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No public offer of City airport shares

No public offer of City airport shares

The chairperson of Auckland City Council’s airport working party, Councillor Douglas Armstrong, says five councillors have not agreed to sign a retail sale prospectus.

The airport share sale process will therefore not include a general retail offer, which may have included a preferential allocation to residents and ratepayers.

Under the Securities Act a prospectus offering shares to the public must be signed by all the councillors.

Councillors were asked to formally advise City Director of Finance David Rankin of their willingness to sign a prospectus.

Fifteen councillors confirmed they would sign. These included three who advised they would sign provided the prospectus included a statement indicating their support for an offer to retail investors but their philosophical opposition to, or personal point of view on, the sale issue.

Five councillors have not confirmed their willingness to sign a prospectus.

Councillor Armstrong says a sale to trade and institutional investors does not require a prospectus, so the dual-track strategy will proceed without an offer to the public. The council will then assess the outcome of the process and make a final decision on the sale.

Auckland City Council has a 25.6% stake in Auckland International Airport Limited.

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