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Under 25% voting rights enough for Canadian Fund

Gordon Copeland Press Release
For Immediate Release
Tuesday, 11th March 2008

Under 25% voting rights enough for Canadian Pension Fund

Independent MP Gordon Copeland, the Kiwi Party spokesman on business and finance, today expressed his delight that the Canadian Pension Fund have signalled their willingness to settle for a voting stake of less than 25% in the Auckland Airport.

“Last Wednesday I said that the important strategic objective was to ensure that control and majority ownership of the Auckland Airport remains in the hands of New Zealanders,” said Mr Copeland.

“At that stage I signalled my support for allowing a 20% sale to proceed, so that the many shareholders who have decided to sell their shares and take the attractive price on offer, would at least salvage something useful from the deal following the Government’s clear signal that they were not prepared to allow the 40% sale to proceed.”

“At that point in time I, of course, had no way of knowing whether or not a less than 25% stake in the company would be acceptable to the Canadian Pension Fund or whether the responsible Government ministers would be faced with the stark choice of either approving a 40% sell down or nothing at all.”

“I am therefore delighted that the Canadian Pension Fund have signalled their willingness to proceed on the basis of a voting stake below 25% and urge Ministers Cosgrove and Parker to give favourable consideration and approval to that approach.”

ENDS

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