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Napier Port priority share offer to close on Monday

MEDIA RELEASE: NAPIER PORT
2 August 2019

Napier Port announces the priority offer of its shares to Hawke’s Bay Residents, Non-Resident Ratepayers, Eligible Port Employees and certain Iwi entities will close at 5.00 pm on Monday 5 August 2019.[1]

Napier Port is seeking to raise $204.3 million to $234.0 million with its initial public offer (IPO) of a 45% stake in the company. Under the terms of the IPO, Residents and Non-Resident Ratepayers as well as Eligible Port Employees and certain Iwi entities have been given priority entitlements or preferential allocations to shares in the IPO.

Napier Port Chair Alasdair MacLeod says: “Napier Port is, so far, pleased with the response it has received from those with priority entitlements. These entitlements were offered in line 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.

“Any persons eligible to participate in the priority offer will need to lodge their application before the Monday 5.00pm deadline. We also remind potential investors that pre-registration for the priority offer was not necessary for persons eligible to participate in the priority offer. Further details on the IPO, and copies of the Product Disclosure Statement and application forms for Hawke’s Bay Residents and Non-Resident Ratepayers and Eligible Port Employees that wish to participate in the priority offer are available at: www.napierportshareoffer.co.nz.

Hawke’s Bay Residents and Non-Resident Ratepayers applying for shares in the IPO will be guaranteed a minimum allocation of $2,000 of shares.[2]

Eligible 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 allocation of $5,000 of shares2. They have also been granted rights to take up an interest-free, limited-recourse loan 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, which will be determined once demand for the IPO is known.

After the priority offer closes, Napier Port will commence an Institutional Offer and Bookbuild and will then determine the Final Price at which all shares under the offer will be issued. This Bookbuild is expected to take place between Tuesday 6 August 2019 and Wednesday 7 August 2019. Napier Port will make an announcement on the outcome of the Bookbuild and the Final Price when complete.

Napier Port is offering 90 million shares in the IPO. Of the capital raised, $110.2 million will be used to repay the Port’s existing debt and provide capacity for the Port to fund a long-term investment programme, which includes the construction of a new multi-purpose wharf, 6 Wharf.

The remainder of the capital raised in the IPO will enable the Port’s current owner, Hawke’s Bay Regional Council, to realise a portion of its investment in the Port and will also provide funding for interest-free limited recourse loans to Eligible Employees to buy shares in the Port and meet the costs associated with the IPO.

The IPO is expected to complete with a listing on the NZX on 20 August 2019. As there is no public pool of shares available in the Offer, members of the public that do not meet the priority criteria are encouraged to contact their broker.

 

[1] All dates mentioned in this release are indicative only and are subject to change.

[2] The guaranteed minimum allocation assumes an application for shares is made which is at least equal to that guaranteed minimum amount.

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
Email: erinh@napierport.co.nz

Upcoming key dates

Priority Offer closes 5 August 2019
Institutional Offer and Bookbuild 6 August – 7 August 2019
Final Price announced and allocation 7 August 2019
Broker Firm Offer opens 8 August 2019
Broker Firm Offer closes 16 August 2019
Settlement and allotment 19 August 2019
Listing, expected commencement of trading on the
NZX Main Board.
20 August 2019

Important Notice

Napier Port Holdings Limited (Napier Port) is the issuer of the shares to be issued under the offer to which this media release relates.  A product disclosure statement for the offer, which sets out the terms and conditions of the offer, is available, and can be obtained from www.business.govt.nz/disclose, offer number (OFR12679) or calling 0800 041 042. Nothing in this media release constitutes an invitation to subscribe for, or an offer of, shares, securities or financial products to any person, in any country in which it would be unlawful to do so.

Application has been made to NZX Limited (NZX) for permission to list Napier Port and to quote its shares on the NZX Main Board. 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.

Napier Port, its shareholder, the Joint Lead Managers, the Co-Manager, their respective affiliates and advisers, and each of their respective directors, shareholders, employees and representatives make no representation, warranty or undertaking, express or implied, as to the fairness, accuracy, reliability or completeness of, and to the maximum extent permitted by law hereby disclaim and shall have no liability for any loss arising from, this media release.

This media release is not intended for release outside of New Zealand.

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