Napier Port shouldn't be "flogged off" to the Australian stock market, councillors say. Photo / Paul Taylor
Hawke's Bay regional councillors have come out swinging at the possibility of listing Napier Port on the Australian stock exchange.
A Radio New Zealand report said the option of selling shares on the ASX was being considered.
But most councillors at a meeting on Wednesday said they were not aware it was being discussed, nor would they like to see it proceed .
Chairman Rex Graham went as far as to call the idea "stupid".
"It is a little bit annoying we've even got advisors talking about it."
Council CEO James Palmer said consultation with the public had clearly stated the port would be listed on the New Zealand stock exchange, NZX, and if it was decided to explore the option of selling on ASX council would most likely have to re-consult with the public.
Councillors Tom Belford, Peter Beaven, Paul Bailey and Rick Barker all came out strongly against the idea of considering selling on the ASX.
"I feel really frustrated about this," Barker said.
"We have emphasised the fact that we wanted to give the maximum amount to locals as we could.
"Suddenly it comes out to the public we are going to flog it off to Australia."
Two councillors, Fenton Wilson and Debbie Hewitt, saw merit in at least exploring the option so as to make an informed decision, rather than a principle-based decision.
"I'd like to see all the options," Wilson said.
He also noted he did not appreciate hearing about it through the media, and hope councillors would be kept better informed, lest council look unprofessional.
CEO of the Hawke's Bay Regional Investment Company Blair O'Keeffe said it was relatively common to consider floating on the ASX.
"The concept of a dual listing in Australia is a common one when companies list on the NZX.
"It's not something we have reviewed at all yet."
He said ultimately the decision lay with council as to whether it wanted to list on the ASX.
During their meeting councillors also voted, in principle, to sell shares through a new corporate entity, currently called HoldCo.
Two options were put to council, either selling shares through current entities HBRIC and Napier Port, or selling through the new HoldCo entity.
It was decided a HoldCo would be simpler, rather than having two companies selling on the stock exchange.
As the decision was made in principle, it is subject to further information, and will be consulted on with the public.
'I regret these documents were not simply sourced and provided at the time' - Cooper