Ngāti Kahungunu announces the first drop in equity in 18 yea
Ngāti Kahungunu announces the first drop in equity in 18 years
Ngāti Kahungunu announces the first drop in equity in 18 years, due to a re-valuation of its share holdings in Aotearoa Fisheries Ltd (AFL). In keeping with other iwi who have re-valued their shares in AFL, we have suffered a drop in our share value of nearly $6million. “This is not related to the financial performance of Ngāti Kahungunu or of our Asset Holding Company, which actually recorded a before tax profit of $3.2 million. This re-valuation of our AFL shares has resulted in a deficit which is a result of the poor performance of AFL and its 50% stake in the Sealord Group,” says Ngāhiwi Tomoana, Chair of Ngāti Kahungunu Iwi Inc. One of the major impairments to the performance of the Sealord Group Ltd was its recorded loss in 2013 of over $44million in its Argentina subsidiary Yuken. Sealord Group is now out of the Argentinian market.
Ngāti Kahungunu will be making a submission into the current review of AFL and Te Ohu Kaimoana. Ngāti Kahungunu will continue to monitor the performance of AFL and will seek changes to the structure of AFL to provide greater transparency to its iwi shareholders and to seek a greater shareholder voice in AFL. Ngāti Kahungunu is one of the largest shareholders in AFL. The Ngāti Kahungunu income is primarily derived from its fishing assets received from its fisheries settlement.
Ngāti Kahungunu will be reporting this deficit to its members at its Annual General Meeting on 29 November 2014, and will be inviting any enquiries on this matter to the Ngāti Kahungunu Board prior to the AGM.