Port of Tauranga issues PSRs, seeks fast-track approval for Stella Passage expansion

Port of Tauranga Limited (NZX:POT) has issued 207,400 unlisted 2025/2026 Performance Share Rights (PSRs) to incentivize selected employees, attracting, motivating, and retaining key personnel. These PSRs, issued in accordance with the company's Long Term Incentive (LTI) scheme, represent approximately 0.030% of the ordinary shares on issue, with no nominal value or upfront payment required. Each PSR grants the potential to exercise for one ordinary share at no cost.

Concurrently, Port of Tauranga is pursuing a ministerial referral for fast-track consideration of its Stella Passage development resource consent application. This application seeks to extend the Sulphur Point container berth by 385 meters and the Mount Maunganui wharves by 315 meters. The company is seeking to expedite the process due to turning away shipping services, which negatively impacts the New Zealand economy.

The fast-track application runs in parallel with an earlier "listed project" application, which faced delays following a High Court judicial review. The direct referral application serves as an alternative to avoid further delays. The Environment Court has assessed the Stella Passage development's environmental impact as minor in the short-term and negligible in the long-term, though agreements with local iwi and hapu regarding cultural impacts are still pending.