Latest news with #GeoffCrawford
Scoop
4 days ago
- Business
- Scoop
Consortium Buyout Of MMH Strongly Supported By Shareholders
Press Release – Joint Media Statement The next step towards implementation is an application to the High Court to be heard on 13 June for final orders from the court to approve the scheme. Assuming final orders are made the scheme is scheduled to be implemented around 26 June 2025. DATE: 29 May 2025 The consolidation of Northland's key infrastructure assets into a single ownership entity took a step closer to becoming a reality today, positioning both Northport Limited and Marsden Maritime Holdings Limited (NZX: MMH) for growth opportunities. This followed a meeting of MMH shareholders who approved the scheme of arrangement ('scheme') involving the buyout of non-Northland Regional Council ('NRC') shareholders in MMH at $5.60 per share by a consortium comprising NRC, Port of Tauranga ('POT') and Tupu Tonu (Ngāpuhi Investments Fund Ltd, or 'TT'). In a joint statement the consortium partners said: 'Ours is an important strategic partnership that enables us to speak with one voice on any development of these key Northland assets. Our consortium represents both Northland locals and investment for iwi and hapū settlements, alongside the expertise of New Zealand's largest and most efficient port operator, POT. Together we look forward to working with the government on solutions that will not only benefit the local community but also New Zealanders in delivering efficient import and export logistics solutions. Substantial investment will be required from all stakeholders to develop Northport and the land holdings of MMH. But today's successful vote is a significant step forward in bringing together a united commercial ownership structure capable of moving efficiently in achieving development goals.' The consortium's $5.60 per share offer was within the value range assessed by independent advisers, Grant Samuel, and entry into the Scheme Implementation Agreement to give effect to the scheme was unanimously supported by the independent directors on the MMH board. At a meeting in Whangārei MMH shareholders approved the scheme paving the way for the delisting of MMH shares from the NZX, and bringing full control of Northport under a single ownership umbrella. Prior to implementation of the scheme in late June 2025, MMH owns 50% of Northport, and POT the other 50%. The shareholding of the consortium comprises, NRC holding 43%, TT 7% and POT 50%. NRC and POT will have equal decision and voting rights. NRC has also committed to set aside a further 7% of its shareholding for other iwi and hapū that could form part of a future Treaty settlement negotiated between iwi and hapū and the Crown, with those shares purchased by the Crown from NRC at market value. Together this provides an opportunity for 14% of Northport to be owned by iwi and hapū of Te Taitokerau. • NRC comments – Geoff Crawford, Chair 'Partnering with POT and TT brings real strength and alignment to this strategic initiative. This is our single largest investment and a hugely important asset for the future of Te Taitokerau. We believe the consortium represents a better way to structure our investment which will over time have improved benefits and outcomes for our region. Importantly, this proposal keeps ownership of the port in New Zealand, gives Northland a bigger stake and influence over the future direction of this regionally significant infrastructure asset, while at the same time further strengthens our strategic partnership with the country's largest port operator. Our investment in the consortium taking over MMH, significantly increases our holding in the port. I note that our contribution to the proposal is not expected to have any impact on rates. We are funding this extra investment through a mix of borrowing and proceeds from non-strategic assets sales.' • TT comments – Ben Dalton, Chair 'We are pleased to be working closely with NRC to ensure that Ngāpuhi interests are reflected in the ownership and future of MMH and Northport. We are excited by the prospects that this new partnership brings. Our participation is an example of the commercial capability of TT to invest in Northland, giving confidence that we are serious about securing an ownership interest in strategic regional assets like the port, for the future, and to ensure ownership remains in the North.' • POT comments – Leonard Sampson, Chief Executive 'We strongly support the rationalisation of the structure and the logic of merging the port with the surrounding land. This simplified structure positions the port operations for any commercial growth initiatives.' Implementation of the scheme The next step towards implementation is an application to the High Court to be heard on 13 June for final orders from the court to approve the scheme. Assuming final orders are made the scheme is scheduled to be implemented around 26 June 2025. Future Port expansion a separate decision While the consortium parties have agreed to work together, at this stage no decisions have been made by the consortium on the future expansion of the port or capital requirements to achieve this. About NRC Northland Regional Council has had a major shareholding in commercial port-related activities in Te Taitokerau / Northland since the 1980's. There have been changes over time, with NRC originally owning 72.3% of MMH (previously known as Northland Port Corporation) – a publicly-listed company on the NZX, but today NRC retains a majority shareholding of 53.6% in MMH. MMH owns 150ha of commercial property in Marsden Point along with a 50% shareholding in Northport Ltd ('Northport'), a deep-water commercial port. Port of Tauranga owns the other 50% of Northport. The change in ownership and control of this strategic asset required public consultation and an amendment to the council's Long Term Plan 2024-2034, which happened in March/April – more information about that process is available at About TT Tupu Tonu is a Crown-owned investment company tasked with acquiring and building a portfolio of commercial assets that can be offered in future Treaty settlement negotiations with Ngāpuhi. To date, Tupu Tonu has invested approximately two thirds of its $150m initial capital allocation in a range of whenua-based and strategic sectors such as infrastructure and energy, primary industries and commercial property. About POT Port of Tauranga (NZX:POT) is New Zealand's largest port and international freight hub. It has container and bulk cargo wharves in Tauranga connected via road and rail to inland ports in Hamilton and Auckland. Its investments include a 50% shareholding in Northport, a 50% shareholding in PrimePort Timaru, a 50% shareholding in logistics company Coda and a 50% shareholding in Ruakura Inland Port.
