Submission
Which option do you prefer?
Option Two – The alternative option – Keep Aurora Energy
Further comment
Aurora Energy currently has a debt of $494 million 'hanging around its neck' due to poor management over a long period.
Infrastructure in Aurora Energy will always require investment/maintenance in the network and clearly this has not happened over many decades. All businesses require funds for 'rainy days' and money needs to be 'put aside' as it will always be required in the future. Paying dividends to the council at any cost (going into debt) is stupid and defies logic.
Maybe,sell a portion of Aurora(49%) and keep 'the wonderful asset 'that our fore fathers' built up from the beginning.The Dunedin City Council would then have a 51% controlling interest in Aurora and the company would be run as a private publicly listed company/business. Equity would be released that could pay down debt that Aurora has.
It would be much better than selling the asset and 'kissing' good bye to a company that is owned by the rate payers of Dunedin.
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Submission id number: 1045558
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