Latest news with #POT
Scoop
5 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
5 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.
Yahoo
10-03-2025
- Politics
- Yahoo
Despite Russian-backed Georgescu barred from presidential race, Romania's far-right still aim to win
Protests erupted in downtown Bucharest following the Central Electoral Bureau's decision to ban Russian-backed far-right politician Calin Georgescu from running in the upcoming re-run presidential elections. Georgescu, who is openly supported by the Russian and the U.S. administrations, said this was a "direct hit against democracy." Following the announcement on March 9, Georgescu's supporters began setting the streets of Bucharest on fire and throwing bottles, stones, and firecrackers at the police. Riot police used tear gas in response. In November 2024, the relatively unknown Georgescu surprisingly won the first round of the vote. The result was promptly annulled, citing foreign interference in the election process. In connection to the case, Romania expelled the Russian military attache and his deputy for breaching diplomatic rules of conduct. Now, the Central Electoral Bureau cited technical irregularities in Georgescu's application, as well as the Constitutional Court's decisions to cancel the previous round of voting and ban another Russian-backed candidate, Diana Sosoaca. Georgescu said he would appeal, and the Constitutional Court will have the final say on his expulsion from the race. "The decision was inevitable for the health of democracy, but this democracy will need deep repairs after elections in May," journalist Magda Gradinaru told Kyiv Independent. "Romania's secret services failed in the final goal of preventing this crisis and they will need to be reformed (as well)," she added. "It is to be seen who will capitalize on Georgescu's electoral ban and to what extent social tensions can morph into violent social movements," said Gradinaru. "This was a short-term solution, but the extremist populist platform remains, as does Russian pressure, social resentment, and tension. So this may just be the beginning of a crisis that Romania will have to manage in a complicated geopolitical context," she added. Read also: 'We're ready' — Ukraine heads into US peace talks with everything at stake The leader of the far-right Alliance for the Union of Romanians (AUR) party, George Simion, said on Sunday evening that "those who organized the 'coup' should be skinned alive in the public square." He called on people to take part in protests in support of Georgescu. On Monday morning, Simion claimed his words were a "metaphor," and he asked supporters to protest peacefully. Georgescu appeared publicly, holding hands with Simion and Anamaria Gavrila, the leader of another Romanian far-right project, Party of Young People (POT). Georgescu was expelled from AUR in 2022 after being briefly investigated for declarations in support of Romania's World War II fascist leaders. Now, Georgescu relies on AUR and POT for support. In the December parliamentary elections, AUR secured second place with 18% of the vote, while POT gained 6.5%. Both remained in opposition. "If Simion runs for president, some of the tension created by Georgescu's ban will be eliminated," analyst Oana Popescu Zamfir told Kyiv Independent. According to her, Simion's recent radical statements are meant to incentivize Georgescu's supporters to vote for him. "It's important for Georgescu to explicitly support Simion," Popescu Zamfir said. Other candidates Georgescu's electorate may vote for, according to Popescu Zamfir, include former Prime Minister Victor Ponta, former acting President Crin Antonescu, or businessman and politician Gigi Becali. "If Simion does not run, whoever wins the election will have less legitimacy," Popescu Zamfir said. The ongoing political crisis began last year with Russian meddling in Romania's elections and the subsequent rise of far-right politicians and their parties. While not making it into the top five according to most opinion polls, Georgescu suddenly took first place following a two-week viral TikTok campaign that involved working with local influencers. The campaign was artificially boosted, with over 66,000 fake TikTok accounts later banned by the platform. Georgescu has been actively promoting conspiracy theories and has been vocally supporting Russia. He called Ukraine a "fictional state" and claimed that the eventual partition of its territories is "inevitable" in an interview published on Jan. 29. The media also found evidence of Georgescu's links to paramilitary and fascist leaders, such as mercenary Horatiu Potra, who manages a group of soldiers in Congo. On Dec. 8, when the presidential runoff was scheduled to take place, Potra and 20 other people were detained by the police as they were driving to Bucharest carrying weapons and cash. On Feb. 26, the Romanian Prosecutor General's Office charged Georgescu