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Watershed Proposal Analysis

The Life Passholder Representatives and Stakeholders Association have now taken time to assess the proposals being presented to the Watershed Meeting at 11am on the 20 June 2023. This analysis is based on the information in the Administrators Report. It is important to note that proposals may change in the period prior to the watershed as a result of negotiations between creditors.

Resolution Assessment

Our assessment (as at 17 June) is that the best interests of the life pass holders with an intention to support long-term continued operations of the skifield on Mt Ruapehu are:

  1. Vote Yes to execute the deed of company arrangement “DOCA” resolution.

  2. Vote No or Yes to the pre-pack liquidation resolution depending on your own assessment of the Whakapapa Holdings & Pure Tūroa proposals.

  3. Vote No to the returning the company to the existing directors.

The Voluntary Administrators commented (quite reasonably) on a number of questions about the DOCA proposal, in particular that the Crown have refused to support it and plan to veto it. As a result, a vote for the DOCA is largely symbolic and intended to record the ski communities frustration that the government loaned the company millions of dollars, used that money to seize control of the Voluntary Administration process and are now using taxpayer money to override and veto a community generated compromise.

Liquidation means liquidation whether on 20 June at Watershed or 21 June by Court Order (they have already filed to liquidate on 21 June). As such as vote for or against the pre-pack option is also largely symbolic as the government have the power to force the liquidation.

Proposal Assessment

In good faith, the Life Pass Representatives have attempted to put tactical voting aside and assess the merits of the proposals for the future of the skifields on Mt Rupaheu on their merits. Much like the Voluntary Administrators commented in their report, the Life Pass Representatives found that all pathways forwards are imperfect and that the wider stakeholders (Iwi, DOC, suppliers, customers, weather etc) may be subject to variables that cannot be controlled by the company.

The proposal analysis considers the current state of the proposals (they are subject to change before the watershed):

LPH Watershed Proposal Analysis 17 06 23
Download PDF • 178KB

A summary comparison of the proposals shows pros and cons to all proposals. We ultimately recommend that Life Pass Holders vote based on their own assessment of their willingness to abide by the proposals and the direction they represent for the future of the company.

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