Hawke’s Bay residents guaranteed a minimum $2,000 allocation of shares

28 June 2019

Hawke’s Bay Residents and Non-Resident Ratepayers applying for shares in the planned Napier Port Initial Public Offer (IPO) will be guaranteed a minimum allocation1 of $2,000 of shares, Napier Port announced today.

Napier Port is announcing details of the planned priority offer as it launches a website and an 0800 number for Residents and Non-Resident Ratepayers to register their interest in learning more about the IPO. The website and 0800 number are: or 0800 041 040.

Under the proposed terms of the IPO, the Residents and Non-Resident Ratepayers as well as Port employees and certain iwi entities, will be given priority entitlements or preferential allocations to Port shares in the IPO.

These entitlements and allocations are aligned with the requirements of the Port’s current owner, the Hawke’s Bay Regional Council (HBRC), that any sale of shares in the Port should be structured to enable strong local ownership. HBRC gave final approval for Napier Port to proceed with a 45 per cent IPO of shares earlier this week.

Port employees, in recognition of the contribution they have made to getting the Port to where it is today and the important role they play in its future success, have been guaranteed a minimum allocation1 of $5,000 of shares. They have also been granted rights to take up an interest-free, limited-recourse loan[2] from the Port that will allow them to buy shares using the loan at least up to the minimum allocation.

Iwi entities eligible to participate in the offer – Ngāti Kahungunu Iwi Incorporated, the four Taiwhenua of Ngāti Kahungunu Iwi Incorporated and each tangata whenua appointer as defined in the Hawke’s Bay Regional Planning Committee Act 2015 – will also receive a preferential allocation in the allocation process to be undertaken once demand for the IPO is known.

The Port is communicating directly with its employees and eligible iwi entities on these entitlements and the progress of the proposed IPO.

Napier Port Chairman Alasdair MacLeod says Napier Port has been working hard to ready itself for the IPO and is looking forward to bringing an offer to the public.

“Like the Regional Council we believe strong local participation in the Port IPO is desirable.”

“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.”

The priority entitlements and preferential allocations announced today are another example of the Port working towards that goal.

They are aimed at further aligning the people of Hawke’s Bay with the aspirations of the Port and recognising the contribution those with priority entitlements and preferential allocations have made in bringing the Port into the position we now occupy.”

Mr MacLeod says 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 in August.[3] Those with priority entitlements would be required to apply for them in a two-week period after the formal offer opened.

“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. Full details will be disclosed in a product disclosure statement (PDS), which will set out all the material information potential investors need about applying for Port shares.

“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,” Mr MacLeod says.


[1] This priority entitlement means that if Local Residents, Non-Resident Ratepayers and Port employees apply for less than the minimum allocation, they are guaranteed to receive the amount of shares they apply for (subject to rounding). If they apply for the minimum allocation or more of shares, they are guaranteed to receive at least the minimum allocation of shares (subject to rounding).

[2] Full details of the limited recourse loan will be made available to Port employees with the release of the PDS. However, it is intended that the loan will be secured against the shares employees acquire under the IPO using the loan.

[3] Dates are indicative only and may be subject to change.  Further information around dates will be provided when the PDS is registered.

About Napier Port

Napier Port is New Zealand’s fourth largest port by container volume. We are the main gateway for Hawke’s Bay exports and operate a long-term regional infrastructure asset that supports the regional economy. Our strategic purpose is to collaborate with the people and organisations that have a stake in helping our region grow.

For more information

Erin Harford Wright
Senior Communications Advisor

Phone: (06) 833 4643

Important Notice

Napier Port Holdings Limited (Napier Port) is considering making an offer of shares.  No money is currently being sought and the shares cannot currently be applied for or acquired under the potential offer.  If the offer is made, it will be made in accordance with the Financial Markets Conduct Act 2013.  Nothing in this media release constitutes an invitation to subscribe for, or an offer of, shares, securities or financial products to any person, whether in New Zealand or in any other country.

It is intended that an application will be made to NZX Limited (NZX) for permission to list Napier Port and to quote its shares on the NZX Main Board. It is expected that Napier Port will be granted a Non-Standard designation. However, NZX accepts no responsibility for any statement in this media release. The NZX Main Board is a licensed market operated by NZX, which is a licensed market operator, regulated under the Financial Markets Conduct Act 2013.

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