Company Formed to Own Stadium

The Dunedin City Council has formed a new Council-owned company to take ownership of the Forsyth Barr Stadium.

To be called Dunedin Venues Ltd, the company will be given formal ownership of the stadium at a yet to be determined date after the completion of construction.

The new company will have the same five board members as the recently established Dunedin Venues Management Limited, - Sir John Hansen, Peter Stubbs, Peter Brown, Peter Hutchison and Jennifer Rolfe. For the first year their remuneration will be nil.

Dunedin Venues Ltd will lease Forsyth Barr Stadium to Dunedin Venues Management Ltd, which will also take over the management of other city venues such as the Dunedin Centre and the Edgar Stadium.

Dunedin Venues Management Ltd last week announced it would trade under the name of Dunedin Venues, although its registered company name will remain the same.

The Council authorised the Mayor, Peter Chin, to release the resolutions of the Council meeting at which the decision to form Dunedin Venues Ltd was made. These are below

RESOLUTIONS PASSED IN THE NON-PUBLIC PART OF THE DUNEDIN CITY COUNCIL MEETING HELD ON MONDAY, 21 JUNE 2010

5 FORMATION OF DUNEDIN VENUES LIMITED

"1 That the report be received.

2 That the Council resolves to incorporate a new company to be a Council Controlled Organisation called Dunedin Venues Limited ("the company").

3 That the purpose of the company will be to acquire the Forsyth Barr Stadium from the Dunedin City Council at a time to be determined after its completion and to lease the stadium to Dunedin Venues Management Limited.

4 The company be incorporated with a share capital of 100 ordinary shares at $1.00 each, held by the Dunedin City Council and left uncalled at the date of incorporation until such time as the Board of the company makes a call on the consideration of the shares ("the initial share capital").

5 That the Shareholder revokes clause 107.1 of the constitution of Dunedin Venues Management Limited and replaces it with the following wording:

107.1 Subject to the requirements of the Act, the board may from time to time determine the policy that will apply to interested directors (as that term is defined in section 139 of the Act), including as to voting rights (if any).

6 That the Shareholder approves the constitution for Dunedin Venues Limited to be the same as Dunedin Venues Management Limited with Clause 107.1 as amended by 5 above.

7 That the Mayor and Chairman of the Finance and Strategy Committee be authorised by the Council to sign Form 3 "Consent of Shareholder of Proposed Company" on behalf of the Council.

8 That the Mayor and Chairman of the Finance and Strategy Committee be authorised by the Council to sign the special resolution of shareholders in lieu of a meeting revoking the current constitution of DVML and adopting the revised constitution.

9 That the Council appoints five directors to the company, being:
• Sir John Hansen
• Peter Stubbs
• Peter Brown
• Peter Hutchison
• Jennifer Rolfe.
("The new Board")

10 That the remuneration of the directors will be nil, subject to an annual review at the same time as the Council is considering the company's draft Statement of Intent."

"That the Mayor be authorised to release the report publicly after consultation with the Chief Executive and General Manager Finance and Corporate Support."

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