Port of Tauranga Ltd Ordinary Shares

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The company was listed in May 1992 following a public issue of 33.6m shares at $1.05, which included a total of 12.6m shares previously owned by the Waikato Regional Council, and coincided with completion of a $53m expansion of port and cargo handling facilities. The company's business predominantly services the forestry and farming industries in the region. Since listing the company has recorded strong growth in cargo volumes and increasing emphasis on container traffic. Significant recent initiatives have included establishment of Metroport, an inland port in South Auckland for the aggregation and distribution of import/export cargo, a 50:50 joint venture project with Northland Port to develop and operate a new $65m deepwater port (Northport) at Marsden Point in Northland, and acquisition of log handler Owens Services BOP (which operates in 10 ports. POT derives its revenue through three main streams: port services, rental income and rental from investment properties. Other income also comes from investment dividends and fair value gains (losses). POT has been granted Listing with a 'Non-Standard' ("NS") designation. This designation was granted because under the Port Companies Act 1988, changes to POT's Constitution must be approved by the Minister of Transport. For further information, please see the Port Companies Act 1988 which is publicly available at www.legislation.govt.nz.

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