AN INITIAL public offer in Napier Port has been hailed as a winner for residents of Hawke’s Bay residents and non-resident ratepayers.
Under the proposed terms of the IPO, residents, non-resident ratepayers as well as port staff and some iwi (indigenous) entities are to be given priority entitlements or preferential allocations to port shares.
These entitlements and allocations are said to be aligned with the requirements of the port’s current owner, Hawke’s Bay Regional Council.
HBRC gave final approval for Napier Port to proceed with a 45% IPO of shares earlier this week.
Napier Port chairman Alasdair MacLeod said they had been working hard to ready itself for the IPO.
“Like the Regional Council we believe strong local participation in the Port IPO is desirable,” he said.
“The Port’s purpose is to build a long-term successful business that supports a thriving region by connecting our customers and community to the world.”
Mr MacLeod said the port was in the final stages of preparation for the offer and was targeting the launch of the IPO on 15 July, with a targeted listing on the NZX on August 3.
“The port is today informing its people of their priority entitlements and it continues to work with iwi to assist their participation in the IPO,” he said.
“The PDS will be published when the offer launches in July and we are looking forward to being able to tell our story more broadly once it is released to the public.”
The IPO is aimed at raising money for new infrastructure.