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Yossarian
06-08-2007, 10:12 AM
another old thread vanished....

Getting flogged today. Sorely tempted!

BRICKS
06-08-2007, 01:19 PM
DONT worry new brooms sweep clean, AIA took a knock over the GOV saying NO way but someone is buying and don't forget MAp has $2.2 billion in CASH..

777
23-08-2007, 10:08 AM
This latest announcement shows a very arrogant attitude in my opinion.

Geographically it is Auckland Airport and no way is it New Zealand's airport.

Prize dick heads the lot at the top.


AIA
23/08/2007
GENERAL

REL: 0856 HRS Auckland International Airport Limited

GENERAL: AIA: Becoming New Zealand's Airport

In conjunction with its annual results released today, Auckland International
Airport Limited (AIAL) has announced further details of its new vision,
positioning and future strategy for the business.

Chairman, John Maasland, said "Over the last 12 months, the Board and senior
management of AIAL have given significant consideration to the vision and
strategy for the future of our company. This has involved substantial
analysis and consideration of a range of strategic initiatives. We have
undertaken in-depth surveys and conducted interviews with our customers and
other stakeholders.

The research has again highlighted the importance of Auckland Airport to the
New Zealand economy and tourism and transport infrastructure. Every year,
Auckland Airport welcomes nearly three-quarters of all international
passengers to New Zealand. As such, we are the premier gateway to this
country and the first and last experience of New Zealand for most
international passengers.

In addition, activity involving Auckland Airport contributes approximately
$19 billion to the New Zealand economy annually.

The clear and consistent conclusion is that AIAL is increasingly becoming New
Zealand's Airport. While we remain absolutely committed to the growth of the
Auckland region, we also have a significant opportunity and obligation to
contribute further to the growth of New Zealand tourism, our country's single
largest industry and export earner.

To align ourselves with this research, we have extended our vision beyond
Auckland towards a strongly New Zealand-based positioning. We have adopted a
new vision of representing our country, and new core values of being
outstanding, uniquely Kiwi and welcoming.

The new strategy reinforces AIAL's commitment to growing New Zealand tourism
and business, providing a unique and compelling New Zealand airport
experience, delivering outstanding customer service, operating in a safe,
secure, sustainable and efficient manner, enhancing our people capability and
performance and creating long-term value for our owners.

This journey began some time ago as can be seen in AIAL's 2006 annual report
entitled "Haere mai - Welcome to Our Airport" and the 2007 interim report
entitled "Haere mai - Welcome to New Zealand's Airport".

The new vision and positioning will be reflected in greater detail with new
branding on the cover of the company's 2007 annual report. This new branding
is designed to better reflect a distinctive New Zealand look and feel. Our
new branding will adopt the name "Auckland Airport" in place of "Auckland
International Airport Limited" or "AIAL". Further details of the new
strategy will also be set out in the 2007 annual report.

The commitment to this vision and strategy has been fundamental to the
Board's consideration of the various strategic and ownership initiatives
which have arisen this year. The Board and management are absolutely
committed to delivering an outstanding and uniquely New Zealand airport. The
Board has been careful to ensure that all parties expressing an interest in
owning AIAL shares this year fully understand, support and commit to this
fundamental objective.

"The company will continue to progress the comprehensive upgrading and
expansion of Auckland Airport, and, as an integral part of that, implement
the first phases of an exciting new future strongly aligned to our country's
travel industry and economic growth", Mr Maasland said.
End CA:00152497 For:AIA Type:GENERAL Time:2007-08-23:08:57:01

Deev8
23-08-2007, 02:04 PM
This latest announcement shows a very arrogant attitude in my opinion. Geographically it is Auckland Airport and no way is it New Zealand's airport.

Prize dick heads the lot at the top.It may hurt the feelings of those who are more distant from Auckland, but international arrival and departure numbers clearly show that Auckland Airport is New Zealand's principal international gateway.

