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

 

NRC Approves $24m Port Corp Share Sale


NRC Approves $24m Port Corp Share Sale

The Northland Regional Council has approved in principle the proposed sale of a 19.9 percent stake in the Northland Port Corporation to Ports of Auckland Limited in a deal worth almost $24 million. A unanimous decision to proceed with the proposed sale was made at a special full Council meeting in Whangarei today (Weds 15 December) and comes after Councillors spent yesterday hearing 69 public submissions on the proposal.

Council Chairman Mark Farnsworth says almost two-thirds of submitters supported the proposed sale, which Councillors believe will offer improved financial security and a valuable ally in Northland’s efforts to improve infrastructure like roading and rail.

Mr Farnsworth says despite the proposed sale, the Council will retain a majority 52.4 percent shareholding in the port corporation, which in turn owns 50% of Marsden Pt deepwater port operator Northport Limited. He says a common theme of many submissions was that the public wanted to see the Council continue to maintain a majority shareholding in what they saw as a valuable strategic asset.

“To that end, the Council is considering the options available to prevent its 52.4% shareholding from being diluted further through any new issue of shares by port corporation directors without Council approval.”

Following the share sale, the money will initially be deposited in short-term investments.

Mr Farnsworth says a final decision on the ultimate fate of the money will be made next year – and only after input from the Northland community – as part of the Council’s Annual Plan process.

He says Councillors were impressed with the quality of submissions made during a one-month public consultation period on the sale proposal.

“I’d like to express Council’s thanks to all those who took the time to make detailed, well thought out submissions.”

Meanwhile, Mr Farnsworth says the Council’s formal acceptance of Ports of Auckland’s offer is awaiting the outcome of inquiries by the Takeovers Panel, which is currently investigating a complaint regarding the proposed sale.

“Council has provided the Panel with information it requested and expects to know the outcome of its inquiries later this week.”

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Scoop 3.0: How You Can Help Scoop’s Evolution

Entering into its third decade of operation, the Scoop news ecosystem is set to undergo another phase of transformation and evolution.

We have big plans for 2018 as we look to expand our public interest journalism coverage, upgrade our publishing infrastructure and offer even more valuable business tools to commercial users of Scoop. More>>

 
 

Foreign Affairs: Patrick Gower Interviews Jacinda Ardern

Prime Minister Jacinda Ardern says discussions have already begun on how to bring climate change refugees into New Zealand under a Pacific seasonal employment plan... More>>

ALSO:

Gordon Campbell: On The Centre Right’s Love Of ‘Nanny State’

You’d almost think it was 2005 again. That was a time when the rugged individualists of the centre-right were being beset by government regulations on the nature of light-bulbs, the size of shower heads, the junk food available at school tuck shops and other such essentials... More>>

Speaking Of Transport: Public Engagement On Wellington Scenarios

“Our work on possible solutions for Wellington’s transport future is ongoing, but has progressed to the stage where we’re ready to share our ideas with the public and seek their feedback to help guide our next steps...” More>>

ALSO:

Parental Leave: National's Time-Sharing Change Fails

National has proposed a change to the Parental Leave and Employment Protection Amendment Bill that would allow both parents to take paid parental leave at the same time, if that is what suits them best. More>>

ALSO:

Train Free Thursday: Workers Strike To Defend Terms Of Employment

"They signed up to these conditions a year ago when they got the contract for Wellington's rail services. Now they're trying to increase profits by squeezing frontline workers." More>>

ALSO:

Seclusion: Ombudsman Emphasises Importance Of Monitoring

Disability Rights Commissioner Paula Tesoriero says that while there have been changes to the Education (Update) Amendment Act 2017 to prohibit the use of seclusion, the report is an important reminder of the importance of regular monitoring of schools. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election