Thursday, 22 February 2018

Announcement

GENERAL: SPN: Invercargill City Council commences High Court proceedings

18 Dec 2017 08:54NZX
18 December 2017

NZX Release

Invercargill City Council commences High Court proceedings against South Port

On 16 November the Invercargill City Council commenced High Court proceedings
against South Port in relation to three parcels of Bluff land owned by the
Company.

In the proceedings, Council is seeking legal title to the three parcels of
land alleging that they were transferred to South Port in error in 1988,
following the establishment of South Port pursuant to a Port Plan approved
under the Port Companies Act 1988.  As well as seeking legal title to the
land, the proceedings also seek unspecified damages together with costs and
interest.

The Company has been provided with a valuation from a registered valuer
assessing the current market value of the land at $1,275,000, current rental
is less than $10,000 per annum and is not considered material.

The Company has now received advice from its solicitors in relation to the
proceedings.  Based on that advice, the proceedings will be defended.  The
Company will continue to provide shareholders with further updates with
respect to any material developments in relation to proceedings.

FOR FURTHER INFORMATION PLEASE CONTACT:

Mr Nigel Gear
Chief Executive
South Port New Zealand Ltd
Tel (03) 212 8159

Mr Rex Chapman
Chairman
Mobile: 027 454 8455
End CA:00312061 For:SPN    Type:GENERAL    Time:2017-12-18 08:54:40
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