Scoop
4 days ago
- Business
- Scoop
Consortium Buyout Of MMH Strongly Supported By Shareholders
DATE: 29 May 2025 The consolidation of Northland's key infrastructure assets into a single ownership entity took a step closer to becoming a reality today, positioning both Northport Limited and Marsden Maritime Holdings Limited (NZX: MMH) for growth opportunities. This followed a meeting of MMH shareholders who approved the scheme of arrangement ('scheme') involving the buyout of non-Northland Regional Council ('NRC') shareholders in MMH at $5.60 per share by a consortium comprising NRC, Port of Tauranga ('POT') and Tupu Tonu (Ngāpuhi Investments Fund Ltd, or 'TT'). In a joint statement the consortium partners said: 'Ours is an important strategic partnership that enables us to speak with one voice on any development of these key Northland assets. Our consortium represents both Northland locals and investment for iwi and hapū settlements, alongside the expertise of New Zealand's largest and most efficient port operator, POT. Together we look forward to working with the government on solutions that will not only benefit the local community but also New Zealanders in delivering efficient import and export logistics solutions. Substantial investment will be required from all stakeholders to develop Northport and the land holdings of MMH. But today's successful vote is a significant step forward in bringing together a united commercial ownership structure capable of moving efficiently in achieving development goals.' The consortium's $5.60 per share offer was within the value range assessed by independent advisers, Grant Samuel, and entry into the Scheme Implementation Agreement to give effect to the scheme was unanimously supported by the independent directors on the MMH board. At a meeting in Whangārei MMH shareholders approved the scheme paving the way for the delisting of MMH shares from the NZX, and bringing full control of Northport under a single ownership umbrella. Prior to implementation of the scheme in late June 2025, MMH owns 50% of Northport, and POT the other 50%. The shareholding of the consortium comprises, NRC holding 43%, TT 7% and POT 50%. NRC and POT will have equal decision and voting rights. NRC has also committed to set aside a further 7% of its shareholding for other iwi and hapū that could form part of a future Treaty settlement negotiated between iwi and hapū and the Crown, with those shares purchased by the Crown from NRC at market value. Together this provides an opportunity for 14% of Northport to be owned by iwi and hapū of Te Taitokerau. • NRC comments – Geoff Crawford, Chair 'Partnering with POT and TT brings real strength and alignment to this strategic initiative. This is our single largest investment and a hugely important asset for the future of Te Taitokerau. We believe the consortium represents a better way to structure our investment which will over time have improved benefits and outcomes for our region. Importantly, this proposal keeps ownership of the port in New Zealand, gives Northland a bigger stake and influence over the future direction of this regionally significant infrastructure asset, while at the same time further strengthens our strategic partnership with the country's largest port operator. Our investment in the consortium taking over MMH, significantly increases our holding in the port. I note that our contribution to the proposal is not expected to have any impact on rates. We are funding this extra investment through a mix of borrowing and proceeds from non-strategic assets sales.' • TT comments – Ben Dalton, Chair 'We are pleased to be working closely with NRC to ensure that Ngāpuhi interests are reflected in the ownership and future of MMH and Northport. We are excited by the prospects that this new partnership brings. Our participation is an example of the commercial capability of TT to invest in Northland, giving confidence that we are serious about securing an ownership interest in strategic regional assets like the port, for the future, and to ensure ownership remains in the North.' • POT comments – Leonard Sampson, Chief Executive 'We strongly support the rationalisation of the structure and the logic of merging the port with the surrounding land. This simplified structure positions the port operations for any commercial growth initiatives.' Implementation of the scheme The next step towards implementation is an application to the High Court to be heard on 13 June for final orders from the court to approve the scheme. Assuming final orders are made the scheme is scheduled to be implemented around 26 June 2025. Future Port expansion a separate decision While the consortium parties have agreed to work together, at this stage no decisions have been made by the consortium on the future expansion of the port or capital requirements to achieve this. About NRC Northland Regional Council has had a major shareholding in commercial port-related activities in Te Taitokerau / Northland since the 1980's. There have been changes over time, with NRC originally owning 72.3% of MMH (previously