Gisborne Holdings Ltd chairman urges community input at the annual meeting

GHL chairman John Rae

The chairman of Gisborne District Council’s commercial arm wants to hear public views on whether to sell off its main asset, Tauwhareparae Farms.

Gisborne Holdings Ltd board chair John Rae is encouraging the community to go to tomorrow’s annual general meeting and hear about what could be possible with the $139 million asset base the organisation holds.

“GHL has been holding a passive position in the community since its inception in 2015,” Mr Rae said. “Given the issues we as a region are facing and the challenges that lie ahead, does the community think what we have always done is still the right answer?

“Our board has suggested to Gisborne District Council that we don’t think it is.”

GHL’s assets include the Tauwhareparae Farms, Waikanae Beach Top 10 Holiday Park, the Wash’n Go Gisborne Auto Wash and other property.

“The unprecedented weather events have had a massive impact on everyone living in Tairāwhiti and GHL’s people and portfolio of assets were not spared,” Mr Rae said.

“While the farms suffered the worst damage, all our assets and a lot of the region’s critical infrastructure also suffered because of the storms.”

GHL signalled early to the council that its expected dividend was likely to be significantly lower, and it was.

“We think it is time for the community to understand what may be possible if we readjusted our portfolio and made sure GHL and the council were better positioned to be active investors in the region.

“The board believes that GHL being in a position to co-invest with other regional investors such as iwi, Eastland Group, Trust Tairāwhiti and others in rebuilding is worthy of serious consideration and would make us less dependent on Wellington,” Mr Rae said.

“The board of GHL believes that this is the right time to ask the question ‘does it still make sense to hold the farms while Gisborne has such significant challenges — and maximise the opportunities ahead of us?’.”

The annual meeting is being held at 5.30pm at Waikanae Surf Life Saving Club tomorrow.

“We want to hear everyone’s views — good, bad or indifferent,” Mr Rae said.

“We want to make sure we have heard from as many residents as possible as we believe there is much to be done.”

GHL has undertaken a comprehensive review of its strategic position and investment policy with the assistance of PwC and has delivered a draft five-year strategic plan to the council for consideration.

This is expected to be signed off in early November.

“We believe this delivers a refreshed future and can help make a difference to the Tairāwhiti community,” Mr Rae said.

“We want to be a more resilient, sustainable and relevant contributor to the region.”