Forum Archive Index - December 2002

[Marilyn Munroe <who.c@res.co.nz>]

pr hughes

The Christchurch City Council through its wholly owned trading arm 
Christchurch City Holdings Ltd owns 66,631,730 Lyttelton Port Co shares 
comprising 65.5% of the issued capital.

The next largest is Ashburton District Council with 3,926,190 shares 3.9%
Source, Information Memorandum 'Coal Handling Agreement'.

Christchurch City Holdings has been a successful investor particularly its 
venture into gas retailing in the North Island, but now cashed up.

I always considered them to be astute investors until their failure of nerve 
over the P & O big boat issue. Their role in deposing the chairman (Brent 
Layton) and managing director (David Viles) gave the impression of headless 
chickens. The company under these two gentlemens guidance had performed 
really well.

It will be a difficult task for their successors to perform as well. The 
lesson to be drawn by future directors from the debacle is that directors or 
executives who stand up to labour unions or shipping companies will be knee 
capped by Christchurch City Holdings.

Two of the current directors are, or have been directors of meat processing 
companies. Given the ghastly performance of these types of companies I hope 
these gentlemen do not apply the skills learnt around meat co. board room 
tables to their deliberations as Lyttelton port Co directors.

Boop-boop-de-do Marilyn

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