On February 9, two reports relating to HOLDCO Uncalled Capital were considered at a Performance, Policy and Partnerships Committee meeting.

One of the resolutions made during the meeting was to publicly release the reports.

The recommendations within the reports were all resolved by the PPP Committee and later adopted by Council.

This means that debt previously held by ICC on HOLDCO’s behalf now rests with HOLDCO.

This ensures our processes and procedures best reflect Council’s intentions in relation to HOLDCO as a council controlled organisation.

Further, HOLDCO will be using proceeds of the sale of Invercargill City Forests Ltd to pay off some of its debt to Council.

Read the report ‘Invercargill City Council Treatment of Invercargill City Holdings Limited – Uncalled Capital’

Read the report ‘Invercargill City Holdings Limited – Uncalled Capital’

Some parts of the reports have been redacted according to section 7(2)(i) of the Local Government Official Information and Meetings Act 1987; [to] enable any local authority holding the information to carry on, without prejudice or disadvantage, negotiations (including commercial and industrial negotiations).