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Ngai Tahu Holdings Corporation[1]
Ngai Tahu Holdings
Company typePrivate
IndustryHolding
FoundedDecember 10, 1992; 31 years ago (1992-12-10) in Christchurch, New Zealand[1]
Headquarters15 Show Place, Addington,
Christchurch
,
New Zealand[1]
Areas served
New Zealand, Fiji, Australia, China, United States of America
Key people
Mike Sang (CEO)[2]
IncreaseNZ$168.73 Million[3] (2016)
Total assetsIncreaseNZ$1.503 Billion[3] (2016)
Total equityIncreaseNZ$1.273 Billion[3] (2016)
OwnerNgai Tahu Charitable Trust[1]
Members55,000[4] (2013)
Number of employees
21,686[3] (2016)


Ngai Tahu Holdings Corporation Limited, is a New Zealand investment firm with investments in Tourism, Fisheries, Property, and Forestry among some. It is the investment arm of the Ngai Tahu iwi of the South Island. Ngai Tahu is apart of the "Maori Economy" and is among the wealthiest iwi in New Zealand.

Annually, Ngai Tahu contribute over $200m to the South Island economy.[5] Exclusive to the Maori Economy, Ngai Tahu have an Exclusive Economic Zone that covers over 80% of the South Island[6]

History

Ngāi Tahu has been engaged in modern day commercial activities since the late 1950's when the Ngāi Tahu Māori Trust Board had an annual income of about $20,000 per year to put toward investment and distribution through the iwi. Ngai Tahu used the little funding available to reinvest and grow the asset base of the triibe. From the beginning Ngai Tahu put in place an aggressive reinvestment policy; where they must reinvest roughly two thirds of the income as well as maintaining a tightly focused distribution policy aimed at providing support to tribal members through education grants and scholarships.

In 1998, as a result of the Ngāi Tahu Claim Settlement Act, Ngāi Tahu received a settlement sum of $170 million . It also subsequently involved fisheries and aquaculture assets valued at $71 million.[5]

As a direct result of the 2011 Christchurch Earthquake, Ngai Tahu reported a $4.7 million after-tax net-loss, down from a $27.8 million net-profit the previous financial year. Over $18 million worth of value adjustments were made to investment properties owned by the group as a whole, and over $9 million worth of direct quake writedown. However, insurance claims were lodged by the group and payments are expected within the 2012 financial year.[7]

In 2013, Ngai Tahu recieved a relativity payment of $68 million from the New Zealand Government under their settlement agreement in the 1990's.[8]

By the end of 2013, Ngai Tahu had assets of around $1 billion, of which 56 per cent are in property, 20 per cent are in capital, 9 per cent in tourism, 7 per cent in seafood, 6 per cent in fisheries settlement and 2 per cent in other holdings.[9]

Controversy

In 2013, Ngai Tahu took the New Zealand Police to court and sued them for 5 years of unpaid rent. The police sought to terminate and believed their tenancy in the Ngai Tahu Property-owned building was terminated afer the 2011 earthquakes in Christchurch. However, Ngai Tahu denied this and said the tenancy agreement expired in June 2017 and would like all rent to be paid until that date. A High Court judge suspended the case in order for arbitration to be pursued.[10]

Subsidiaries and Investments

Ngai Tahu Tourism

Shotover Jet

According to the New Zealand Companies Office Shotover Jet Limited is 100% owned by Ngai Tahu Tourism since the 16th July 2007.[11]

The Shotover Jet in Queenstown is one of several assets owned by Ngāi Tahu Holdings.

