with you there .. the punishment for holding an infrastructure stock on such lowly returns
must bring tears to the eye of many.. let's face it with HBRC as major stakeholder there
may be very little incentive for anything but more of the same & low dividend levels
especially given these outfits have an appetite for a large wishlist of expensive expansion
dreams, with it tendency on hammering any payouts to rock bottom levels..
that, if not mistaken was underlying reason why this outfit hit NZX in the first place
when the source of Council resources v Port demands for new capital after decades
of 'dividend stripping' resulted in change to bring in retail & local investment.
In the end of the rejig, HBRC sold 48-49%, but retained effective control as major stakeholder
and a few other commercially unfriendly provisions thrown in.
The minorities who bought in get to enjoy the Qazi Council ride, try to smile sweetly at a poor dividend levels,
safe in the knowledge it's safe as houses, despite the SP going badly south as many lose interest ;)
IMO far more attractive Port listings out there, if one has taste for these sort of things
Even the minnow SPN appears to garner up more market excitement out there with similar
Local Body tentacles on it's share register.. :)
Let's face it - they wont go away or move very fast unless a natural disaster
or economic catastrophe occurs ;)