TECT restructure receives High Court approval

Mercury NZ Limited (Mercury) welcomed the High Court's decision today to approve the Tauranga Energy Consumer Trust's (TECT) proposed restructure of its Trust Deed by its trustees. "This is a significant milestone, and an exciting step towards bringing together the two businesses in a way that delivers great value for our customers," said Mercury Chief Executive, Vince Hawksworth. Completion of the transaction is expected in the first half of 2022, following implementation of the TECT Trust Deed restructure. Background Mercury announced it had entered into binding agreements with Trustpower to acquire its retail business for NZ$441 million on 21 June this year. Once complete, the combined business will have approximately 780,000 connections across both energy and telco services. ENDS Howard Thomas General Counsel and Company Secretary Mercury NZ Limited For investor relations queries, please contact: Tim Thompson Head of Treasury and Investor Relations 0275 173 470 For media queries, please contact: Shannon Goldstone Head of Communications Media phone: 027 210 5337 End CA:00384861 For:MCY Type:GENERAL Time:2021-12-16 12:31:37