LPC

[percy]

POT is Port of Tauranga.
POO must be Port of Otago.
No surprises in the announcement.Dunedin ratepayers will surely prefer to see their Stadium debt brought down.
Maybe the fun will now start.
An alliance with POA [Port of Auckland].
A big payout to ChCh City Holdings before they too sell out!!!???
Have not been brave/sure enough to buy back in.Maybe the unions scare me!!!

[airedale]

POT is Port of Tauranga.
POO must be Port of Otago.
No surprises in the announcement.Dunedin ratepayers will surely prefer to see their Stadium debt brought down.
Maybe the fun will now start.
An alliance with POA [Port of Auckland].
A big payout to ChCh City Holdings before they too sell out!!!???
Have not been brave/sure enough to buy back in.Maybe the unions scare me!!!

Hello Percy, The employers also have a union, it is called the Employers Federation {trade union} and the employment contracts act used to scare me. The best thing for a trade union is democratic participation by its members.

[percy]

Airedale.
Please go back to my post No.355 on this thread and you may see where I am coming from.

[noodles]

"Port Otago chairman Dave Faulkner briefed the councillors, saying the insurance payout and the subsequent resumption of dividends at 2c per share were ''a little disappointing''."

Not sure why he thought the insurance payout was disappointing! It looks a much cleaner agreement to me than what is happening with the rest of the CCC controlled assets! And there is enough money there to rebuild all damaged assets to the highest earthquake standards.

I guess he thought that the dividend should be bigger. Like about $2 per share instead of 2c?

[airedale]

Airedale.
Please go back to my post No.355 on this thread and you may see where I am coming from.

I take your point Percy.
Off topic: the city is strapped for cash. What do you think of LPC being partly sold like the power companies. 49% sold off. with the city holding the balance. Although the 15% held by Otago complicates things.

[percy]

I take your point Percy.
Off topic: the city is strapped for cash. What do you think of LPC being partly sold like the power companies. 49% sold off. with the city holding the balance. Although the 15% held by Otago complicates things.

First of all I don't think ChCh City Holdings would want LPC to share any of the insurance money with Otago.
Once Otago is gone then I would think we could see some fun.One off special dividend,followed by POA taking a large holding [ie ChCh Holdings selling them shares],or even ChCh City Holdings selling the port operations to a port operator,retaining land ownership.They could even sell out completely stating with POT operating Timaru and ????? [Hutchison] operating LPC there is no need for ChCh City Council to have ownership of the port, as the city is now well served.
I would think the government will be pushing ChCh City Council to sell assets.

[Snoopy]

One off special dividend,followed by POA taking a large holding [ie ChCh Holdings selling them shares],or even ChCh City Holdings selling the port operations to a port operator,retaining land ownership.They could even sell out completely stating with POT operating Timaru and ????? [Hutchison] operating LPC there is no need for ChCh City Council to have ownership of the port, as the city is now well served.
I would think the government will be pushing ChCh City Council to sell assets.

Not sure about the above ownership speculation. But big Gerry is now behind fast tracking the port rebuild. Today's press release:


------

Hon Gerry Brownlee
Minister for Canterbury Earthquake
Recovery
19 June 2014
Media Statement

Recovery Plan to streamline Lyttelton Port progress

Canterbury Earthquake Recovery Minister Gerry Brownlee says he is using the powers of the Canterbury Earthquake Recovery Act 2011 to allow for timelier redevelopment of the badly damaged Lyttelton Port.

“Under the CER Act I have today directed Environment Canterbury and Lyttelton PortCompany to prepare a Lyttelton Port Recovery Plan,” Mr Brownlee says.

“Lyttelton Port needs certainty about repairing, rebuilding and reconfiguring its operations, and this plan will deliver that.
“The port is the major gateway to the South Island for goods freighted by sea and it makes a significant contribution to the regional and national economy.“

Creating a Recovery Plan provides for the social, economic, cultural and environmental wellbeing of the Lyttelton and greater Christchurch
communities.” The plan will ensure safe, efficient and effective operations, while taking account of the impact on the coastal marine area and the community, any implications on transport and the needs of users of the port and its surrounding areas.

“I know the people of Lyttelton are passionate about their township and the community and port users need to be involved in the preparation of this plan.

“Lyttelton Port Company and Environment Canterbury will be required to consult with those groups and the public as the plan is developed.

“There have been no decisions made on how the port should be redeveloped, but I have determined that a Recovery Plan is the best tool for timely redevelopment to be achieved.

“A Recovery Plan allows for a streamlined process and will see redevelopment occur in a timelier manner than under the Resource Management Act, while still ensuring robust testing of information.

“This is a similar process to the Christchurch Central Recovery Plan and the Land Use Recovery Plan,” Mr Brownlee says.

Under today’s direction Lyttelton Port Company will undertake consultation and provide ECan with the initial information required.
ECan will then develop a preliminary draft, call for written comment and hold a hearing.

It is expected the draft Recovery Plan will be provided to the Minister for Canterbury Earthquake Recovery in July 2015.

“The plan will provide very clear guidance about how the port can be repaired and rebuilt, in a manner that works best for the Lyttelton area,” Mr Brownlee says.

----

SNOOPY

PS Buyers at $3.14, sellers at $3.29 as I write this.

[percy]

No surprise there!!
Get it fixed so it can be sold!!!!

[Banksie]

No surprise there!!
Get it fixed so it can be sold!!!!

I am not sure what he is hoping to speed up. They are building the new crane and pile driving for the contain wharf as I type. I don't think the repairs are being held up by resource consents.

Funny how he talks about redevelopment rather than rebuild, I suspect they are setting up to push some unpopular "redevelopments" past the lyttelton locals and ecan.

I don't trust this man.

[Marilyn Munroe]

I suspect they are setting up to push some unpopular "redevelopments" past the lyttelton locals and ecan.

I don't trust this man.

I share your suspicions. There is probably some quarrying reclamation or dredging in the wind and they want to head off the greenies and NIMBYS. Ecan is less of a hurdle, just call your plan an irrigation scheme and the Commissars would be all for it.

Boop boop de do
Marilyn