Well That Must Have Been Embarrassing

23 Jun

Thanks to Realist for pointing out that the Finance and Policy agenda has been replaced.  The new Statement Of Intent is included for Holdco but I am still a little confused.

Both versions have had this comment at part of the report attached to the SOI (underlining my emphasis)

The Directors of Invercargill City Holdings Limited have taken the comments from Council, on the draft Statement of Intent presented earlier, in finalising the Statement of Intent for the three years commencing 30 June 2015.

Why are we being told about that now?  Is that another date error or have I missed something?

It seems the dividends have increased but what is the $300,000 ‘special dividend’ for the next three years about?  Oh dear…




4 Responses to “Well That Must Have Been Embarrassing”

  1. Realist June 23, 2014 at 3:51 pm #

    Oh for the love of god, it should say for the year ending, not commencing. This cut and paste mentality within the ICC is beginning to become tiresome.

    • Kylie June 23, 2014 at 4:06 pm #

      Oops I forgot one! Sometimes they should cut’n’paste, the airport shares are correct but seemingly it only equates to 97.2% according to the SOI. Companies office have it at 97.73%. Facepalm

      • Realist June 23, 2014 at 4:29 pm #

        Previous SOI had a value against those shares as well, this one doesn’t.
        This one also states the company can not see benefit in spending on the airport upgrade but have a directive, just where do directors stand in telling council NO, and just where does this directive sit in terms of making sound decisions with ratepayers money?
        The whole system is shonkey.

      • Kylie June 23, 2014 at 5:48 pm #

        Funny thing is, I was at a meeting and Elder stood up after a discussion about airport upgrade. He made a comment that upgrading the airport terminal did not make good business sense BUT as it was a strategic asset, if the shareholders of Holdco demanded it then they would HAVE to do it. It was cautiously worded and you just knew they were trying to scam something.

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