Auckland Airport handles 6.5 million international passenger arrivals and departures. Christchurch lies in a distant second place with 1.5 million.

macduffy
23-08-2007, 03:44 PM
I'm not complaining about the way this company's been managed since listing.
Now if I was Air New Zealand!!!

minimoke
23-08-2007, 03:46 PM
Geographically it is Auckland Airport and no way is it New Zealand's airport.

Whether we like it or not Govt has a policy to make Auckland (and no other city) an internationally competitive city. So it seems reasonable that AIA would then become an airport consistent with this policy. The city isn’t big enough for two Airports – Sydney can do it so why can’t Auckland.

BRICKS
23-08-2007, 04:56 PM
THIS is a must have stock for many reasons just keep out the ARABS out and KIWI`s in control then fight among yourselves, Bugger it is AULKLAND AIRPORT so whats new and is as good as SYDNEY AIRPORT so get used of IT..

Zaphod
23-08-2007, 06:08 PM
It may hurt the feelings of those who are more distant from Auckland, but international arrival and departure numbers clearly show that Auckland Airport is New Zealand's principal international gateway.

Auckland Airport handles 6.5 million international passenger arrivals and departures. Christchurch lies in a distant second place with 1.5 million.

What's an "international city" again? It's just political rhetoric, used to catch votes.

I think Auckland will remain the primary gateway for NZ, however it is interesting to note the big ambitions of several regional international airports such as Hamilton, which is trying to attract direct cargo flights from China.

777
24-08-2007, 03:06 AM
Read the headline. Not Auckland Airport but....


GENERAL: AIA: Becoming New Zealand's Airport


This journey began some time ago as can be seen in AIAL's 2006 annual report
entitled "Haere mai - Welcome to Our Airport" and the 2007 interim report
entitled "Haere mai - Welcome to New Zealand's Airport".

So No Bricks I don't have to get used to IT.

BRICKS
24-08-2007, 09:16 AM
Read the headline. Not Auckland Airport but....


GENERAL: AIA: Becoming New Zealand's Airport


This journey began some time ago as can be seen in AIAL's 2006 annual report
entitled "Haere mai - Welcome to Our Airport" and the 2007 interim report
entitled "Haere mai - Welcome to New Zealand's Airport".

So No Bricks I don't have to get used to IT.

DEAR 777 While your still talking about names, While the ARABS are around the back door stealing it from you one day you mite wake up to find it called ARAB AIRPORT..

Viking
28-08-2007, 05:57 PM
mmm they probably name it "Emirates Airport New Zealand"

Nevertheless, guess no one would dare to touch it now :)
With the staunch support from the stack holder and common shareholders alike~
we are going to grow our value along with this asset :D

Ttops
31-08-2007, 09:11 AM
Looks like DAE want out of the deal Shares dropped at 292.
AIA
31/08/2007
MERGER

REL: 0857 HRS Auckland International Airport Limited

MERGER: AIA: Notice from DAE under Merger Implementation Agreement

Auckland International Airport Limited (Auckland Airport) advises that last
night it received a notice from Dubai Aerospace Enterprise (DAE) Limited
(DAE) under the Merger Implementation Agreement (MIA) dated 22 July 2007
between the parties.

The notice claims that the recent legal proceedings filed by Air New Zealand
seeking judicial review of Auckland Airport's recent aeronautical pricing
process constitute a "Prescribed Occurrence" under the MIA.

In accordance with clause 2.3(a) of the MIA, the good faith consultation
period of five business days required under that clause will now commence.
If the parties are unable to reach agreement by the end of the consultation
period, either party may terminate the MIA.

Auckland Airport disputes the existence of a "Prescribed Occurrence" and does
not consider that DAE has grounds to issue such a notice.

DAE has also claimed that AIAL is in material breach of its obligations under
clause 9.1(a) of the MIA by not using its best endeavours to ensure a
successful outcome to the proposal. AIAL also disputes this claim.

Auckland Airport will keep the market fully informed as soon as further
details are available.

