2 Sep 2014

Lyttelton Port board gives green light

11:28 am on 2 September 2014

The board of Christchurch's Lyttelton Port has recommending a takeover should proceed.

Lyttelton Port

Lyttelton Port Photo: PHOTO NZ

Christchurch City Holdings, a subsidiary of Christchurch City Council, wants to increase its 79.5 percent holding in the port to complete control.

The decision to recommend the sale follows an analysis of the offer conducted for the board by the investment and finance company, Northington Partners.

The board said its verdict was unanimous.

The deal will include a fully imputed special dividend of 20 cents a share on top of the purchase price.

However, the board is recommending shareholders do nothing until they receive copies of the Northington analysis and other information later this week.