Bay of Plenty Regional Council is the owner, on behalf of the regions ratepayers, of 54.94% of Port of Tauranga shares in a company called Quayside Holdings Ltd. Their shareholding is a wonderful cash cow that subsidizes the council's operating costs.
Measuring the same 6 month period, Dec 2010 - Dec 2011 the Port income rose 14% and the net profit increased 22%.
For the same period comparisons, Quayside Holdings Ltd's distribution to Perpetual Preference Share holders was down 44.28.% while the distribution to BOP Regional Council increased 40%.
I know the global economy has affected QHL investment income but QHL's income would have increased commensurate to the Ports increase.
The ratio of income distribution from Quayside Holdings (a ‘Council Controlled Organisation') in the 2010 year was PPS holders 63.63% with council receiving 36.36%. Apply the same to the 2011 year and the PPS holders ratio is 41.05% with the council receiving 58.94%.
The seesaw of distribution is obviously dependant on the bloated needs of the BOP Regional Council.
One can only surmise that the people who invest in their own regional economy are far less important than the ‘fat cats' who operate the council.

Maureen J Anderson, Pyes Pa.