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Wednesday, 8 April 2009

VALUE OF WAIHEKE'S AIRPORT SHARES

Page 451 of the Royal Commission's report says Auckland City Council owns 12.8% of the shares in Auckland International Airport, and that they are now worth $303.7 million. Hard on the heels of that a council report said its dividend from the shares this year was $9.7 million (and that that was below normal).

Last year I asked the airport company what percentage of shares Waiheke County Council had before Auckland took over in 1989. It wrote back saying that it was 0.115%, but could not give me the current value. The figures in the Royal Commission's report show that they are now worth $2,728,555, and that this year's dividend would have been $87,150.

Under Section 13(b)(iv) of the reorganisation proposal now before the Local Government Commission for the Thames-Coromandel application, the shares would return to the island.