Invercargill City Council commences High Court proceedings
18 December 2017
NZX Release
Invercargill City Council commences High Court
proceedings against South Port
On 16 November the Invercargill City Council commenced High Court proceedings against
South Port in relation to three parcels of Bluff land owned by the Company.
In the proceedings, Council is seeking legal title to the three parcels of land alleging that they were
transferred to South Port in error in 1988, following the establishment of South Port pursuant to a
Port Plan approved under the Port Companies Act 1988. As well as seeking legal title to the land,
the proceedings also seek unspecified damages together with costs and interest.
The Company has been provided with a valuation from a registered valuer assessing the current
market value of the land at $1,275,000, current rental is less than $10,000 per annum and is not
considered material.
The Company has now received advice from its solicitors in relation to the proceedings. Based on
that advice, the proceedings will be defended. The Company will continue to provide shareholders
with further updates with respect to any material developments in relation to proceedings.
FOR FURTHER INFORMATION PLEASE CONTACT:
Mr Nigel Gear
Chief Executive
South Port New Zealand Ltd
Tel (03) 212 8159
Mr Rex Chapman
Chairman
Mobile: 027 454 8455
SOUTH PORT NEW ZEALAND LIMITED
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
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