with "incitement to actions against the constitutional order" and other crimes in a six-count indictment. The charges also included lying about campaign funding and initiating a fascist organization. According to law enforcement, Georgescu used over 1 million euros of undeclared funds and has been involved in neo-legionarism, a Romanian neo-fascist movement that draws its ideology from the country's Iron Guard militant group active in the run-up to World War II. Georgescu denied any wrongdoing. On the same day, the Romanian police found dozens of guns, grenades, 25 kilograms of gold, $3.3 million, and 700,000 Romanian Leu ($152,500) in cash in the homes of Potra and his associates. On March 5, Russian military attache Victor Makovskiy and his deputy, Evgeny Ignatiev, were expelled from Romania. The move was connected to Georgescu's campaign. The next day, six people were arrested for allegedly being part of a military organization attempting to overthrow the government with help from Russia. "These six people are just the visible tip (of the iceberg)," analyst Armand Gosu told Kyiv Independent. "This is the first time Romania openly accuses the Russian Federation of a plot against its state sovereignty." "They (Russians) can wait years, even decades, that's why it's necessary for the Romanian state to neutralize this (entire) network," Gosu said. According to Popescu Zamfir, "if eliminating the entire network is not possible, at least beheading these groups would avoid further existential threats." The rise in disinformation and buildup of far-right groups was missed by the government agency set to protect the country from malicious activity from abroad — its intelligence. Independent journalist Victor Ilie from the local investigative project Snoop published a series of articles showing how Kremlin-linked creative agencies based in London pump millions of euros to create and promote conspiracy and far-right content in the Romanian digital space. "While Romanians have been mistrustful of Russia, what confuses a part of the Romanian public now is that the U.S., which was considered the country's main partner, embraced the Russians, and that Georgescu claims that he is not pro-Russian, but pro-American, pro-Trump," Gosu said. "It's very hard to explain that the Americans are not what they once were," he added. "Now Romania is seen as the EU's weak link that can easily be broken." Read also: Investigation: We tried to buy American chips as a Russian defense manufacturer — and it worked However, swift action against Georgescu and his associates showed that Romanian authorities were still eager to fight back. The crisis had also catapulted some new faces that are now set to challenge the far-right at the ballot, among them acting President Ilie Bolojan and Bucharest Mayor Nicusor Dan, who are gaining popularity. "Acting President Ilie Bolojan has done some damage control — organizing press conferences, which journalists missed, meeting up European leaders in a period when Romania seemed to be quarantined, transmitting key messages — has given the feeling that there is a clear political direction for the country and it has been a good move," said Gosu. "(Bolojan and Dan) can re-legitimize institutions and the democratic process," said Gradinaru. We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
Euronews
10-02-2025
- Politics
- Euronews
Breaking news. Romanian President Klaus Iohannis resigns to avoid political crisis
Romanian President Klaus Iohannis resigned from office on Monday in a move he said was to prevent the country from entering a crisis that would ensue as the parliament was expected to vote for his impeachment. 'To spare Romania and its citizens from this crisis, I am resigning from the office of President of Romania. I will leave office the day after tomorrow, 12 February,' Iohannis said in a statement on Monday. In office since 2014, Iohannis has already served a maximum of two five-year terms. However, his presidency was extended after the Constitutional Court in December cancelled the results of the presidential race in which controversial ultranationalist Calin Georgescu unexpectedly won the first round. Georgescu's win was marred by allegations of Russian interference and electoral violations after it emerged that an online sleeper network had artificially propped up his social media reach in the run-up to the vote. The country's parliament was expected to discuss and vote on a third request to suspend Iohannis from office on Tuesday. Two earlier requests, put forward by opposition parties, were rejected for procedural reasons. This time, a group of ultranationalist parties — the Party of Young People (POT), the Alliance for the Union of Romanians (AUR), and SOS, joined by MPs of the Save Romania Union (USR) — managed to gather enough signatures to put forward the motion. The Senate chief will become interim president of Romania following Ioannis' resignation.
