30 May 2012

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iPredict Ltd: Will Christchurch City Council Sell Assets For Rebuild?

The 6900 registered traders on New Zealand’s online prediction market, iPredict – plus anyone else who signs up for free at https://www.ipredict.co.nz/app.php?do=register – are being asked whether or not they believe Christchurch City Holdings Ltd will sell shares in Christchurch International Airport Ltd, Lyttelton Port Company Ltd or Orion New Zealand Ltd.

New Zealand Prime Minister John Key, and his Local Government Minister David Carter, suggested earlier this month that Christchurch City Council consider the partial privatisation of shares in council-owned companies as a way of part-funding the rebuilding of the city following the earthquakes over the last 18 months.

The Opposition Labour Party’s State-Owned Enterprises Spokesman, Clayton Cosgrove, and Christrchurch Mayor Bob Parker oppose the idea.

According to the New Zealand Companies Office, Christchurch City Holdings Ltd, which is 100% owned by Christchurch City Council, owns 75% of Christchurch International Airport Ltd, 79% of Lyttelton Port Company Ltd and 89% of Orion New Zealand Ltd.

The companies are valued at approximately NZ$550 million, NZ$200 million and NZ$650 million respectively.

iPredict is asking traders whether or not Christchurch City Holdings Ltd will complete the sale of at least 1,000,000 shares in each of the companies by 1 January 2014.

The stocks can be traded at https://www.ipredict.co.nz/app.php?do=browse&cat=911

iPredict is owned by Victoria University of Wellington.

ENDS

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