Placebo
31-08-2007, 10:05 AM
Pretty outrageous response from the Dubaians if that is indeed what they claim. Anyone can seek judicial review of anything -- it is completely outside Auckland Airport's control!!

Ttops
31-08-2007, 10:48 AM
Perhaps DAE realise this is a dead duck and want to move on. It certainly sounds like they won't sweeten the deal. They are sending a message thats for sure.

BRICKS
31-08-2007, 11:08 AM
THE ARAB deal was always a dickie one they had other ideas beside the air port and have now been caught out, there are 8 others in with mention this could flush them out and remember AIA is the best piece of real estate in NEW ZEALAND..

Placebo
03-09-2007, 12:10 PM
...enter stage right.

Here come the Canadyans. :D. Mounties to the rescue, driving out the evil towel-heads ;)

http://tvnz.co.nz/view/page/411749/1332608

Question is; do we like these Johnny Foreigners any better than the last ones?

jonny5
03-09-2007, 01:10 PM
maybe. They bought Yellow Pages. You see that they've just done? directory prices are jumping between 50-100% across the table.

BRICKS
03-09-2007, 01:24 PM
LOTS of talk with ARABS on the left and now CANADIANS on the right with them telling everybody how big they are the only thing not happening is talk about Hard Cold Cash..

Dr_Who
03-09-2007, 02:37 PM
How much are those mountaineer moose lovers paying for AIA?

mibo
03-09-2007, 02:43 PM
How much are those mountaineer moose lovers paying for AIA?

I don't think any price has been announced yet.

See http://afp.google.com/article/ALeqM5iRNSXjQAH68CEHw8oRNCF0SRZutw

Dr_Who
03-09-2007, 02:47 PM
You think I should buy some AIA today at these levels?

Zaphod
03-09-2007, 04:41 PM
Will wait and see what the deal is before making a decision. There's far too many people using pure emotion to guide their investment strategies.

macduffy
03-09-2007, 05:17 PM
Still no details, but Mayor Curtis quoted as saying the bid deserves serious consideration, or words to that effect. Does he know something we don't?

Disc. Long time AIA holder.

ratkin
03-09-2007, 05:22 PM
Has to be a buy imo , for the longterm , with possible short term upside thrown in for free.

The fact so many are after this asset shows what a long term goldmine it is

Placebo
04-09-2007, 09:41 AM
Agree with you on that one, Ratty.

And this:


Will wait and see what the deal is before making a decision. There's far too many people using pure emotion to guide their investment strategies.

Has to be the best quote I have read on Sharetrader for some time :)

777
06-09-2007, 08:07 AM
AIA
06/09/2007
MERGER

REL: 0840 HRS Auckland International Airport Limited

MERGER: AIA: Termination of the Merger Implementation Agreement with DAE

Auckland International Airport Limited (AIAL) and Dubai Aerospace Enterprise
(DAE) Ltd (DAE) announced today that AIAL and DAE have completed the
consultation process required under the Merger Implementation Agreement
(MIA). AIAL and DAE have determined that, in light of the circumstances,
they have no alternative but to terminate the MIA on a mutually acceptable
basis, including that each party bears its own costs.

In light of recent developments, DAE regrets that, notwithstanding the best
efforts of the board of AIAL, the transaction could not proceed in the form
proposed.

Kjeld Binger, Chief Executive Officer of DAE Airports, said: "DAE regrets
that the opportunity to do business with AIAL did not eventuate on this
occasion and wishes John Maasland and his team at AIAL well."

Each of AIAL and DAE advise that they will be making no further comment in
relation to these issues.

ends
End CA:00153360 For:AIA Type:MERGER Time:2007-09-06:08:40:31

BRICKS
06-09-2007, 09:07 AM
NOW that the ARABS have left,, All you boys out at the gold mine AIA back to work [hard]for the Real owners the 70% small shareholders that really control the COMPANY..

macduffy
06-09-2007, 09:57 AM
NOW that the ARABS have left,, All you boys out at the gold mine AIA back to work [hard]for the Real owners the 70% small shareholders that really control the COMPANY..

