Napier Port priority share offer to close on Monday.
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 .
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.
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.
Upcoming key dates
Priority Offer closes5 August 2019
Institutional Offer and Bookbuild6 August – 7 August 2019
Final Price announced and allocation7 August 2019
Broker Firm Offer opens8 August 2019
Broker Firm Offer closes16 August 2019
Settlement and allotment19 August 2019
Listing, expected commencement of trading on the NZX Main Board.20 August 2019
ENDS