The Board has sold its 11.1% shares in Ngawha Properties Ltd for the amount of $300,000.
The Board retained its original investment of $100,000.
Balance of $200,000 was paid out to Parahirahi CTrust (Local Hapu).
The Board purchased Pouerua Maunga and surrounding lands from Mr John White. The Board then subdivided and exchanged 14.547 hectares with Mr Stan Morley to enable easier access to the Maunga.
In May 2001 the Board had Pouerua (which consists of 66.0550 hectares more or less) set apart Under Section 338(1) of Te Ture Whenua Act 1993 setting apart all of the said land as a Maori reservation for the purpose of preserving the spiritual and cultural significance of the Maunga to Ngapuhi-nui-tonu being of great Significance to the cultural and customary ways of Ngapuhi in life for the common use and benefit of the Iwi of Tai Tokerau (Ngapuhi-nui-tonu).
HUNT ST BUILDING:
The Hunt Street Building was originally purchased in 1990 and is fully owned by Burghley Holdings Limited which is the commercial arm of the Tai Tokerau Maori Trust Board. It is currently valued at $4.350m plus gst. The Building is currently fully tenanted.
Burghley Holdings Directors
WAITANGI HOTEL JV:
The Board owns 51% of the Copthorne Resort Hotel Bay of Islands.
49% is owned by COL NZ Ltd.
COL NZ Limited have a management contract to manage the hotel.
Board Representatives on the JV: