TECT Board of Trustees propose to wind up TECT in 2022 by bribing all Trustpower consumers with a one-off lump sum payment of $2500, plus five more years of TECT dividends, then transfer the TECT shares held in trust in Trustpower for consumers to an independent charitable trust, with no more Trustpower shareholdings held, or dividends paid at all to consumers from 2023.

Currently, about 56,000 TECT/Trustpower consumers own 26.8 per cent of Trustpower's 312,973,000 total shares, amounting to 83,876,764 shares. This is 1497 shares for each consumer. Before TECT's proposal was announced on January 25, Trustpower shares were trading at $5.92 per share, meaning each consumer was entitled to 1497 shares valued at $5.92 per share or a total sum of $8,862.24 plus annual dividends.

Under the terms and spirit of the original trust agreement, the TECT shareholding and dividends in Trustpower were to benefit consumers, not charities. Many Trustpower consumers and families are struggling, so why are the shares not being paid back to each consumer? Trustpower/TECT consumers need to be acutely aware of the huge value of shares the TECT trustees currently propose to deftly take from them. After all, shouldn't charity begin at home?

J Phillips, Bethlehem.