Hawke’s Bay Regional Council today authorised Napier Port to proceed with a 45 per cent initial public offer (IPO) of shares in the Port.
“We have today instructed Napier Port to proceed with a 45 per cent offer of shares in Napier Port, with a priority offer for Hawke’s Bay residents and non-resident ratepayers, iwi and Port staff who wish to buy shares,” says Regional Council Chair, Rex Graham.
“Napier Port will shortly launch a pre-registration website for residents and non-resident ratepayers interested in investing, with the IPO expected to launch in mid-July and close in August.”
Mr Graham says a 45 per cent IPO of Napier Port will deliver the funds needed to enable the Port to invest in its future growth, while protecting ratepayers from the costs, diversifying the Regional Council’s income streams and maintaining majority ownership and control.
“Napier Port needs significant investment in order to manage congestion and to prepare for future growth. It needs a new wharf, which is estimated to cost between $173 - $190 million, and a minority IPO will provide the funds to enable the Port to invest in its future.
“A 45 per cent IPO of Napier Port strikes the right balance for Hawke’s Bay in protecting the things that matter most to our region and enabling the Regional Council to focus its efforts and resources on the pressing issues facing Hawke’s Bay’s natural environment.”
The IPO will be conducted by newly-formed Napier Port Holdings Limited as the entity that will prepare and lodge the product disclosure statement setting out the details of the IPO, offer the shares under the IPO, become the entity listed on NZX and be the parent company of Napier Port.
With an IPO now confirmed, questions regarding the IPO should be addressed to Napier Port.
Napier Port Chair, Alasdair MacLeod, welcomed the commitment to an IPO and was looking forward to bringing an offer of shares in Napier Port to the public.
27 June 2019
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