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.
