News | Local Politics
22 Apr 2018 18:59
NZCity News
NZCity CalculatorReturn to NZCity

  • Start Page
  • Personalise
  • Sport
  • Weather
  • Finance
  • Shopping
  • Jobs
  • Horoscopes
  • Lotto Results
  • Photo Gallery
  • Site Gallery
  • TVNow
  • Dating
  • SearchNZ
  • NZSearch
  • Crime.co.nz
  • RugbyLeague
  • Make Home
  • About NZCity
  • Contact NZCity
  • Your Privacy
  • Advertising
  • Login
  • Join for Free

  •   Home > News > Local Politics

    Napier Port on NZX may fund wharf project

    Partially listing Napier Port on the New Zealand Stock Exchange could be a way for Hawke's Bay Regional Council to fund a $125 million wharf expansion.


    Partially listing Napier Port is among the options on the table for Hawke's Bay Regional Council as it considers how it's going to pay for a $125 million expansion of the transport hub's wharf.

    The port operator this week declared a record profit of $16.7 million in the September 2017 year and announced it's seeking resource consent for a 350-metre wharf to be constructed on its existing seawall.

    This would cater to bigger cruise ships and freight vessels.

    However, the port can't fund that without dividend relief or a capital injection, and the regional council appointed a capital structure review panel to come up with some ideas on how to bridge the gap.

    The panel came up with nine options in a report to council to support the port's growth, including listing it on the NZX with council retaining a majority stake.

    Independent adviser Flagstaff Partners estimated a partial privatisation could fund $85 million of the port's capital requirements and offer upside for council to invest elsewhere.

    "There is a question about whether the size of the market listing would be material enough to promote ongoing trading of shares, which may support the share price over time," the report said.

    The prospect of a new listing would be a boon to NZX, which has been criticised for not attracting enough new companies to the bourse.

    Lyttelton and Auckland ports have been listed in the past, although Tauranga is the only port currently on the exchange.


    NZN




    © 2018 NZN, NZCity


     Other Local Politics News
     19 Apr: London mayor slams NZ visa constraints
     16 Apr: Goff takes break as mayor after surgery
     16 Apr: Christchurch council wrong on muzzling
     15 Apr: Projections to get Wellingtonians talking
     12 Apr: Union upset at lockout at Lyttelton Port
     08 Apr: Wellington parking officer attacked
     07 Apr: Phil Goff heads off to Hong Kong
     Top Stories

    RUGBY RUGBY
    Black Ferns Sevens repeat Australian win More...


    BUSINESS BUSINESS
    Bank inquiry not needed in New Zealand More...



     Today's News

    Rugby League:
    Smith wary of ex-Storm playmaker Green 18:47

    Rugby League:
    Eels v Sea Eagles, Sharks v Panthers: NRL round seven live scores, stats and commentary 18:16

    Rugby:
    Black Ferns Sevens repeat Australian win 18:16

    Living & Travel:
    Trent Boult's incredible catch dismisses Virat Kohli on the boundary rope in IPL 18:16

    Motorsports:
    McLaughlin takes Supercars Island double 17:46

    Politics:
    Victorian Government offers cash incentive to help households get better energy deal 17:36

    Rugby League:
    Skipper Smith waiting for Storm NRL offer 17:26

    Accident and Emergency:
    Swimmer missing at Omanawa Falls 17:06

    Basketball:
    Adams subdued as OKC lose to Jazz 16:56

    International:
    Kangaroos v Hawks, Lions v Suns: AFL round seven live scores, stats and commentary 16:46


     News Search






    Power Search


    © 2018 New Zealand City Ltd