Specialist Expertise - Maori Trusts
Email - pat@strettons.co.nz
DDI - (07) 377 1813
In the early 1980's Pat Brown began working with a locally-based Maori Trust whose seven trustees were required to administer its land (2700 hectares) to the best advantage of its owners.
Strettons role overall was to assist the Trust to achieve this. Pat's first meeting with the Trust was to potentially advise the members on the best way to invest capital that they had sitting in the bank. The result emerging from this meeting was that the Trust did not need to invest this money, but rather, wished to develop its land.
Pat helped the Trust through a process to determine just exactly how the land could be developed and how the trustees would ultimately benefit from any potential development. Under the land was a major energy source - a geothermal field. Strettons helped the Trust through a process to isolate the resource to produce electricity and subsequently worked with the Trust to make the concept a reality. He also helped raise the 100% of the $100 million in finance needed to complete the project.
Strettons supported the trustees to negotiate contracts for the development, construction and maintenance of the project and through to the actual selling of electricity produced. Currently, Pat works closely with the Trust to provide high-level management support for the business, providing strategic advice and overall management of its operations and maintenance.
Today, Pat has assisted the Trust to work through the contractual process of a development project, which will see the geothermal plant double in size by mid 2005. This process included raising finance and introduction of a minority shareholder to the business.
And introducing a unique element to the business, Strettons assisted the Trust in its development of 5.5 hectares of a geothermally heated greenhouse, which grows produce for export.
More recently, Pat has helped the Trust diversify and enter into a 50-50 joint venture partnership with a satellite communications company.
As the Trust has no actual office base, the Strettons team provides the full realm of support services to enable the Trust to operate on a day to day basis. In addition, Strettons carries out the fundamental business needs for the Trust such as fulfilment of tax requirements and preparation of monthly reports. Overall though, Pat sees his role as an integral part of the Trust's team, working together with a common goal to provide the best result for the owners.
Case Study
Pat Brown - DIRECTOR