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


Residents missed share buying opportunity

Chairperson disappointed residents missed share buying opportunity

Ratepayers and residential investors should have been given the opportunity to buy some of Auckland City’s airport shares at the same price as institutional purchasers, says the chairperson of the council’s Auckland International Airport Working Party, Councillor Douglas Armstrong.

Last week the council announced the sale of half of its 25.6% shareholding in the airport at $4.90 per share, a discount to the then market price of $5.16.

Councillor Armstrong says he is very disappointed indeed that a minority of five councillors, who were opposed to the sale, prevented the issuing of a prospectus that would have enabled the council to offer shares to the public on favourable terms – with the city’s ratepayers and residents being given a priority allocation.

“The council consulted widely and took a democratic majority decision to sell down its shareholding in the airport. It is sad and unfortunate that the preferred sales process was not able to be undertaken. Instead, the council was restricted to selling its shares directly to local and overseas institutions. This meant that the public missed out on the opportunity to buy shares at the discounted market price.”

Councillor Armstrong says he can understand why many residents and ratepayers feel aggrieved that they could not purchase shares directly from the council at around $4.90.

© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Epic Fails Of Kris Faafoi

Ever since Winston Peters first breathed life into this government in 2018, its own branding has been all about social justice and how we all need to be “kind” to each other. Somehow, Kris Faafoi must have missed the memo. His performance in the immigration portfolio (in particular) has neither been kind nor just, especially to the migrants whose skills New Zealand will need to get us through Covid, and grow the economy into the future... More>>

Covid-19 & Government: Government Green Lights Rapid Antigen Testing

Some of the country’s largest businesses have put in an order for 300,000 approved rapid antigen tests for their workforce, after working at pace with the Government on a new scheme unveiled by Associate Minister of Health and Research, Science and Innovation Ayesha Verrall... More>>



Government: Opportunity To Shape NZ’s First Emissions Reduction Plan
The Government is inviting New Zealanders to inform the country’s first Emissions Reduction Plan with the release of a consultation document containing a range of policy ideas to decrease the country’s emissions, Prime Minister Jacinda Ardern and Climate Change Minister James Shaw announced today... More>>


Government: Books Show Resilient And Strong Economy
The end of year audited Crown accounts released today show the Government’s health led approach to the COVID-19 pandemic has protected New Zealand’s economy. “On almost every indicator the accounts show that the New Zealand economy has performed better than forecast... More>>

Healthcare: Health System Is Ready For Assisted-dying Law
The health system is ready for the implementation of the End of Life Choice Act when it takes effect next month, making assisted dying legal in New Zealand, Health Minister Andrew Little said today... More>>


Government: Mandatory Vaccination For Two Workforces

Large parts of two workforces critical to preventing the spread of COVID-19 will be required to be vaccinated, COVID-19 Response Minister Chris Hipkins said today. “Our education and health and disability workforces have done an incredible job throughout this pandemic to keep themselves and people safe,” Chris Hipkins said.... More>>

Green Party: Deeply Concerned Space Launches May Be Breaching Nuclear-free Laws

The Green Party is deeply concerned that space launches by Rocket Lab may be breaching nuclear-free laws, given our long-standing position as a signatory of the Nuclear Non-Proliferation Treaty... More>>

Children's Commissioner: Call For Mandatory Vaccination Of Children’s Workforce
The Children’s Commissioner and Assistant Māori Commissioner are calling for a plan for the mandatory vaccination of teachers and the entire children’s workforce in New Zealand... More>>




InfoPages News Channels