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:

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


© Scoop Media

Business Headlines | Sci-Tech Headlines


Land & Water Forum: Fourth Report On Water Management

The Land and Water Forum (LWF) today published its fourth report, outlining 60 new consensus recommendations for how New Zealand should improve its management of fresh water and calling on the Government to urgently adopt all of its recommendations from earlier reports. More>>



Welcome Home: Record High Migration Stokes 41-Year High Population Growth

New Zealand annual net migration hit a new high in October as more people arrived from than departed for Australia for the first time in more than 20 years. More>>


Citizens' Advice Bureau: Report Shows Desperate Housing Situation Throughout NZ

CAB's in-depth analysis of over 2000 client enquiries about emergency accommodation shows vulnerable families, pregnant women and children living in cars and garages, even after seeking assistance from the Ministry of Social Development and Housing New Zealand. More>>


Speaking For The Bees: Greens Call For Neonicotinoid Pesticide Ban

The National Government should ban the use of controversial pesticides called neonicotinoids after evidence has revealed that even at low doses they cause harm to bee populations, the Green Party said today. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news