My sentiments exactly, Bricks.
With all the hoohaa of the last few weeks one would think that this company had only 2 shareholders! - or maybe 3 with Infratil thrown in.
I know its a different matter to get the other 52,000 odd or whatever is the number, to exercise their power, but here's hoping.

Mike.Gayner
19-09-2007, 09:28 AM
Does someone know something I dont? $0.36 surge this morning at opening.

Dr_Who
19-09-2007, 09:32 AM
*DJ Canada Pension Plan To Make Takeover Bid For Auckland Airport

Toddy
19-09-2007, 09:34 AM
Nothing as yet according to AIA. Interesting trading has been going on with IFT also. I wonder if they are related.

AIA
19/09/2007
GENERAL

REL: 1005 HRS Auckland International Airport Limited

GENERAL: AIA: Announcement by CPP Investment Board

Auckland International Airport Limited ("Auckland Airport") is aware that CPP
Investment Board ("CPPIB") has made an announcement in respect of its
intentions in relation to Auckland Airport. A copy of the announcement
follows.

No proposal has been received by Auckland Airport from CPPIB. Auckland
Airport will continue to keep shareholders fully informed of developments on
a regular basis.

Should a proposal be received from CPPIB, the directors of Auckland Airport
will consider the proposal and obtain expert advice on its merits before
being in a position to make a recommendation to shareholders. This could
take some time.

ends

For further information, please contact:

Lucy Powell
Head of Communications
Ph: +64 21 995 710

CPP Investment Board's Intentions in Relation to Auckland International
Airport Limited

AUCKLAND, NZ (September 19, 2007) In response to continued speculation and
market activity, the CPP Investment Board today confirmed that it intends to
submit a proposal under which it would acquire a significant minority stake
in Auckland International Airport Limited (AIAL).

Following on from the statement made on September 3, the CPP Investment Board
confirms that it has formulated a framework for an amalgamation that it will
discuss with AIAL at a meeting scheduled for September 20.

The framework for amalgamation formulated by the CPP Investment Board would
provide shareholders with the choice of three options, one of which will be
an all cash option of $3.70 per share. The other two options, which will
provide a value of up to $3.90 per share, would involve a combination of cash
and the issue of new securities that provide enhanced returns
whilst preserving the investment grade rating of AIAL. Each of these three
options could be subject to some scaling, depending on shareholder take-up of
the various options.

The CPP Investment Board also advises that it has received committed
financing in respect of its proposal.

CPP Investment Board

The CPP Investment Board invests the funds not needed by the Canada Pension
Plan to pay current benefits on behalf of 16 million Canadian contributors
and beneficiaries. As at June 30, 2007, the CPP Fund was C$120.5 billion
(NZ$162.5 billion). In order to build a diversified portfolio of CPP assets,
the CPP Investment Board is investing in publicly-traded stocks, private
equities, real estate, inflation-linked bonds, infrastructure and fixed
income.

The CPP Investment Board is accountable to the Canadian Parliament and the
federal and provincial finance ministers.

Based in Toronto, the CPP Investment Board is governed and managed
independently of the Canada Pension Plan and at arm's length from
governments.

Dr_Who
19-09-2007, 10:07 AM
Hard to see council selling their holdings.

Toddy
19-09-2007, 10:34 AM
Canada Pension Plan proposes three options to buy AIAL shares

--------------------------------------------------------------------------------


By NZPA
Wednesday 19th September 2007

The Canada Pension Plan Investment Board says it has come up with three options for acquiring a significant minority stake in Auckland International Airport Ltd.

They include an all cash option of $3.70 per share, the CPP board said today.

The other two options, which would provide a value of up to $3.90 per share, would involve a combination of cash and the issue of new securities that provided enhanced returns while preserving the investment grade rating of AIAL.

The CPP Investment Board today said it was confirming that it intended to submit a proposal under which it would acquire a significant minority stake in AIAL.

