Film Studios Quotes

 

24/9/02      

Press Release, Bob Harvey    “We are aiming to make the local film industry not only bigger, but sustainably bigger: a place where the Spielbergs of this world want to come on a regular basis.”

 

28/5/05

NZ Herald, Bob Harvey  “We are on a terrific roll. This is one of the most gilt-edged investments that any council could have.”

 

10/11/08

FOP (Finance and Operational Performance Committee, Waitakere City Council) “The value of the Council’s original investment in the Henderson Film Studio was $6 million. The net worth of the company as at 31 March 2008 was $13,650,988.”

“Capital gains have been made in the Waitakere Central and Henderson Film Studio developments.”

“The current dividend from Prime West Ltd does not fully cover the cost of borrowing.”

 

11/5/09

FOP  “Prime West Management Ltd is not classed as a “council-controlled organisation” within the meaning of the Local Government Act 2002, and, as such, is not required to report formerly (sic) through to Council.”

 

7/9/09

FOP  “At the Annual General Meeting, it was reported that AFSL is in an extremely positive position and it delivered a financial return to Council for the 2008/2009 year.”

 

3/11/09

NZ Herald   Kieran Fitzsimmons, Manager Auckland Film Studios Limited

“In the midst of a recession there are two things that are anticyclonic, and they are alcohol and entertainment. So we’re doing very well.”

 

8/3/10

FOP   “AFSL is in a strong and stable position following the recent tidy up on management structure (short form amalgamation of Prime West Management Limited) and given the current land, buildings and annual tenancy returns.”

 

7/7/10

N Z Herald  Bob Harvey  “This will have no effect whatsoever on the film studio. The future of the studios is guaranteed. We are fully booked for the next three years. It’s (the studios) a winner for the region and New Zealand.”

 

8/7/10

Penny Hulse  “We receive a quarterly update at FOP which includes an update on Prime West. (now Auckland Film Studios) The advice that we have is that we are secure and the issues that Tony Tay is having with some of his wider investments have no impact on the film studio.”

 

9/8/10

FOP  “AFSL is not classed as a CCO within the meaning of the Local Government Act 2002 and, as such, is not required to report formally through to Council.”

“The AFSL provides a unique facility for the burgeoning film industry in Auckland and New Zealand and there is a high level of confidence for the ongoing success and growth of this facility.”

 

21/1/11  Gary Swift, CEO Auckland Council Investments Limited (ACIL)

“AFSL is trading at a small loss but the Board are hopeful that further TV or film productions will restore profitability. The Board are confident that costs can be contained.”

 

1/2/11  First Receivers Report for Tony Tay Film Limited.

“In May 2010 the Company borrowed funds from Rehoboth Entertainment (NZ) Limited (“RENZL”) which were required to be repaid by 1 January 2011 and secured by GSD. Those funds were not repaid by the due date, and accordingly a Notice of Default was issued on 1 January 2011. The event of a default enabled RENZL  to take enforcement action outlined in the GSD, one of which was the ability of RENZL to appoinmt a Receiver.”

 

13/2/11

Sunday Star Times  Gary Swift “I would describe our position as being a reluctant buyer. We would prefer someone who has got some empathy with the industry to come in as the other shareholder.”

 

15/2/11

Western Leader  Penny Hulse  “The way it is set up we don’t bear the risk. We are the property owner and landlord. If the company gets into trouble we still own the land and building. The ratepayers don’t need to be worried. There are no great losses at stake.”

 

1/3/11

Western Leader  Penny Hulse  “If we sold it now it would be less than the $6m we bought the site for.”

 

March 2011  Spatial Plan  p28 “There is a North Western Opportunity Area with the location of marine and film industries which can be an innovation area for Auckland.”

 

28/7/11  Confidential Report presented to Council, authorised by Roger Blakeley, Chief Planning Officer and Andrew McKenzie, Chief Finance Officer.

“The potential creation of a CCO from AFSL does not require public consultation.”

“Because of the confidential nature of the proposal, Local Boards were not consulted with.”

“ACIL is confident that the business can easily be made more profitable with potential changes to management governance, and its business model.”

“The investment will be funded through borrowings, and the average impact on rates is $50,000 per annum.”

 

3/8/11 NZ Herald  Gary Swift  “We have decided it’s a good investment and we will be 100 per cent owners, which is what it used to be when the Waitakere City Council started it in 2002.. The price is a significant discount to the value of the underlying asset.”

 

 

Film Studios Quotes

 

24/9/02      

Press Release, Bob Harvey    “We are aiming to make the local film industry not only bigger, but sustainably bigger: a place where the Spielbergs of this world want to come on a regular basis.”

 

28/5/05

NZ Herald, Bob Harvey  “We are on a terrific roll. This is one of the most gilt-edged investments that any council could have.”