known as Northland Port Corporation) – a publicly-listed company on the NZX, but today NRC retains a majority shareholding of 53.6% in MMH. MMH owns 150ha of commercial property in Marsden Point along with a 50% shareholding in Northport Ltd ('Northport'), a deep-water commercial port. Port of Tauranga owns the other 50% of Northport. The change in ownership and control of this strategic asset required public consultation and an amendment to the council's Long Term Plan 2024-2034, which happened in March/April - more information about that process is available at About TT Tupu Tonu is a Crown-owned investment company tasked with acquiring and building a portfolio of commercial assets that can be offered in future Treaty settlement negotiations with Ngāpuhi. To date, Tupu Tonu has invested approximately two thirds of its $150m initial capital allocation in a range of whenua-based and strategic sectors such as infrastructure and energy, primary industries and commercial property. About POT Port of Tauranga (NZX:POT) is New Zealand's largest port and international freight hub. It has container and bulk cargo wharves in Tauranga connected via road and rail to inland ports in Hamilton and Auckland. Its investments include a 50% shareholding in Northport, a 50% shareholding in PrimePort Timaru, a 50% shareholding in logistics company Coda and a 50% shareholding in Ruakura Inland Port.
Scoop
5 days ago
- General
- Scoop
Finalists For Whakamānawa Ā Taiao
Finalists have been named for the sixth Northland Regional Council Whakamānawa ā Taiao - Environmental Awards which recognise individuals, groups and organisations helping to protect and improve Northland's environment. Council Chair Geoff Crawford says the 2025 awards are the first since the transition to a biennial event. (The previous awards were in 2023.) Chair Crawford says entering the Environmental Awards helps tell the story of the environmental work happening in Northland and shows that collectively we are making a difference. Finalists (in alphabetical order) are: Bay of Islands International Academy Bream Head Conservation Trust Reserve Revegetation Earth Buddies Hokianga Harbor Care Incorporated Society Hurupaki School India Clarke Jill Mortensen Mountains to Sea Conservation Trust Ngā Kaitiaki O Ngā Wai Māori Ngā Kaitiaki o te Ahi Patuharakeke Te Iwi Trust - Te Pou Taiao Piroa Conservation Trust Project Island Song Roman Makara Te Kura O Hato Hohepa Te Kamura Te Runanga Nui O Te Aupouri- Oranga Whenua Oranga Tangata Taiao Team The Love Bittern Project Tū Mai Rā Energy Northland Weed Action Native Habitat Restoration Trust Whangārei Girls' High School Award categories include: Environmental action in the community Environmental action to protect native life Environmental action in water quality improvement Environmental action in education Environmental leadership Youth environmental leader Kaitiakitanga Environmental action in business Environmental action to address climate change Chair Crawford says winners will be announced at an awards ceremony at Waitangi on Thursday 26 June.
Scoop
7 days ago
- Politics
- Scoop
Northland Regional Council: Ratepayers Not Providing Huge Money Needed For Caulerpa Fight
Northland Regional Council says its ratepayers will not be putting up the huge amounts of money needed to continue the local and national $25 million fight against invasive caulerpa seaweed. Northland Regional Council (NRC) chair Geoff Crawford said his council had already put $1.25 million into the fight since the exotic pest was confirmed in the Bay of Islands in 2023. The council would continue to work on the Government-funded $6.2 million development of the industrial-scale underwater tractor caulerpa removal tool in the Bay of Islands Omākiwi Cove until the end of 2025. And there would be continued low-level ratepayer funding towards the council's active and important marine biosecurity surveillance and education roles for the next two years. But Crawford told an online Conquer Caulerpa Trust hui on Tuesday night (SUBS: May 27) that major funding was needed to continue the national caulerpa fight and the sort of money needed was not the regional council's role to provide. He said the question now became who would pay and how the battle was going to proceed. The fight against caulerpa was an expensive one. An NRC spend of $500,000 equated to a 1% regional council rates increase. Biosecurity New Zealand director of pest management John Walsh told the hui the Government had already put $24.9 million towards fighting caulerpa – 21/22 $1.2m, 22/23 $1.2m, 23/24 $8.5m and 24/25 $14m. But there was no Government spending for the 2025/2026 year that starts on July 1 outlined in his spend data provided to the hui. Crawford said later funding a major response such as caulerpa was not the council's role. That needed to be done by the Ministry for Primary Industries or co-funding with community-led groups such as Conquer Caulerpa. He said NRC had dug into its reserves to fund to date, so that ratepayers wouldn't be burdened, Walsh told the hui that although caulerpa was first