Following a statement this month, it confirmed it had formulated a framework for an amalgamation that it would discuss with AIAL at a meeting scheduled for tomorrow, CPPIB said.

It said it also advised that it had received committed financing in respect of its proposal.

Each of its three options for buying shares could be subject to some scaling, depending on shareholder take-up of the various options, CPPIB said.

AIAL shares were up 31c to $3.35 about 10.30am today.
AIAL today said it had not received a proposal from CPPIB.

"Should a proposal be received from CPPIB, the directors of Auckland Airport will consider the proposal and obtain expert advice on its merits before being in a position to make a recommendation to shareholders. This could take some time," AIAL said.

When it announced its intentions early this month, CPPIB made it clear that it did not need control, that council shareholders would not be diluted and the airport company could stay listed.

It had a point of difference to the then faltering, and now scuppered, bid from Dubai Aerospace Enterprise (DAE), which in July offered to buy between 51% and 60% of AIAL in a complex $2.6 billion offer.

When CPPIB made its intentions known, DAE was already looking for a way out of its bid, which had aroused widespread concern about overseas control of a key piece of infrastructure.

A few days after the Canadians first went public DAE and AIAL announced that in light of the circumstances, they had no alternative but to pull their agreed "merger".

The termination was on a mutually acceptable basis, including that each party bears its own costs.

DAE's deal had needed the backing of 75% of shareholders and was to have been voted on in November after the local body elections.

Key shareholders, Manukau City Council with 10.5% and Auckland City Council with 12.75%, had said they would hold their stakes.

BRICKS
21-09-2007, 08:46 AM
IF they had any balls they would be making a stand in the market and pick up 19.9% then they would be the biggest HOLDER..

Placebo
21-09-2007, 12:32 PM
The interesting thing about this offer will be whether Canadian part-owners are any more politically palatable than Arab part-owners. Will be an interesting commentary on our societal cultural values...

In saying that it is structured somewhat differently than the DAE offering. They are looking for a much smaller holding than DAE, and wouldn't need the councils to sell. Mums and dads will be the targets.

This claim of "new securities that provide enhanced returns" is an intriguing one. How do we know the returns will be "enhanced"? this was an empty claim in the DAE offer and one the market was very skeptical of.

They are also presenting it as an "amalgamation", but to me, an amalgamation suggests two entities being combined in some way, and there is only one entity in play here, AIA. What will it be amalgamating with? I wonder why CPPIB would want to "amalgamate" with AIA, rather than just take a stake through (as Bricks says) a stand in the market.

Further details please!

Again, it will be tempting to take the money should the price go past 3:50 and punt on hoovering it back up again once the dust settles and the price goes back down...

Toddy
10-10-2007, 02:55 PM
This has to be a big positive for the future direction and ownership of a New Zealand asset. Any comments from shareholders.

Auckland Airport nominations signal board battle
A battle for board seats at Auckland International Airport is looming after the company announced this morning it has received three director nominations.
Auckland Airport has received notices of director nominations for Richard Didsbury from Auckland City Council, John Brabazon from Manukau City Council and Lloyd Morrison from Infratil Limited.
Existing board members include chairman John Massland, Tony Frankham, Mike Smith, Keith Turner and Joan Withers.
Shareholders will vote at Auckland Airport's annual meeting on 20 November.


And from IFT.

INFRATIL DIRECTOR NOMINATION FOR AUCKLAND INTERNATIONAL AIRPORT LIMITED

Infratil advises it has nominated Lloyd Morrison for election as a director
of Auckland International Airport at the Company's annual meeting to be held
on 20 November 2007.

For further comment:

Lloyd Morrison
04 4732399

David Newman
021 450991

FAQ / BACKGROUND INFORMATION

1. Why does Infratil want board representation?

Infratil has around $93 million invested in Auckland International Airport
("AIA"). Lloyd Morrison has considerable experience with the direction of
infrastructure companies, especially airports. Infratil is of the view that
this experience will add value to AIA Board deliberations. Infratil also has
concerns about the process AIA has undertaken in respect of potential
ownership changes. It has been distracting for management and has lacked
transparency.

