It sold the 51.5 million shares at $NZ1.58 each, with trust chairman David Ogden saying he was pleased with that price. Last year the trust had the shares in its books at just over $NZ1.00 a share and last March it sold 15.5 million shares for $NZ1.40 a share.
The trust had been a shareholder in NGC since the company bought Canadian-based power generator and retailer TransAlta New Zealand in 2000. However, the trust decided to sell its NGC shares late last year, after consultation with its 84,000 beneficiaries in the Hutt, Porirua, Tawa and Johnsonville areas of the Wellington region.
