2022  TECT Holdings Ltd had become a "Subsidiary" Company of the new Charitable Community Trust, and as a consequence, from that time the original Beneficiaries had "lost" all their previous rights to shared ownership which rendered them ineligible to receive any further Annual  "Rebates" derived from the Dividend and Bonus Payments paid by Manawa Energy  (Trustpower)

In an effort to "hide" this from Beneficiaries, the Trustees have covertly been paying ongoing $500 annual "Rebates" to Beneficiaries, but these payments are no longer funded by a share of Dividend Income, but from a separate Fund of borrowed money, much like a "Reverse Mortgage"

While the Trustees claim that the "Restructure" was granted approval by the High Court, on the basis that it was Lawful and Proper, (conditional on a CCP process being undertaken)  it is unlikely that the full extent of the proposed changes were declared to the Judge or the Beneficiaries, 

An application has been made to the Office of the Attorney General for an Inquiry to be held into this apparent malpractice by the TECT Trustees, however there needs to be further support forthcoming from Beneficiaries to ensure that this matter proceeds.

It is evident that Mr Holland, by hook or by crook, has been able to achieve his stated proposal "to evolve TECT into an entirely Charitable Trust by 2023" as published in his Chairperson's Report in 2018. 

Letter to the Attorney General July 2025

Recently, on around the 10th July 2025, Manawa Energy (formerly Trustpower) was the subject of a Takeover by Contact Energy.

A portion of the Settlement was paid in Cash which amounted to around $96 Million.

A Proposal was put to the Trustees, whereby there be a disbursement of the cash funds amounting to $2,000 made to each Qualifying TECT Consumer Beneficiary.

However the TECT CEO Mr Wayne Werder has responded to an applicant's request to receive his equitable share of the "Bonus" Payment (amounting to the proposed $2,000), in the negative

Mr Werder claims that {the recent sale of Manawa Energy to Contact Energy involved Assets owned by the "Charitable"  TECT Community Trust, (via its investment SubsidiaryTECT Holdings Ltd) } > He goes on to say that "these assets are not owned by the TECT Consumer Trust and as such, the proceeds from the sale are not available for distribution to its Beneficiaries.

TECT Holdings Ltd is a Company that was set up in around 1993 to "Hold Ownership" of the Trustpower Shares on behalf of the 56,000 Owners who were acknowledged to be, Tauranga Energy Consumer Trust Members 

It seems that the TECT Trustees have without any Mandate  "transferred" ownership of the Trustpower / Manawa Shares, (and all other Assets amounting to almost $1 Billion) to an entirely new Community Trust Entity, created by themselves, on the basis that the High Court had given them a free "License" to do so.

 It is unlikely that the High Court is aware of this "interpretation" of the Judgement, and the Trustees may find themselves in "contempt" due to their claims that the High Court had approved all aspects of the totally unnecessary proposed "Restructure" 

The anomaly created by the Sale of the Trustpower Retail Division (2022) was sorted with a simple "tweak" to the Rules of the original  TECT Consumer Trust, which was in fact, made before the Settlement of the Contract, between Trustpower & Mercury for the reason that it was a Condition of Sale that the TECT Consumers be compelled to remain as Customers of Mercury Energy, in order to qualify for future annual "Rebate" Payments (and ensure a Customer Base)

From the time of the "Rule Change" there was no justifiable reason to proceed with a complete "Restructure" of the existing TECT Consumer Trust and its Associated Bodies.

However the Chairman had previously revealed his personal Agenda (Chairman's Report 2018) to >  "evolve" the original TECT Consumer Trust into an entirely new Charitable Trust by 2023  (before the end of his allowed term)

The CEO Mr Werder has advised in his response, that further information regarding the background and the "Restructure" can be found in the "link" to the TECT website where there is a "message" from the Trustees to TECT Consumer Beneficiaries that "nothing has changed" as a result of the "Restructure"

This claim by Mr Holland the Trustees is utterly false and misleading as evidenced in the Information Memorandum where "everything" has changed including Beneficiaries having been unwittingly  "stripped" of their "ownership" of the Trustpower  / Manawa / Contact Energy Shares.

In a further "twist" the Annual "Rebate" Payments are no longer being funded from an equitable share of the Dividend and Bonus earnings, as previously but are deceptively being paid from a Fund set up by way of a "loan" from the original Trust to the new Entity (around $360 million)

 This "covert activity" is clearly deceptive and misleading, and unlikely to be "condoned" by the High Court, should the Judge be made aware of the false claims being made by the Trustees

There is irrefutable evidence to support these claims of misfeasant activity by Trustees, which can be produced at any hoped for Inquiry

If you wish to support this application to the Office of the Attorney General, please email the Office directly.

OIA <OIA@crownlaw.govt.nz>, <Genevieve.Taylor@crownlaw.govt.nz>, <Savanna.Hiha@crownlaw.govt.nz>