Auckland City Council given no warning of AIA share placement plans
NZ Herald, 6 April 2020
Auckland City Council was given no prewarning of Auckland International Airport’s plans to raise around $1.2 billion to cope with a prolonged hit from Covid 19 – despite the risk its shareholding could be reduced from 22 to 18% as a result.
We know a lot more about AIA’s plans to cope with the crisis through the media than QAC’s through the Council, which owns 75.01% of it. But QAC faces the same headwinds – and we, the community through council, should be both concerned about and informed of the consequent financial and political risks. Unlike AIA, QAC is a council controlled trading organisation and therefore its only reporting requirements are to Council… And they are minimal.