On 21 December 2022 Vector (NZX: VCT) advised that it had entered into a conditional agreement with QIC Private Capital Pty Limited (QIC) for the sale of a 50% interest in Vector’s New Zealand and Australian metering business (Vector Metering) to investment vehicles managed and advised by QIC. The release stated that the book value of Vector Metering in Vector’s accounts was $0.65b. There was an error in the calculation of this book value as it included inter-company debt that is eliminated on consolidation.  The correct book value at 31 December 2022 is $0.847b.

QIC continues to work with Vector in satisfying the conditions in the agreement and Vector expects to complete the transaction by 30 June 2023.
 
ENDS
 
Investor contact
Jason Hollingworth, Chief Financial Officer, Vector
Jason.hollingworth@vector.co.nz, 021 312 928