Council Decision on Port of Tauranga shareholding announced

Quayside Holdings Limited (Quayside) is a Council Controlled Trading Organisation, wholly owned by the Bay of Plenty Regional Council (Council). Through its subsidiary, Quayside Securities Limited, it holds 54.14% of the shares in Port of Tauranga Limited. Quayside’s shareholding in Port of Tauranga is a strategic asset of Council, as defined in the Local Government Act 2002. On Wednesday 26 June 2024, following the completion of a public consultation process, hearings and deliberations, Council formally adopted the 2024-34 Long-Term Plan for audit. Within this Long Term Plan was confirmation of the decision by Council to enable a potential sell-down to a minimum 28% shareholding from the existing 54.14% holding. The reason for a sell-down of the existing Port of Tauranga shareholding is to: 1. Reduce sector and geographic concentration risk 2. Diversify the investment portfolio through re-direction of the capital 3. Reduce reliance on the Port of Tauranga dividend for distributions back to the Council. The decision to enable a managed sell-down is not a final decision to sell any shares in Port of Tauranga Limited, which will require further Council approval. No sale process is currently underway and no timeframe has been set for any sale. Before any sale can go ahead, further work will be done to agree on the parameters and transaction structure of the managed sell-down process. Quayside will continue to work closely with Council and its specialist advisors throughout the process. If a sale does proceed, Quayside will retain a minimum 28% shareholding. As such Quayside will remain a significant cornerstone shareholder in the Port of Tauranga Limited, continuing to focus on protecting and maximising the value of its investment. Released by Lyndon Settle, CEO Quayside Holdings Limited lyndon@quaysideholdings.co.nz 1 July 2024