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

 


$14 mil dividend payout on Manukau airport shares

Media release
June 30, 2005

$14 million dividend payout on Manukau airport shares


As a result of an announcement by Auckland International Airport Limited today, Manukau City Council is to receive a special dividend from its shareholding in the airport company of fourteen million dollars. In total, $200 million will be distributed to all shareholders by AIAL.

The Council had been expecting a dividend of ten million dollars as a result of a capital structure review. But the final result is much better than anticipated, reflecting the continued successful performance of the company.

Mayor Sir Barry Curtis says, “The announcement is extremely good news for the council as it means an extra four million dollar dividend, which will be used to cut debt and to pay for new assets and infrastructure.”

The Council holds 116 million shares and the value of this shareholding rose 2.4 per cent as a result of the dividend announcement, which reflects the operating strength of the company. The shareholding is now worth approximately 278 million dollars.

Sir Barry says he fully expects that value will continue to rise. “This result once again proves the wisdom of the decision taken in the past to hold on to our shareholding and to resist calls to sell our airport shares. I have always believed they are a first class investment and a superb asset for the city. In addition to the announcement today, we are expecting a nine million dollar return on the shareholding later in the financial year, an amount matching the return of last year.”


Ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Sector Opposes Bill: Local Government Bill Timeframe Extended

The Minister of Local Government Peseta Sam Lotu-Iiga has asked the Select Committee to extend the report back date for the Local Government Act 2002 Amendment Bill (No 2). More>>

ALSO:

Breed Laws Don’t Work: Vets On New National Dog Control Plan

It is pleasing therefore to see Louise Upston Associate Minister for Local Government calling for a comprehensive solution... However, relying on breed specific laws to manage dog aggression will not work. More>>

ALSO:

Not Waiting On Select Committee: Green Party Releases Medically-Assisted Dying Policy

“Adults with a terminal illness should have the right to choose a medically assisted death,” Green Party health spokesperson Kevin Hague said. “The Green Party does not support extending assisted dying to people who aren't terminally ill because we can’t be confident that this won't further marginalise the lives of people with disabilities." More>>

ALSO:

General Election Review: Changes To Electoral Act Introduced

More effective systems in polling places and earlier counting of advanced votes are on their way through proposed changes to our electoral laws, Justice Minister Amy Adams says. More>>

Gordon Campbell: On Our Posturing At The UN

In New York, Key basically took an old May 2 Washington Post article written by Barack Obama, recycled it back to the Americans, and still scored headlines here at home… We’ve had a double serving of this kind of comfort food. More>>

ALSO:

Treaty Settlements: Bills Delayed As NZ First Pulls Support

Ngāruahine, Te Atiawa and Taranaki are reeling today as they learnt that the third and final readings of each Iwi’s Historical Treaty Settlement Bills scheduled for this Friday, have been put in jeopardy by the actions of NZ First. More>>

ALSO:

Gordon Campbell: On The Damage De-Regulation Is Doing To Fisheries And Education, Plus Kate Tempest

Our faith in the benign workings of the market – and of the light-handed regulation that goes with it – has had a body count. Back in 1992, the free market friendly Health Safety and Employment Act gutted the labour inspectorate and turned forestry, mining and other workplace sites into death traps, long before the Pike River disaster. More>>

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Regional
Search Scoop  
 
 
Powered by Vodafone
NZ independent news