Media release
16 November 2012

Waterfront theatre nears fundraising target

Auckland Theatre Company is closing in on its fundraising target for a new theatre at North Wharf in the Wynyard Quarter.

Auckland Council's $10 million contribution, conditional on the company raising the full $35 million, has been key to attracting other contributions, the Regional Development and Operations committee heard.

The total raised so far is $25 million and the theatre company says it is on track to start construction of the 600-seat facility in the second half of next year.

Recent contributions include $3 million from Creative New Zealand and discussions are continuing with the Lottery Grants Board and other funders for a further $7 million.

Committee chair Councillor Ann Hartley said the company had done a remarkable job in attracting financial support for what will become a major waterfront attraction and key addition to the city’s arts scene.

Ends

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Mighty River: 'Mum And Dad’ Investors Myth Busted

Green Party research, confirmed by Treasury, shows that half of the shares in Mighty River Power that National sold to retail investors went to just 13,000 people and that 10 percent of the retail shares went to just 400 wealthy people and organisations, Green Party Co-leader Dr Russel Norman said today.

The sale of Mighty River Power saw 113,000 retail investors, referred to as ‘mum and dad’ investors by the National Government, buy 26.9 percent of the company. Analysis by the Greens and Treasury shows that half of those shares were, in fact, purchased by fewer than 13,000 people who bought an average of nearly $35,000 worth of shares...

“The truth is that 98 percent of New Zealanders bought no shares at all. Half the retail shares went to just 0.3 percent of the population, and a tiny group of just 400 wealthy individuals and organisations got 10 percent of the retail shares. More>>