KEY POINTS:
The Auckland City Council last night voted to hold on to its Auckland International Airport shares.
But in a narrow vote, it also opened the way to restructure its shareholding for better financial returns at a future date.
This raised claims from two councillors that the move could lead to asset-stripping of the strategic asset.
The council unanimously voted not to sell its 12.75 per cent stake but was split 11-8 in favour of amending its 10-year financial plan to consider a restructuring.
In a shock move, City Vision councillors Vern Walsh and Penny Sefuiva joined forces with Citizens & Ratepayers to support the motion by Mayor Dick Hubbard to amend the plan.
This followed a political decision yesterday to drop a recommendation by officers to consider a partial sale of the shares to 10.05 per cent.
On Sunday, Mr Walsh and Ms Sefuiva were opposed to amending the plan on the grounds it would make it easier for future C&R-dominated councils to sell shares. C&R councillors had ignored the public in 2002 when they sold half the shares and would ignore them again, Mr Walsh said on Sunday.
Last night, Mr Walsh said Mr Hubbard's motion clearly stated the council could not sell below its 12.75 per cent stake.
He noted that within 20 hours another offer had come forward from the Canadian pension fund and the council needed to be in a position where it could be fluid.
But his City Vision colleague Glenda Fryer said the money men would be rubbing their hands with glee at the ability of the council to restructure its holding.
Action Hobson councillor Christine Caughey said more than 90 per cent of the public opposed selling the shares and the council's response was a "load of weasel words".
But speaker after speaker in favour of the motion said the council could not sell its holding below 12.75 per cent, a view shared by chief executive David Rankin. "It rules out any possibility of reducing our shareholding in whatever restructuring might take place as a result of market offers."
HOW THEY VOTED
To allow for restructuring
Mayor Dick Hubbard
Doug Armstrong (C&R)
John Hinchcliff (Labour, independent mayoral candidate)
Bruce Hucker (City Vision)
Linda Leighton (C&R)
Toni Millar (C&R)
Scott Milne (C&R)
Graeme Mulholland (C&R)
Noelene Raffills (C&R)
Penny Sefuiva (City Vision)
Vern Walsh (City Vision)
No change to restructuring
Neil Abel (City Vision)
Leila Boyle (Labour)
Cathy Casey (City Vision)
Christine Caughey (Action Hobson)
Bill Christian (Independent)
Glenda Fryer (Independent)
Richard Simpson (Action Hobson)
Faye Storer (Independent)
