Auckland Airport approves staff share scheme

Auckland Airport approves staff share scheme

Today, the Board of Directors of Auckland Airport has voted to approve an offer to employees to participate in a share purchase plan (“Plan”). The Plan was established by Auckland Airport in 1999 and this will be the fourth time employees will have been given the opportunity to participate in the Plan since its inception. The Plan is intended to encourage and incentivise employees by providing them with a stake in the company and a financial interest in its performance and success.

The Plan involves Auckland Airport making interest free loans to employees of up to $2,340 per employee to fund the acquisition of ordinary shares in the company (“Shares”), to be issued to the trustees of the Plan on behalf of participating employees. The loans will be repaid by employees in regular instalments over this three year term by way of a deduction from their salary or wages.

A maximum of 400,000 Shares will be issued at a price to be calculated at the time of issue which will be equivalent to the volume weighted average market selling price of the Shares (ignoring ostensibly abnormal transactions) on the NZSX over the 10 NZSX trading days ending at the close of trading on 10 October 2012, less a discount of 10% and otherwise on the terms and conditions of the Plan.

The new Shares will rank in full for all dividends declared by Auckland Airport after the date of issue and shall rank equally in all respects with the existing Shares.

The Board may cancel its decision to issue the Shares at any time before they are issued. If it does so, the Shares shall not be issued by the company.

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