Lloyd Morrison's other relevant directorships include Infratil, Wellington
Airport, Infratil Airports Europe, Infratil Energy Australia and TrustPower.
Due mainly to this latter role, an exemption to the Electricity Industry
Reform Act 1998 is being sought from the Commerce Commission.

2. Could Infratil work with Auckland and Manukau City Councils?

Infratil has extensive experience working and partnering with local
government to develop constructive win/win outcomes. Wellington Airport and
Whenuapai Airport are good examples of constructive partnerships with
councils. Public transport is of course intrinsically a partnership of local
government and private operators.

3. Could there be conflicts of interest between Infratil's existing
investments in airports and Lloyd Morrison's directorship of AIA or
consequences for users?

Wellington Airport and Auckland Airport compete in the sense that both strive
to be the most efficient and effective airports in Australasia and this will
continue unabated. However, as regards services or prices the two airports
operate in different markets.

Some people have seen Infratil's support for civil use of Whenuapai Airport
as not being in the best interest of AIA. Infratil is strongly of the view
that a successful civil operation at Whenuapai will be complementary to AIA
in respect of both economics and connectivity. It can be noted that Auckland
City Council has previously endorsed civil use of Whenuapai as being "good
for Auckland", notwithstanding their holding in AIA. In any case Infratil
will have only one board representative on AIA and civilian use of Whenuapai
is a long-term project.

At present, regrettably, Air New Zealand is engaged in legal actions with
both Wellington and Auckland Airports over their respective charges and the
existence of a common director will not make any difference to those
processes.

4. What is Infratil's position on another party taking a major
shareholding in AIA?

Any proposal, whether from one of the parties now identified as interested in
a shareholding in AIA or someone new, will be treated on its merits.
Infratil's own position on foreign ownership of New Zealand assets is clear.
It is better for New Zealanders to own New Zealand assets unless the foreign
shareholder is bringing either capital which is otherwise not available or
expertise/added value.

Placebo
26-10-2007, 12:27 PM
From Stuff: The All Blacks' loss is NZ's gain -- English and South African fans are big travellers so should augur well for visitors in 2011...

Millions poured into airport for World Cup

A $180 million upgrade of Auckland's international airport is to be fast-tracked to coincide with the 2011 Rugby World Cup.

The much awaited upgrade includes a bigger terminal, more shops, faster arrivals procedures and a new access pier that showcases New Zealand and has stunning views of Manukau Harbour.

Auckland Airport chief executive Don Huse said the planned expansion had been brought forward by 18 months so it would be completed in in time for the 2011 Rugby World Cup.

Peak queue times would be greatly reduced, while border protection services would offer a more welcoming experience in a more spacious environment on a newly developed first floor.

"We want it to be an experience that is outstanding, uniquely Kiwi and welcoming," he said.

Departing and arriving travellers using the new "Pier B" would have stunning views across Manukau Harbour while passing through areas showcasing iconic New Zealand images, art and design, as well as native flora, fauna, landscape and textures.

A wider range of food and beverage, foreign exchange and specialty retail outlets as well as areas with a distinctive New Zealand flavour would be available in the new enlarged arrivals lounge, while outside there would be improved terminal forecourt roads, traffic management and car parking facilities.

Lifts, sloping travelators and escalators would allow passengers and their meeters and greeters to easily move between the ground floor and the new first floor development, Mr Huse said.

The location of the new extension - to the north of the current terminal - was an integral part of the international terminal's 20-year master plan.

http://www.stuff.co.nz/4251509a10.html

Placebo
26-10-2007, 12:30 PM
...and here's the bit that I was wondering about... how do they plan to pay for it: Answer, by charging the airlines more (and ultimately the passengers):

From NZSE notice (press release)

Stage 3B is expected to cost approximately $180 million primarily spread over
three years. It covers core terminal development and provides new roading,
expanded car parking and creates extensive opportunities for much enhanced
retail and commercial services. A 4-5 star hotel is also planned for the
international terminal precinct.

