NAPIER Port has announced the priority offer of its shares to Hawke’s Bay residents, non-resident ratepayers, port employees and Iwi entities opens Tuesday 23 July.
This period last for two-weeks.
Napier Port is seeking to raise $204.3m to $234m with its initial public offer of a 45% stake in the company.
Napier Port chair Alasdair MacLeod said they were pleased to take this first step of an offer of shares to groups with priority entitlements.
“We encourage all people interested in subscribing for Napier Port shares to read the product disclosure statement carefully,” he said.
“The product disclosure statement contains important information about Napier Port, its outlook and the details of the offer.
“It also identifies risks to Napier Port’s business and plans. We also encourage people to take independent financial advice on the offer.”
Hawke’s Bay Residents and Non-Resident Ratepayers applying for shares are guaranteed a minimum allocation of $2000 of shares.
Port employees have been guaranteed a minimum allocation of $5000 of shares.
They have also been granted rights to take up an interest-free, limited-recourse loan from the port.
Iwi entities eligible to participate in the offer are to also receive a preferential allocation, which is to be determined once demand for the IPO is known.