Thursday 11 June 1998

RESIDENTS SUPPORT COUNCIL OWNERSHIP OF SOUTHPOWER, PORT AND AIRPORT COMPANIES

The 1998 Annual Residents’ Survey shows overwhelming support for the Christchurch City Council retaining its shares in Southpower, and the Lyttelton Port and Christchurch Airport companies.

Forty percent (40%) support and 38% strongly support the current Council policy of continuing to own shares in the trading enterprises. Only 4% oppose the policy while 18% have no feeling either way or do not know.

"We have been criticised by some for retaining these assets but the results of this survey clearly show that we are doing exactly what 4 out of 5 of our residents want. Residents obviously appreciate the fact that community ownership of City assets has positive benefits", said Councillor David Close, Chairperson of the Strategy and Resources Committee at the Christchurch City Council. "We are committed to continuing management of these enterprises for the long term advantage of present and future generations".

Through its’ holding company, Christchurch City Holdings Limited, the Council owns 88% of the shares in Southpower, 65% of the Lyttelton Port Company, and 75% of Christchurch International Airport.

For further information:

Bob Lineham, Director of Finance, Phone 371-1441

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