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Tainui Group cautious about Mighty River share buy - Waatea

Tainui Group cautious about Mighty River share buy – Waatea

  • Ratings12345

Tainui’s commercial arm isn’t keen to get involved in the investment in state assets being touted by the tribe’s former chairman.

Tukuroirangi Morgan is working with other members of the Iwi Leaders Group to create a vehicle for iwi to buy in to the state power companies, starting with Mighty River later this year.

But Mike Pohio from Tainui Group Holdings says any spare capital is going towards Te Rapa and the proposed urban port at Ruakura.

“There are a number of development proposals we need to progress. Certainly finishing off The Base is our focus, and our second area of concentration is in the development of Ruakura, and while we do have some spare investment capacity, as far as there mixed ownership model is concerned, at this point we don’t have the financial information in which to make any investment decision,” he says.

Tainui Group Holdings’s assets grew to just under $700 million in the year to the 30th of March and it paid and $11 million dividend to Waikato-Tainui, which uses the money to fund tribal administration and activities such as scholarships.

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(1) Comment

  1. Ngawai Robinson

    Looks like the shareholders of Waikato Tainui could be in for a possible capital restructure once Sir Henry van der Heyden comes on board. My guess is he may well implement a revamped version of the contentious Fonterra model – to share-float Tainui Group Holdings as a future public company? These are grand ideas of what can be achieved for iwi but the practical reality is much different, driven by the establishment of a new political order. A possible future TGH share float may lead to and encourage the privatisation of communal assets, and the trading of raupatu lands, the base, and inland transport hub, to start with? The problem I foresee from the point of view of Te Kauhanganui Inc, is that they will have to drive a very hard bargain where retention of our communal interests and governance rights are concerned. I reckon TKI must argue for all the voting rights plus the ability to participate on both sides of the market and both sides of the fund, whereas public investors could potentially be ring-fenced to one side of the fund. In other words the success of any proposed future model will be dependent on the communication skills of TGH directors and management team to sell the dream to Te Kauhanganui Inc, and how to manage/ compensate business/public investors for their lack of governance rights? Being my cautious self, if I flipped a coin the opposite could occur too!

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