Lyttelton share-buy complaint
New Zealand’s Securities Commission may investigate the recent purchase of 45,500 Lyttelton Port of Christchurch (LPC) shares by Christchurch City Holdings (CHH).
CHH, which owns 75% of LPC, made the purchase in December when an independent report on a LPC-Port Otago merger had been tabled.
A complaint was made to the NZX – subsequently relayed to the Commission – that as an “associated party” CHH could have had inside information.
CHH has countered its share-buying procedures are “squeaky clean” and LPC has clarified the report was seen by the respective port boards only.
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