confirmed in New Zealand at Aotea/Great Barrier Island in July 2021, it had been present there for several years prior to that. And the Bay of Islands' caulerpa confirmed at Te Rāwhiti almost two years later in May 2023, had in fact already been present when the pest seaweed was first confirmed at Great Barrier Island in 2021. The toxic seaweed, which competes with other species for space and affects the balance of local ecosystems, has spread to Northland, Auckland and Waikato since first being detected. NRC has played a key role in the battle against caulerpa for the last two years, pushing for and in part funding major innovation, surveillance, education and eradication efforts. This included the giant lawnmower-style unit being developed at Omākiwi Cove with an Opua-based marine company. Omākiwi Cove in the eastern Bay of Islands has been the epicentre of the caulerpa fight tool's development. The world-first underwater tractor is being developed with two other promising caulerpa fight tools – a rehabitat caulerapa chlorine treatment chamber and ultraviolet light treatment unit (for which a 40% bigger model was currently being manufactured in China). More than 70% of the Government's caulerpa spend this financial year has gone towards developing these tools. There were 437 people registered to attend the Northland-focused Conquer Caulerpa Trust hui. It was the first of its type in New Zealand with attendees from iwi, hapū, boating clubs, tourist operators, councils, universities, marine research institutes and community groups. A large swathe of Bay of Islands tourist operators registered for the event. More than two dozen iwi, hapū and/or marae from across Northland and the Hauraki Gulf were also among those registered to attend. But major technical issues with getting into the online meeting meant that only about a third attended and the meeting began almost 15 minutes late. Conquer Caulerpa chair Verdon Kelliher said caulerpa had the potential to permanently alter life in Te Tai Tokerau. It now covered about 280 rugby fields around 20 Bay of Islands locations. The seaweed could mean no boating, no fishing and/or no diving which would in turn impact many other businesses. 'That's what makes it a very serious thing,' Kelliher said. Growing concern over future fight funding comes as the problem seaweed continues its march. In the last couple of weeks it's been confirmed at Little Barrier Island, with the Government considering a fifth anchoring ban there to add to more than 12,000 hectares of coastline shut to boat anchoring, most sorts of fishing and/or kaimoana gathering. National exotic caulerpa national advisory group Te Tai Tokerau representative Natasha Clarke-Nathan (Patukeha, Ngati Kuta) said the seaweed was now found in Northland, Auckland and Waikato. She said it was important all people, across New Zealand, were singing from the same hymn sheet when it came to caulerpa. The battle was about kotahitanga. 'We have to do things together,' Clarke-Nathan said. She said the issues facing the Bay of Islands were part of the bigger picture for the whole country. Ngati Kuta ki Te Rawhiti charitable trust trustee Glenys Papanui (Ngati Kuta) said the goal was to eradicate caulerpa. The battle was not just about Ipipiri, the Bay of Islands. 'It's about all of our coastline,' Papanui said.
NZ Herald
26-05-2025
- General
- NZ Herald
Hundreds join Northland caulerpa webinar to fight invasive seaweed
Also attending are: Northland Regional Council chair Geoff Crawford; exotic caulerpa national advisory group Tai Tokerau Northland representative Natasha Clarke; and Kelliher. Ngāti Kuta trustee Glenys Papuni will speak about the caulerpa work her Te Rāwhiti hāpu is doing. Kelliher said topics addressed would include the latest on where caulerpa has been found in Northland. Participants would also be updated on caulerpa elimination efforts. Kelliher said the webinar had been organised to address the most commonlyasked questions about caulerpa. New technologies being developed in Northland and nationally include a large industrial-scale underwater tractor unit, ultra-violet light treatment, and a movable underwater chlorine treatment chamber. New Zealand's first commercial rapid response caulerpa dive squad recently started surveying for the seaweed and new elimination efforts. Caulerpa was first confirmed in Northland in 2023 at the major boating anchorage of Omākiwi Cove at Te Rāwhiti. The Omākiwi Cove infestation is New Zealand's only mainland caulerpa infestation. Ministry of Primary Industries deputy director general Stuart Anderson said at the time of the seaweed's Omākiwi Cove and surrounds find that the Bay of Islands caulerpa infestation was a sizeable problem. More than 1000ha of the Bay of Islands is now under a Government anchoring ban as efforts to get on top of the pest continue. Hundreds of people rushed to clear Omākiwi Cove and adjacent Whiorau Bay beaches after 500 tonnes of caulerpa washed up over Easter during ex-Tropical Cyclone Tam. New Zealand has recently been warned invasive caulerpa threatens a $9.4 billion hit.
