BROWSE

Napier Port welcomes Regional Council IPO approval

MEDIA RELEASE: NAPIER PORT
26 June 2019

Napier Port is welcoming Hawke’s Bay Regional Council’s decision today to support an Initial Public Offer (IPO) of shares in the Port’s holding company.[1]

Hawke’s Bay Regional Council today gave approval for Napier Port to proceed with a 45 per cent IPO of shares, which will include a priority offer for Hawke’s Bay residents and non-resident ratepayers, iwi and Port staff.

Napier Port Chairman Alasdair MacLeod said the Port had been working hard to ready itself for the IPO and was looking forward to bringing an offer to the public.

“After many months of work and careful planning, we are in the final stages of preparation for the offer. This includes drafting of a product disclosure statement (PDS), which sets out all the material information potential investors in the Port will need to know about the company.

“We look forward to telling our story more broadly once the PDS is released to the public,” Mr MacLeod said.

Napier Port is committed to keeping all those who will be eligible to take part in the priority offer informed of the process. A website and a free phone number will be launched soon for residents and non-resident ratepayers to register their interest, so they get information and updates on the process. In the meantime, Napier Port will communicate directly with its employees and eligible iwi on the progress of the proposed IPO.

Napier Port is looking to formally launch the offer in mid-July, with listing on the NZX in August.[2]

 

[1] It is intended that Napier Port Holdings Limited will conduct the IPO and be entity that will prepare and lodge the PDS, offer the shares under the IPO, become the entity listed on the NZX and be the parent company of Napier Port.

[2] 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
Email: erinh@napierport.co.nz

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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