Presentation on theme: "Dover People’s Port Trust 2009-2013 Emergence of a new model of Port Ownership and Governance"— Presentation transcript:
Dover People’s Port Trust Emergence of a new model of Port Ownership and Governance
December 2009 Port Authority at Dover, the Dover Harbour Board (DHB) applies for voluntary sale to private equity Consultation on the DHB plan for privatisation with all the stakeholders February-March 2010 Almost all stakeholders objected to the DHB plan during consultation Breakdown in trust and confidence in the DHB by its major stakeholders
March and April 2010 an alternative plan was devised. Accountable ownership through wide membership of local stakeholders May, June and July 2010 ideas and concepts formalised and found to fit with new Government policy. August 2010 ideas launched into the public realm. August 2010 Dover People’s Port Trust Ltd. formed and launched. November 2010 Bid Submitted to Government
Proof of Stakeholder backing March 2011 Consultation on change of Government policy May 2011 Announcement and publication of new Government policy with community at its, core August Communitisation is what it’s about Nationalisation did not deliver Privatisation is not delivering Communitisation as a model could offer the answer. Legislative amendments October 2011 to pave the way.
Who will own the Port? Local residents Port Users Port employees Shipping Line employees Local Business Local Government Regional Government National Government (remaining as a stakeholder, but with no direct share).
How will they own the port? EBITDA GB£20 million Low end Traffic growth forecast 2.5%pa Syndicated Loan as a Bridge to Bond Issuance of long term bonds in tranches DPPT is a mutual industrial provident society Co-operative Members own the cooperative The cooperative own the port Stakeholders, as defined, become members for £10 each. DPPT innovative, entrepreneurial entity, best practices from private sector married to accountability and cooperation prevalent in public sector.