Media Release
13 September 2007

Manukau City Council Consultation On Airport Shares Begins Friday

Manukau residents will get to have their say on the Auckland International Airport Ltd shares, when the Manukau City Council’s consultation process gets under way tomorrow (Friday 14 September).

“The council wants to know what the community thinks of a proposed amendment to the Long-term Council Community Plan, which will, if adopted, change its strategy for managing its investment in the airport,” Manukau Mayor Sir Barry Curtis says.

“The proposal we have put forward includes financial and commercial objectives that provide the guidelines for the council when making any decisions about this key investment. The council’s long-held, resolved position is to retain the shares in the company. This is an opportunity for the public to have their say on this vital matter.”

The council owns a 10.05 per cent shareholding, the second-largest individual shareholder. The shareholding is held by the council’s wholly owned subsidiary Manukau City Investments Ltd.

“There has been, and potentially could be, interest from prospective investors in the airport, which is why the council’s proposed management strategy for its shareholding provides the flexibility required to consider any proposals that might come forward, in the short or long term.

“The proposed objectives we are consulting on are based on what we consider to be a sound commercial basis, aimed to support the airport company in its drive to be a highly commercially successful airport operator.

“It is because the airport is a Manukau business making a huge contribution to the city, the region and the country, that the council’s proposed strategy will support a direction to achieve all shareholders’ objectives,” Sir Barry says.

“Therefore, it is important that Manukau ratepayers have the opportunity to contribute their views to this process.”

The Statement of Proposal and submissions forms will be available from the council’s Customer Centre in Kotuku House in Manukau Square and libraries, as well as on-line at www.manukau.govt.nz. As well, a summary and submission form will be published in the council’s publication Manukau Matters on 23 September.

Submissions close at 4.45pm on 19 October, 2007.

ENDS

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