Theodore water transition time line
November 2016 – (completed)
Offer
Queensland Government provided Theodore Water Pty Ltd with a formal offer, identifying the proposed separation payment, assets to transfer and key terms for any final transfer.
Theodore Water Pty Ltd undertook the preliminary assessment of the viability of local management of the scheme based on the offer and re-assessment of the initial business proposal.
Theodore Water Pty Ltd advised the Queensland Government that it wished to proceed with the Local Management Arrangements process. This is not a final commitment to move to local management but an acknowledgement that there is a realistic prospect of customer support for the transition to locally owned and managed Theodore Water Pty Ltd.
September 2017
Further Due Diligence
Further reviews and assessment by the Theodore Water Pty Ltd Board and consultants to determine the viability of local management including:
- Detailed legal review
- Engineering assessment (to update the review from Stage II)
- Updated financial model
- Updated business plan
October 2017
Prospectus
Based on the due diligence, a prospectus-type document will be prepared. This will be certified by a range of professional advisors (legal, financial and engineering firms). The document will be sent to all scheme customers together with an offer to become a member or shareholder in the new local management entity. The offer will include a revised water supply contract which would govern the supply of water to customers in the scheme under local management.
1 January 2018 – 30 June 2018
Transfer
The transfer process will involve:
- Scheme assets and separation payment being transferred into Theodore Water Pty Ltd shortly before the transfer date.
- Shares being issued to customers.
- The State Government’s share being cancelled.
- At this time, the scheme assets will be held by Theodore Water Pty Ltd, an entity that will then be wholly owned and controlled by scheme customers.