Property Trust
The notice of exemption concerns an application received by the Commerce Commission ("the Commission") on
6 March 2003 made by AMP Diversified Property Trust, and amended on 1 September 2003, on behalf of ADP ("the application").
ADP includes those companies shown in the Commission Decision 514 in Appendices 1 and 2.
ADP seeks in the application, under section 81 of the Electricity Industry Reform Act 1998 ("EIR Act"), an exemption from the EIR Act.
The Commission, pursuant to section 81 of the EIR Act, exempts the following entities (cross-involved entities) from the application of section 17 of the EIR Act in respect of their current "cross-involvement" (as that term is defined in the EIR Act):
? AMP Limited;
? AMP Group Holdings Limited;
? AMP Group Services Limited;
? AMP Services Limited;
? AMP Services Holdings Limited;
? AMP Holdings Limited;
? AMP Henderson Holdings Limited;
? AMP Henderson Global Investors (New Zealand) Limited;
? AMP Henderson Global Investors Limited;
? AMP Shopping Centres Pty Limited;
? The AMP Diversified Property Trust;
? The AMP Diversified Property (NZ) Trust;
? Trust Company of Australia Limited;
? Stockland Trust Management Limited;
? Stockland Property Management Pty Limited;
? Stockland Trust;
? Stockland Corporation Limited;
? J.P. Morgan Nominees Australia Limited; and
? Westpac Custodian Nominees Limited.
The Commission, pursuant to section 81 of the EIR Act, also exempts persons who, from time to time, acquire
more than 10% of the securities in Stockland from the application of section 17 of the EIR Act in respect of their "cross-involvement" (as that term is defined in the EIR Act).
The above exemption is given to the cross-involved entities and persons who acquire more than 10% of the securities in Stockland subject to the following terms and conditions:
(a) That ADP or any other persons do not introduce a charge to any person for the use of, or in connection with, any electricity lines business in relation to the supply of electricity to tenants of ADP's properties.
(b) That ADP or any other persons do not prevent access to any embedded electrical wiring systems owned or operated in relation to ADP's property investment activities, by any competing electricity supply business wanting to supply electricity to any of ADP's tenants.
(c) That ADP or any other persons do not at any time enforce any of the existing lease clauses which allow the option of supplying electricity to any of ADP's tenants, so that ADP's tenants are free to choose their electricity supplier.
(d) That ADP:
(i) notifies, within three months, those tenants who have lease clauses which allow ADP the option of supplying electricity to them that ADP will not enforce these clauses; and
(ii) notifies any new tenants, after the date of this exemption, who have lease clauses which allow ADP the option of supplying electricity that ADP will not enforce these clauses or alternatively that ADP provides in the lease that tenants can choose their own electricity supplier.
(e) That ADP or any of the cross-involved entities provide all tenants of ADP's properties to whom they supply electricity with relevant electricity consumption and billing information, on a timely basis, to enable the tenants to assess competitive options for the supply of their electricity.
In addition, the Commission, pursuant to section 81 of the EIR Act, exempts from the application of sections 17, 18 and 30 of the EIR Act any business or involvement or interest
in relation only to any future property investment and management activities that ADP might undertake, and in respect of which sections 17, 18 and/or 30 would apply.
The exemption to any business or involvement or interest in respect of any future property investment and management activities that ADP might undertake is given subject to
the following terms and conditions being fully observed by the business or involvement or interest to which the exemption applies:
(a) The terms and conditions as set out above in relation to the exemption given to the cross-involved entities.
(b) That ADP informs the Commission of the details of any future property investment and/or management activity, within 20 working days (as that term is defined in the Commerce Act 1986) from the day following the day it undertakes the activity, that
is likely to breach the EIR Act and for which ADP and/or any other persons are likely to rely on this exemption.
The exemption takes effect from the date of publication
of this notice in the New Zealand Gazette.
The Commission may vary or revoke this exemption at any time in accordance with section 81 (5) of the EIR Act.