In 1999, Ngai Tahu Holdings aquired a 38%[12] stake in Queenstown's Shotover Jet. In August 1999, Ngai Tahu Holdings raised its stake to 49%.[13] It was reported on 30 October 2001 that Ngai Tahu Holdings had raised its stake in Shotover Jet to 80%.[14]

On the 10th of Spetember 2002, Ngai Tahu sought to acquire the remaining 18% of Shotover it didn't own, at 60c a share. Included in Shotover's assets were, the Shotover, Dart, Kawarau and Waikato River speedboat attractions, Rainbow Springs and Farm, as well as a jetboat business in Fiji.[15] On October 9th, this bid was taken up to 70c a share.[16] By November 12, 2002, Ngai Tahu held 88.3% of all Shotover shares.[17]

On Wednesday, 5th of May, 2004; it was reported by the New Zealand Herald that Ngai Tahu had used New Zealand Compulsory Acquisitions Laws to acquire the remaining stake of Shotover they didn't already own. Shotover was de-listed from the NZX on Friday, 7th May 2004.[12]

All Shotover operations in New Zealand were suspended on January 1st, 2006 due to the fact that the engine of a boat in its fleet caught fire due to malfunction. The Shotover fleet was cleared to operate and operations resumed on the 5th of January.[18]

In May 2009 Ngai Tahu Tourism and Shotover Jet took Queenstown Water Taxis to court for using the well-known Shotover fleet colour of red on one of its jet boats causing confusion for tourists. The courts ruled in favor of Shotover and ordered Queenstown Water Taxis to repaint their boat and to pay the legal expenses of Ngai Tahu Tourism and Shotover Jet, as well as to pay $9,380.00 for court related costs.[19]

Shotover Jet was in the news when the Duke and Duchess of Cambridge participated in a Shotover in April 2014. David Kennedy, Regional General Manager for Ngai Tahu Tourism said, "[William and Catherine] have requested a normal Shotover Jet boat trip, which is always cautious but it's still the most exciting jetboat ride in the world. "They'll be doing 360-degree spins and going within half a metre of the rocks."[20]

Rainbow Springs

Founded in 1929 by Ted Bruce, Rainbow Springs has become one of the most visited tourism attractions in Rotorua, welcoming thousands of guests each year. Between 1929 and 1932, Rainbow Springs was renovated by building cabins, a campground and caravan park. The Park was officially opened as an attraction in 1932. Rainbow Springs was acquired by The Shotover Group in 1995, and became the direct property of Ngai Tahu Holdings in 2004. [21]

Rainbow Springs was transferred to the direct ownership of Ngai Tahu Tourism in July 2007.[22]

In May 2011, Ngai Tahu announced their intentions to spend $10 million to renovate, including plans to construct "The Big Splash", a water-based attraction, within its Rainbow Springs property.[23]

Agrodome

It was reported in August 2011 that Ngai Tahu were in talks to acquire The Agrodome.[24] It was confirmed in September 2011 that Ngai Tahu had acquired a stake in The Agrodome.[6] Ngai Tahu's initial investment in The Agrodome was a 75% stake of ownership.[25] Company Office records show that the current Agrodome Limited company was registered on 12 August 2011 and is indirectly owned by Ngai Tahu Tourism Limited, via its direct subsidiary, CNI Tourism Limited.[26] The Office records also show that 25% of the company was owned by Harbow Trust Limited between the registration of Agrodome Limited in 2011 and July 2014.[27]

In addition to Agrodome being a tourist attraction, it is also an operating 133ha sheep and cattle farm. It also has olive groves. To celebrate a successful olive harvest in 2014, Ngai Tahu promoted and celebrated its first annual Olive Festival.[28]

Ngai Tahu Capital

Ryman Healthcare

Ngai Tahu first invested in Ryman Healthcare in 1996[29] in a partnership with Canadian Equity-firm Direct Capital Partners, that gave them 50% of the company; or 25% each.[30]

It was reported on 30 October 2001 that Ngai Tahu's stake in Ryman had been decreased to 20%.[14]

On June 19 2003, Ngai Tahu's stake was diluted down to 16% upon the issuance of new shares.[31]

In February 2007, Ngai Tahu sold 6% of their Ryman shares to 'global investment firm' Babcock & Brown, for $2.10 per share,[32] taking their remaining shareholding down to 6.5%.[33]

In February 2008, Ngai Tahu increased its shareholding to 8%.[34]

In October 2013, it was reported that Ngai Tahu had a shareholding of 6%.[9]

