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Napier Port share sale backed by HB ratepayers

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22 Nov:  1051  |  Hawke’s Bay ratepayers submitting on a planned share sale for Napier Port have backed the proposal by a small margin.

Hawke’s Bay Regional Council spent the past six weeks testing its proposal to sell up to a 45 percent interest in the port through a share offer in order to free up capital and diversify the council’s investment base.

Almost 3,500 groups and individuals responded – seven times the number of submissions the council received on its draft long-term plan.

Council chair Rex Graham said a preliminary count shows just over 57 percent of submitters backed the proposed share sale – the council’s preferred option.

A little over 28 percent wanted the port retained and its expansion funded from borrowing and rates, while about 5 percent were split between a long-term lease of the port, or the sale of up to 49 percent of the business to an operating partner.

About 10 percent of submitters supported none of the options.  Continue to read full release>