New Plymouth Mayor Max Brough has called a public meeting to challenge the consultation process behind the proposed $620 million sale and merger of community-owned TSB to Heartland Bank.
Brough argues the Toi Foundation, TSB’s 100% owner, should have consulted the community earlier rather than presenting a near-complete deal with a complex payment structure involving cash, equity, debt and a $264 million vendor loan.
The move followed a petition with more than 4,500 signatures. Read more at The Post and Gordon Brown’s petition at Action Network.
Image credit: Pouria
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