According to the Companies Office Ngai Tahu Capital directly own 4.84% of Ryman Healthcare as of April 2016.[35]

PGG Wrightson

In April 2011, it was reported that Ngai Tahu had invested a $15,000,000 investment in a joint-venture vehicle with the purpose of owning shares in the agriculture company PGG Wrightson.[36] It was later confirmed that Ngai Tahu had entered into an agreement with Agria Corporation, a Singaporean agriculture company, and New Hope Group, a Chinese investment company, to invest in the vehicle used to take over a 57.68% share in PGG Wrightson.[37] Ngai Tahu holds a 7.09% shareholding in the investment vehicle, Agria (Singapore) Pte Ltd.[38]

After the deal went through, then Chief Executive Officer of Ngai Tahu Holdings, Greg Campbell, said, "This is an extremely valuable proposition from a strategic and relationship perspective and it is great to be able to announce this joint venture particularly given the recent tragic events in Christchurch."[39]

According to the New Zealand Companies Office, Agria Singapore, held a 50.22% shareholding as of December 2016.[40]

Ngai Tahu Seafood

Ngāi Tahu Seafood was established to manage the fishing quota received by Ngāi Tahu following settlement with the Crown in 1992 as a direct consequence of a recommendation by The Waitangi Tribunal. Ngāi Tahu Seafood is headquartered adjacent to the International Airport of Christchurch, New Zealand. Ngāi Tahu Seafood also holds substantial fishing quotas in rock lobster, pāua, blue cod, Bluff oysters and New Zealand greenshell mussels and a multitude of other species. The company have facilities in Bluff, Christchurch, Kaikōura and Picton; and range from simple, wharf-based receiving chillers through to full, export-registered processing plants. Ngāi Tahu Seafood is a major supplier of New Zealand seafood to international and domestic markets, under the TAHU brand. [41]

In the media

In September 2006, it was reported by the National Business Review that Ngai Tahu's fisheries arm, Ngai Tahu Seafood made a $22.8 million loss for the 2006 financial year.[42]

On August 29, 2007, it was stated that Ngai Tahu had formed Joint-Ventures in the Chatham Islands, to process Paua, Kina, and Wetfish speicies, and in China to build up live lobster exports.[43]

In April 2008, Ngai Tahu Seafood General Manager Geoff Hipkins traveled to China as a part of the New Zealand delegation to sign the New Zealand-China Free Trade Agreement. Whilst there, the goal of Mr. Hipkins was to attempt to find more "ports of call" into the Chinese market. He traveled to Shanghai, Beijing, and Wuhan on behalf of Ngai Tahu Seafood.[44]

Between 2011 and 2014 Ngai Tahu started acquiring fishing quotas in South Australia for importation and sale in China.[45]

Ngai Tahu Property

Ngai Tahu Property owns multiple ex-government and/or council owned properties. Ngai Tahu hold right of first refusal to acquire any state-owned property within its exclusive economic area. In 2010, Ngai Tahu Property held assets in the tune of $450,000,000; including but not limited to, the Queenstown Police Station, Christchurch Courts, and 50% of the Christchurch City Council Headquarters.[46]

In August 2011, it was mentioned in a New Zealand Herald article that Ngai Tahu owns 83,600 hectares of "rural land", of which around 90% are leased to third-party forestry organisations.[47]

Lincoln Univesrsity development

In November 2007, Ngai Tahu Property entered a joint venture with Lincoln University to develop former dairying land on the edge of the Lincoln township into housing for students. The land, which is owned by the university was formerly used as a research farm, however, was decommissioned and the land was, in 2001, subsequently establishment as a 160ha dairy farm located between Lincoln and Springston . The subdivision is planned to encompass 117ha on the western edge of the town and "will achieve a long-anticipated connection between the town and the Lincoln University central campus," according to Ngai Tahu Property general manager Tony Sewell. The properties will be released in stages over the next 12 years. There will be over 1000 sections and will incorporate additional community services and education facilities in the area.[48]

