Consulting on possible establishment of new CCO

Hawke’s Bay Regional Council voted today to ask the community for feedback on creating a new Council Controlled Organisation or CCO as the appropriate structure to potentially offer shares in Napier Port.

Feedback on establishing the CCO can be given to the Regional Council from Friday 15 February until Monday 11 March 2019.

The Regional Council is considering a minority Initial Public Offering or IPO on Napier Port to provide funding for significant investment in the Port. An IPO would release funds for the Port to significantly reduce its debt and begin construction of a new wharf in 2020, without the need for financial contribution from ratepayers.

Regional Council Chair Rex Graham says the creation of a CCO is the simplest and most efficient structure to offer shares to the public.

“The establishment of a CCO is a process step that incurs very little cost but we welcome the views of the public on the creation of this entity”, says Mr Graham. 

The Statement of Proposal will be on the Regional Council’s website and available from its offices across the region from Friday 15 February. The submission form will also be online at hbrc.govt.nz. Printed copies of the Statement of Proposal and the Submission Form can be posted on request by calling 06 835 9200 or 0800 108 838 or emailing ourplan@hbrc.govt.nz. This public consultation period runs for three weeks until 5pm on Monday 11 March 2019.

Mr Graham stressed that no shares were currently being offered and any decision to proceed with an IPO would be made by the Regional Council over the coming months. Any decisions would be clearly communicated, with extensive information published and available well ahead of any share offer.

15 February 2019

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