Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Auckland Airport: High Court approval for return of capital

7 March 2014

Auckland Airport receives High Court approval for return of capital

The High Court has today granted final orders to Auckland Airport approving the return of approximately $454 million of capital to shareholders.

The return of capital is on a pro rata basis, by way of a scheme of arrangement under Part XV of the Companies Act 1993. The return of capital was approved at a Special Meeting on 12 February 2014 by 99.34% of shareholders voting.

Auckland Airport’s general manager corporate affairs, Charles Spillane, says, “the High Court’s final orders complete the approval process, and we can now reward our shareholders for the company’s consistently strong performance and, at the same time, improve our funding balance of equity and debt.”

“The capital return results in a more efficient balance sheet and helps the company deliver on its vision to be a great New Zealand business that is a world leader in creating value from modern airports. The capital return is also a component of the company’s strategy to be fast, efficient and effective.”

The record date for the capital return will be 5.00pm on 7 April 2014. One in every ten shares in Auckland Airport held by each shareholder at the record date will be cancelled. Shareholders will receive NZ$3.43 for each share cancelled. Fractions of a share will be rounded up to the nearest whole number. Shareholders with an address on the register in Australia will be paid in Australian dollars at the conversion rate applicable on the record date.

The final dates for the return of capital are as follows:

EventDate
Last date Auckland Airport shares trade with an entitlement to the return of capital: ASX31 March 2014
Last date Auckland Airport shares trade with an entitlement to the return of capital: NZX Main Board2 April 2014
First date Auckland Airport shares trade without an entitlement to the return of capital:
ASX ex date (trading on a deferred settlement basis commences on the ASX)
1 April 2014
First date Auckland Airport shares trade without an entitlement to the return of capital:
NZX ex date
3 April 2014
Record date7 April 2014
Payment date to shareholders14 April 2014
Auckland Airport shares resume trading on a normal settlement basis on the ASX15 April 2014

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Trade Agreements: TPP Minus US Starting To Gain Ground

The Japanese government is picking up the pace on reviving the Trans-Pacific Partnership trade and investment deal, with talks scheduled next month among the 11 countries left in the pact after the withdrawal by the US after the election of president Donald Trump. More>>

ALSO:

PACER:

Prices Up 2.2%: Annual Inflation Highest In Over Five Years

"Rising petrol prices along with the annual rise in cigarette and tobacco tax lifted inflation," prices senior manager Jason Attewell said. "Petrol prices in New Zealand are closely linked to global oil prices, and cigarettes and tobacco taxes rise in the March quarter each year". More>>

ALSO:

Undertaxed? NZ Income Tax Rate Second Lowest Among Developed Nations

New Zealand workers pay the second smallest portion of their income to the government among developed nations and less than half the average ratio of their Organisation for Economic Cooperation and Development peers. More>>

ALSO:

Cyclone Cook: Round Up Of This Week’s Weather

One of the significant impacts this week was flooding due to excessive rainfall amounts. Rainfall amounts topped out at 350mm over the past 60 hours in parts of northwest Nelson, with 200mm+ measurements recorded about Coromandel Peninsula, and between 150-200mm in the Kaimai Ranges. Rainfall amounts of between 30-50mm were commonplace elsewhere. More>>

ALSO:

Earlier: Batten Down The Hatches For Cyclone Cook

Although fast-moving, Cyclone Cook will be destructive and MetService Expert Meteorologists have issued Severe Wind Warnings for the whole of the North Island apart from Northland... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news