Prestons Subdivision

Prestons is a subdivision developed by Ngai Tahu Property, Foodstuffs South Island, and CDL Land New Zealand. Prestons first 200 Sections were released for purchase on the 16th of October 2012.[49]

Ngai Tahu Property as well as the local councils and Canterbury Earthquake Recovery Authority engaged in discussions to fast-track zoning permission by Earthquake Recovery Minister Gerry Brownlee under the Canterbury Earthquake Recovery Act in order to open up land to those in the designated 'Red Zone' to buy and move to.[50]

Tainui Joint Ventures

Initial Ventures

On the 26th of November 2007, the Herald announced that Ngai Tahu and Tainui had met at Arowhenua Marae in South Canterbury and signed deals to establish formal intentions on the 23rd of November 2007 to work together, using a memorandum of understanding to form a basis to establish a working environment between the two iwi.

New Zealand Labor Party MP Shane Jones said, "You need to remember that Maori trusts and iwi organisations, they're very rarely sellers. They like to hold assets for a long, long time, and given the amount of foreign ownership in the economy, it's good that tribes work together and help to buy back some of those assets that looked lost."[51]

As the first joint-activity of the two tribes, in February 2009, Ngai Tahu acquired 6% of Ryman Healthcare and subsequently on-sold 4.5% to Tainui; raisings its shareholding in Ryman to 8%, and establishing Tainui as a shareholder.[34]

Waikato Milking Systems

In June 2014, Tainui and Ngai Tahu as well as Pioneer Capital acquired Waikato Milking Systems NZ Limited under a limited partnership, Waikato Milking Systems LP. The partners have stated that they intend to grow the company, either naturally, or by mergers and acquisitions. The company is New Zealand's biggest manufacturer and designer of milking systems, and runs all aspects of its systems, from the stainless steel to the software that helps run the cowsheds. The company, at the time of purchase, had an annual turnover quickly approaching $100 million.[52] All three companies have an equal 33.30% share is the limited partnership.[53]

GoBus

In August 2014, Ngai Tahu and Tainui purchased GoBus from Australian private equity-firm Next Capial. The total purchase price was $170 million. The purchase is expected to gain approval from New Zealand's Overseas Investment Office due to the company selling GoBus being Australian-owned.

Ngai Tahu Chief Executive Officer, Mike Sang said, "Go Bus will enable us to further grow and diversify our portfolio in a way that is complementary to the rest of our investments." [54]

In the deal, Ngai Tahu acquired 67% and Tainui acquired a 33% stake in GoBus.[55]

In March 2016 GoBus won the rights to operate four South Auckland public bus routes, taking the rights from established Infratil. The contracts commenced in October 2016, and GoBus is supplying 89 buses, most of which are brand new low-emission buses built locally in New Zealand. The company said it would invest $40 million in new vehicles and equipment as well as establishing two new depot facilities, providing over 250 new driver and management jobs. GoBus also provides school bus services, special needs transport as well as some tour and charter services. GoBus has about 360 urban service buses in its fleet of over 1600 vehicles, and employ more than 1900 staff. GoBus managing director Calum Haslop said, "Entry into the Auckland market signals a new phase in our continued growth."[56]

In August 2016, GoBus announced that they had acquired Johnston's Coachlines for an undisclosed sum. Johnston's is a tourism-based bus company with depots in Auckland, Christchurch and Queenstown. The main purpose of the acquisition was the companies experience in the high-end tour market. It was stated that the companies will operate in a parent-subsidiary manner as Johnston's will retain its own brand and division.[57]