 

10/11/08

FOP (Finance and Operational Performance Committee, Waitakere City Council) “The value of the Council’s original investment in the Henderson Film Studio was $6 million. The net worth of the company as at 31 March 2008 was $13,650,988.”

“Capital gains have been made in the Waitakere Central and Henderson Film Studio developments.”

“The current dividend from Prime West Ltd does not fully cover the cost of borrowing.”

 

11/5/09

FOP  “Prime West Management Ltd is not classed as a “council-controlled organisation” within the meaning of the Local Government Act 2002, and, as such, is not required to report formerly (sic) through to Council.”

 

7/9/09

FOP  “At the Annual General Meeting, it was reported that AFSL is in an extremely positive position and it delivered a financial return to Council for the 2008/2009 year.”

 

3/11/09

NZ Herald   Kieran Fitzsimmons, Manager Auckland Film Studios Limited

“In the midst of a recession there are two things that are anticyclonic, and they are alcohol and entertainment. So we’re doing very well.”

 

8/3/10

FOP   “AFSL is in a strong and stable position following the recent tidy up on management structure (short form amalgamation of Prime West Management Limited) and given the current land, buildings and annual tenancy returns.”

 

7/7/10

N Z Herald  Bob Harvey  “This will have no effect whatsoever on the film studio. The future of the studios is guaranteed. We are fully booked for the next three years. It’s (the studios) a winner for the region and New Zealand.”

 

8/7/10

Penny Hulse  “We receive a quarterly update at FOP which includes an update on Prime West. (now Auckland Film Studios) The advice that we have is that we are secure and the issues that Tony Tay is having with some of his wider investments have no impact on the film studio.”

 

9/8/10

FOP  “AFSL is not classed as a CCO within the meaning of the Local Government Act 2002 and, as such, is not required to report formally through to Council.”

“The AFSL provides a unique facility for the burgeoning film industry in Auckland and New Zealand and there is a high level of confidence for the ongoing success and growth of this facility.”

 

21/1/11  Gary Swift, CEO Auckland Council Investments Limited (ACIL)

“AFSL is trading at a small loss but the Board are hopeful that further TV or film productions will restore profitability. The Board are confident that costs can be contained.”

 

1/2/11  First Receivers Report for Tony Tay Film Limited.

“In May 2010 the Company borrowed funds from Rehoboth Entertainment (NZ) Limited (“RENZL”) which were required to be repaid by 1 January 2011 and secured by GSD. Those funds were not repaid by the due date, and accordingly a Notice of Default was issued on 1 January 2011. The event of a default enabled RENZL  to take enforcement action outlined in the GSD, one of which was the ability of RENZL to appoinmt a Receiver.”

 

13/2/11

Sunday Star Times  Gary Swift “I would describe our position as being a reluctant buyer. We would prefer someone who has got some empathy with the industry to come in as the other shareholder.”

 

15/2/11

Western Leader  Penny Hulse  “The way it is set up we don’t bear the risk. We are the property owner and landlord. If the company gets into trouble we still own the land and building. The ratepayers don’t need to be worried. There are no great losses at stake.”

 

1/3/11

Western Leader  Penny Hulse  “If we sold it now it would be less than the $6m we bought the site for.”

 

March 2011  Spatial Plan  p28 “There is a North Western Opportunity Area with the location of marine and film industries which can be an innovation area for Auckland.”

 

28/7/11  Confidential Report presented to Council, authorised by Roger Blakeley, Chief Planning Officer and Andrew McKenzie, Chief Finance Officer.

“The potential creation of a CCO from AFSL does not require public consultation.”

“Because of the confidential nature of the proposal, Local Boards were not consulted with.”

“ACIL is confident that the business can easily be made more profitable with potential changes to management governance, and its business model.”

“The investment will be funded through borrowings, and the average impact on rates is $50,000 per annum.”

 

3/8/11 NZ Herald  Gary Swift  “We have decided it’s a good investment and we will be 100 per cent owners, which is what it used to be when the Waitakere City Council started it in 2002.. The price is a significant discount to the value of the underlying asset.”

 

 

 

 

 

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1 Response to Film Studios Quotes

  1. Paul says:

    What a joke. We have gone from Bobby Harvey claiming “this is on of the most gilt-edged investments that a council could have” to Penelope Hulse stating “If we sold it now we would get less than the $6 million we bought the site for.”

    Furthermore,, this venture has been running at a loss over the years (and therefore being subsidised by us ratepayers).

    Councillors should stick to important decisions like what colour our rubbish bins should be and keep their ‘sticky beaks’ out of commercial ventures (which they have no expertise in).

    These people are not business people. They are career bureaucrats (if they succeed in getting themselves re-elected).

    Stick to what you know something about and don’t gamble with our ratepayers money in things you obviously don’t understand.

    It’s very easy to gamble when it’s with other peoples’ money – just as long as it’s not your own! If you want to gamble, do so with your own money (if you have the ‘guts’ to do so).

    Grrrrrrrrrrrrrrrrrr

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