Local Govt | National News Video | Parliament Headlines | Politics Headlines | Search


Auckland City progresses airport share sale

Auckland City progresses airport share sale

“The process to explore the sale of Auckland City’s 26 per cent stake in Auckland International Airport Limited (AIAL) is proceeding according to plan and we have commenced discussions with prospective buyers,” says the chairperson of the council’s working group, Councillor Douglas Armstrong.

The council is selling the airport shares to repay debt and provide the funds necessary to improve the city’s infrastructure.

A dual-track sales process is expected to maximise the sale proceeds. The sales strategy will target all possible buyers - including trade buyers, institutional and possibly retail investors - to achieve the best price.

“Councillors have been asked if they are willing to sign a prospectus so that a share offer can be considered for the people of Auckland city,” says Councillor Armstrong.

To undertake a sale to the public, securities law requires the council to issue a prospectus signed by every councillor. All 20 councillors have been asked to sign and return a letter to the council’s acting chief executive David Rankin confirming their willingness to sign a prospectus.

“If one councillor decides not to sign then we cannot issue a prospectus – and the average Kiwi will miss out.”

Councillor Armstrong says the council’s sales process means considering all options. “We want to know as soon as possible whether the option of a retail offer is in or out. A prospectus would allow the council to consider offering shares to Auckland city ratepayers, and possibly allowing them to pay for the shares over a period of time.”

A sale to trade and institutional investors does not require a prospectus, so the dual-track strategy will proceed whether or not councillors sign the prospectus.

“If we are unable to issue a prospectus that does not hinder our sales strategy, however it would be disappointing if we were not able to consider giving ratepayers the option of buying the shares,” Councillor Armstrong says.

Councillors have until Wednesday, 2 October 2002 to formally advise their willingness to sign a prospectus.

Councillor Armstrong reiterates that the council’s shares in AIAL will only be sold if a very good price is obtained.

© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines


Also, Loan Interest: Productivity Commission On Tertiary Education

Key recommendations include better quality control; making it easier for students to transfer between courses; abolishing University Entrance; enabling tertiary institutions to own and control their assets; making it easier for new providers to enter the system; and facilitating more and faster innovation by tertiary education providers... More>>


Higher Payments: Wellington Regional Council Becomes A Living Wage Employer

Councillor Sue Kedgley said she was delighted that the Wellington Regional Council unanimously adopted her motion to become a Living Wage employer, making it the first regional council in New Zealand to do so. More>>


Scoop Images:
Dame Patsy Reddy Sworn In As Governor-General

This morning Dame Patsy Reddy was sworn in as the New Zealand Realm’s 21st Governor-General. The ceremony began with a pōwhiri to welcome Dame Patsy and her husband Sir David Gascoigne to Parliament. More>>


Ruataniwha: DOC, Hawke's Bay Council Developer Take Supreme Court Appeal

The Department of Conservation and Hawke's Bay Regional Investment Company (HBRIC) are appealing to the Supreme Court over a conservation land swap which the Court of Appeal halted. More>>


With NZ's Marama Davidson: Women’s Flotilla Leaves Sicily – Heading For Gaza

Women representing 13 countries spanning five continents began their journey yesterday on Zaytouna-Oliva to the shores of Gaza, which has been under blockade since 2007. On board are a Nobel Peace Laureate, three parliamentarians, a decorated US diplomat, journalists, an Olympic athlete, and a physician. A list of the women with their background can be found here. More>>

Gordon Campbell: On The Key Style Of Crisis Management

At Monday’s post Cabinet press conference Key was in his finest wide- eyed “Problem? What problem?” mode. No, there wasn’t really a problem that top MPI officials had been at odds with each other over the meaning of the fisheries policy and how that policy should be pursued... More>>


Mt Roskill: Greens Will Not Stand In Likely Post-Goff By-Election

“The Green Party’s priority is changing the Government in 2017, and as part of that we’ve decided that we won’t stand a candidate in the probable Mt Roskill by-election... This decision shows the Memorandum of Understanding between Labour and the Green Party is working." More>>


Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news