Other Investments

Tahu FM

Main article: Tahu FM

Tahu FM is the iwi's official radio station. It began as Christchurch's Te Reo Iriraki Ki Otautahi on 6 February 1991. Between 1996 and 2001, it formed a broadcasting partnership with Mai FM and began playing more urban contemporary music.[58] It changed its name to Tahu FM in December 1997, and briefly changed its name to Mai FM in 1999 before reverting back to Tahu FM.[59] It broadcasts in Christchurch on 90.5 FM. In 2000 it began broadcasting Kaikoura on 90.7 FM, Dunedin on 95.0 FM, Invercargill on 99.6 FM, and around the country on 505 Sky Digital.[60] Tahu FM resumed broadcasting five days after the 2011 Christchurch earthquake, with assistance from Te Upoko O Te Ika and other iwi radio stations, and operated as the city's Māori language civil defence station.[61] In December 2014 it was recognised as the country's highest-rating Māori radio station.[62][63][64]

Dillions Point Properties

In October 2000, Ngai Tahu invested over $9 million in acquiring six vineyards totaling roughly 69 hectares of land. In the aftermath of the acquisition, Ngai Tahu agreed to supply Gieson Holdings grapes for their wines.[65] This venture is called Dillons Point Properties.[14]

Others

In 1997, the New Zealand Government awarded Ngai Tahu with the rights of ownership to the Pounamu stocks in the South Island of New Zealand[66]

It was reported October 2001, that Ngai Tahu Holdings had a 43% ownership of Whale Watch Kaikoura. It was also reported that Ngai Tahu Holdings acquired Proseed, a large-scale tree-seed supplier in July 2001.[14]

Attempted or Failed Business Ventures

South Canterbury Finance

In August 2010, an unknown consortium of investors, including Ngai Tahu proposed an offer to the receivers of South Canterbury Finance to acquire the failed financial business for an undisclosed sum. This proposal was quickly rejected. The consortium, later revealed to be Permanent Investments Limited, revised their offer and submitted it again on September 13.[67] The original plan was declined due to receivers McGrath Nichol seeking advice from multiple advisers, including The Treasury.[68]

It was revealed on October 14, 2010, that Ngai Tahu Holdings was among the New Zealand Superannuation Fund and others in a consortium of investors that failed to acquired the collapsed South Canterbury Finance in a $1.3 billion deal.[67]

On October 15, 2010, Ngai Tahu released a statement using the New Zealand Heralds-printed Business Day newspaper. They revealed that their participation in the bid was an attempt to venture into broadening their business portfolio.[69]

Ruataniwha Water Storage Scheme

On the 19th of September the National Business Review released an article announcing Ngai Tahu and TrustPower, and Hawkes Bay Regional Investment Company were in talks to mutually invest in the Ruataniwha Water Storage Scheme. It was also said that Ngai Tahu and TrustPower could pay up to 40%, or $105 million, of the $265 million projects costs, costing approximately $52.5 million each.[70]

On Friday the 20th of September 2013, the New Zealand Herald reported that Ngai Tahu, TrustPower, and Hawkes Bay Regional Investment Company had signed a memorandum of understanding with the intentions to mutually invest into the controversial Ruataniwha Water Storage Scheme.[71]

Many local Maori were against the scheme going forward, and because of this, Ngai Tahu advised the local Iwi, Ngati Kahungungu, that on their request, Ngai Tahu will pull the plug on any future involvement with the Scheme.[72]

On September 26th, 2013, it was reported in the Hawke's Bay Today that Nga Tahu had already invested an undisclosed amount of money into the Water Storage Scheme, which caused surprise within local iwi.[73]

In early 2014 TrustPower pulled out of the deal. As a result of this, the deal did not meet Ngai Tahu's investment criteria under the pre-signed memorandum. Due to this, Ngai Tahu pulled out of the Scheme in May 2014.[74]

Expressed Interest

In November 2011, Ngai Tahu publicly expressed an interest in establishing an alliance of iwi to acquire up to 20% of each power company floated by the Government, including, but not limited to, Mighty River Power and Genesis Energy.[75]

In December 2013, Ngai Tahu Tourism announced plans to lease 0.75ha of council-owned land to construct Queenstown Hot Pools, a $25 million hot pool complex of 12 large, and 6 small pools as well as a host of other amenities. [76]

Awards

Year Award Awarded by Notes
2016 Outstanding Maori Business Leadership Aotearoa NZ Maori Business Leaders Awards [77]

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