LPC

[Marilyn Munroe]

Wow! The Vikings have entered into a long term binding contract with the Fontera, Silver Fern Farms joint venture which involves shipping through Timaru and Tauranga. Of course nobody regards these Vikings as swashbukling opportunists, so its all good.

Boop boop de do
Marilyn

[Marilyn Munroe]

Will the Otago Regional Councillors drop their morning porridge on their sporrans in the future when they read in the morning newspaper that the recently announced expansion plans will be funded in part by share issues?

Boop boop de do
Marilyn

[percy]

No surprises there.Halfwits make halfwited decisions.BRING BACK LAYTON>
Snoopy.Parochial interests will always override comon sense.They will wake up when large ships call only on Port of Tauranga and do not bother to call on any south Island ports.Layton sees this.As you understand,why build whafes for no customers.It is called the Sundstrum syndrome.
I am wrong ofcourse.Main hub port for south island will be Melbourne in Australia.

Posted 01-10-2010.
Could be said to be right on the money?

[Xerof]

Hell's teeth, thats a fairly ambitious reclamation plan - if you are any good at long jumping, you'll be able to leap to Diamond Harbour without taking the ferry

will any dolphins be lost because of this?

[Snoopy]

Will the Otago Regional Councillors drop their morning porridge on their sporrans in the future when they read in the morning newspaper that the recently announced expansion plans will be funded in part by share issues?

What paper are you quoting Marilyn? The figures I got from "The Press" dated 26th June were:

1/ Total 30 year plan cost $1b
2/ Total five year plan cost $450m
3/ Total Insurance Payout $438m

I don't see any need for share issues within the next five years, albeit some profit retention will be necessary to close the five year funding gap.

The billion dollar 30 year plan is a different issue.

I saw the article on the inside of the front page where Peter Davie is suggesting that developers get in touch as regards what might happen in the inner harbour. But that doesn't mean shareholders will supply that inner harbour capital. Peter's plan as I read it is quite the opposite.

LPC will probably lease out the inner harbour land (I am taking that as code for 'wanting to retain some control of harbour land') to developers. Leasing out land would be cashflow positive for LPC, so no issues for shareholders with that. The $1b 30 year plan that Peter talks about includes all the inner harbour development as well that will not be done by LPC (according to Peter's wishlist).

After reading all this I too had porridge for breakfast. But I didn't come close to spilling any.

SNOOPY

discl: LPC shareholder

[Snoopy]

POT announcement today will not be enjoyed by LPC shareholders either.

One LPC shareholder, Port Otago, doesn't seem too worried. From the ODT dated Friday 27th June:

--------

Port Otago operates a daily rail link to Timaru, in turn picking up less than 10,000 TEUs (20ft container equivalents) annually from South Canterbury. Last financial year Port Otago handled a total 80,000 containers, while Timaru hopes its numbers will return to 80,000.

Port Otago chief executive Geoff Plunket said, when contacted, a small number of containers out of Timaru was likely to be affected, but Port Otago intended to keep the daily rail service (from Timaru) in operation.

''This won't be hugely significant for us.

''Any loss from Timaru in likely to see gains elsewhere ... there's still growth in the Otago-Southland region, and extra production capacity,'' Mr Plunket said.

He did not expect the volume of southern exports across Port Chalmers wharves from Fonterra and Silver Fern Farms to be affected by the freight alliance with Timaru.

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Peter Davie not too worried either. From the Timaru Herald dated 27th June:

----------

LPC chief executive Peter Davie played down the news. He said the port would lose some container handling work when the five-year contract for the Fonterra work finished at the end of July.

Davie said he had not worked out the volume changes in the short or long term. "This is normal trade back and forth [between ports] a little bit. What we're trying to do is make sure we grow the port for the long term."

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Meanwhile the share price is slowly coming back to all time highs after all the announcements. Perhaps some non-shareholders worry too much?


SNOOPY

[percy]

If I was a LPC shareholder I would be very concerned by Peter Davie's comment " This is normal trade back and forth."
It is not!! It is a fundamental change,to POT attracting bigger ships,and POT becoming NZ's hub port.
Perhaps non-shareholders have had a clearer view of the "big picture" and what the future holds.

[Banksie]

http://www.stuff.co.nz/business/indu...-take-over-LPC

End of the road for LPC shares. Looks like a good deal for holders.

[percy]

http://www.stuff.co.nz/business/indu...-take-over-LPC

End of the road for LPC shares. Looks like a good deal for holders.

Yes it makes sense to me.

[blackcap]

http://www.stuff.co.nz/business/indu...-take-over-LPC

End of the road for LPC shares. Looks like a good deal for holders.

Come on NZX, your conduct yesterday was disgraceful. Embedded in the SSH notice sent to the market at 2.24pm was the following information yet you let the stock trade on.

"Details of transactions and events giving rise to relevant event
Details of the transactions or other events requiring disclosure under the
instructions to this form:
Port Otago Limited ("POL") has entered into a lock up agreement ("Lock Up
Agreement") with Christchurch City Holdings Limited ("CCHL") dated 1 August
2014 for POL to sell 15,825,477 ordinary shares in Lyttelton Port Company
Limited ("LPC") to CCHL pursuant to a full takeover offer to be made by CCHL
in accordance with the Takeovers Code. The consideration for the sale of the
shares will be cash of $3.95 per LPC share.

Subsequently at 2.57pm (35 minutes later) and only then do you place a trading halt on the shares of LPC with an official takeover notice following minutes later. But in the mean time some enterprising reader of the SSH notice has gone and hoovered up all the shares on offer.

If I was one of the shareholders that had shares on the offer I would be seriously pissed.