The bulk of this cost, approximately $120 million, is expected to be incurred
in the FY10 and FY11 years.

Auckland Airport continues to consult with its airline customers to determine
an appropriate recovery for the aeronautical costs associated with this
investment. Auckland Airport considered it crucial that finalising the
pricing consultation process does not prevent completion of the project prior
to the Rugby World Cup 2011.

BRICKS
27-10-2007, 11:25 AM
Who cares who pays for it its got to be done and talking about it wont help wait till 2011 when millions start to turn up and bugger me the airport WORKS..

ALSO Wellington & Christchurch should be doing the same THING..

Orangeman2
29-10-2007, 10:59 AM
Does anyone know what Infratil is doing with the money that they raised from their rights issue? A possible takeover bid for AIA?

macduffy
29-10-2007, 11:19 AM
Does anyone know what Infratil is doing with the money that they raised from their rights issue? A possible takeover bid for AIA?

They might manage it with a strong partner (eg NZ Super Fund?) but AIA's market cap of $3.7b odd would be a bit of a stretch for a company of Infratil's size ( around $700m odd).

Toddy
29-10-2007, 12:42 PM
They might manage it with a strong partner (eg NZ Super Fund?) but AIA's market cap of $3.7b odd would be a bit of a stretch for a company of Infratil's size ( around $700m odd).

I thought that IFT did make an offer for AIA earlier this year. But it was not enough for them to get the green light for AIA to open their books, nor enough to make an on market announcement.

The official line for the IFT rights issue was to reduce debt levels. But we all know that is code for collecting cash for possible takeover targets.

BRICKS
29-10-2007, 02:59 PM
These companies who talk a lot have not got the money to make real moves other wise they would / should own 19.9% and then be the biggest holder then throw there weight around mean while back at the airport don't hold your BREATH..

ratkin
31-10-2007, 12:34 PM
whats happening , any ideas?

brettdale
31-10-2007, 12:35 PM
Share Trading Halt in AIA, pending a company announcement later today.

Is this bad or good?

brettdale
31-10-2007, 12:40 PM
BREAKING NEWS: Auckland International Airport's shares were placed on at trading halt at around 11.40 am.

The trading halt is believed to be because of an imminent announcement by the airport's board on the Canada Pension Plan Investment Board's planned proposal to take a sizeable minority stake in Auckland Airport.

The airport's board is understood to have been meeting about the CPPIB proposal this morning.

In mid September the CPPIB said its planned proposal would offer shareholders three options one of which would be an all cash option worth $3.70 a share.

However since then Auckland Airports shares have been trading well below that, closing at $3.08 before the trading halt.

minimoke
31-10-2007, 02:13 PM
Down to $2.90 af this announcement:
The directors of Auckland International Airport Limited (Auckland Airport) today announced that discussions with Canada Pension Plan Investment Board (CPPIB) in relation to a proposal for CPPIB to acquire a significant interest in Auckland Airport have ceased.

macduffy
31-10-2007, 02:21 PM
Can't say I'm sorry. Never saw what the Canadians were going to add to AIA, either as an airport or as an investment.

Disc: Hold AIA

ratkin
31-10-2007, 03:22 PM
Yep, it for the best, im sure there will be better offers sooner or later

Toddy
31-10-2007, 04:17 PM
Yeah, its an interesting reaction re the SP. IFT/NZ Superfund and others will carry on accumulating regardless.

AIA is a great asset.

Viking
31-10-2007, 04:53 PM
Personally I think its a good news that AIA not going through with CCP~
After all these time, felt the DAE offer is actually better, commercially speaking~ they bring much more than the CCP to AIA as a business entity.

But from all these saga, I am quite concerned on how the politician of this government affected what is fundamentally a commercial decision~
past example on AIR how the PM's careless comment on TV affects the SP, and how the minister's comment affected the DAE's proposal to AIA. to me that is quite a worrying sign~

BRICKS
31-10-2007, 05:37 PM
THE both so called takeovers where DUDS for AIA. DUDS is to soft a word for there weak attempts trying to get the best asset NZ has left on the NZX , Good riddance to trash they even wanted the company to pay there interest bills, bugger me.. don't come back unless your got money in your pockets don't worry some one will turn up not next week but soon they are AIA a better BUY than EVER..

Zaphod
31-10-2007, 06:20 PM
I share your concerns Viking. That's the typical behaviour of a left leaning Government - control everything.

Bit of a correction today. Am hoping for a continuation of the panic selling action ;)

ratkin
31-10-2007, 08:15 PM
Dont think there was any panic, just the short term traders realising their reason for buying in no longer existed.

Good place to park patient money imo. Top quality asset

troyvdh
05-11-2007, 02:23 PM
I havent followed AIA for ages.Was there a general agreement as to what was the fair valuation for AIA ?.I suppose thats somewhat clouded if the prospect of major holders never selling what ever the price...

Phaedrus....it looks as if the up trend remains in place does it not ?

Thanks.
I have started buying..mainly because there would appear to be very lttle down side potential.

Toddy
06-11-2007, 10:18 AM
There has been an on market disclosure this morning from 'New Zealand Superannuation Fund Nominees Limited' stating that they are a NEW holder in AIA of 5.027%.

Last Friday Morrison & Co disclosed a holding of 6.25% split between IFT & 'New Zealand Superannuation Fund'.

So, they are NOT a NEW holder at all, as discribed below. I get confused when we have on market NZX disclosures doubling up.
This should mean that Morrison and Co no longer have to disclose the NZ Super Fund holding going forward, just Infratils.

I hope that the partys below have not been trying to outbid each other on behalf of the NZ Super Fund.

Description :
The purchase of Ordinary shares by Her Majesty the Queen in Right of New Zealand acting by and through her Minister of Finance through on market trading by the Guardians of New Zealand Superannuation (through its nominee) as administrator and manager of the New Zealand Superannuation Fund. The Ordinary shares are held under investment mandates with Barclays Global Investors, AMP Capital Investors, Brook Asset Management, Smartshares and Morrison & Co

Phaedrus
06-11-2007, 11:28 AM
....it looks as if the up trend remains in place does it not? ....I have started buying...

AIA's longterm uptrend is still intact, but it is in a clear "medium-term" downtrend.

The chart below shows an assortment of fairly conservative indicators. You can see that all of these triggered Sell signals a few months ago and that none are currently anywhere near indicating a Buy. Because these indicators are quite conservative, they will be a bit slow getting you (back) into AIA. Shorter term, more active, less reliable indicators have signalled buys though, and the OBV appears to have bottomed out and perhaps be rising, so your recent buying activity could possibly work out quite well for you.

http://h1.ripway.com/Phaedrus/AIA116.gif

Toddy
07-11-2007, 08:59 AM
Trading Halt

Placebo
07-11-2007, 09:11 AM
Canadians are upping their offer. But will it be good enough?

The Great Gold Guru
07-11-2007, 10:00 AM
The can sure have my 12,000 for $3.65 that I bought a few days ago at $2.89 ... don't you just love it when a plan comes together !!

Yossarian
07-11-2007, 10:56 AM
how can they bid for 40% only - do they need shareholder approval for that as it's in the 20-50% "no fly" zone?

Placebo
07-11-2007, 11:07 AM
Bizarrely, it values AIA at less than their initial offer. This sounds like the way I buy a car:

Me: What's the asking price?
Dealer: 20 grand
Me: Hmmm, I'll give you 18-five
Dealer: Okay... we can probably do 19
Me: Sorry that was my best offer. Now I'm offering 18.

:D

They want this thing put to shareholders. Here's the question: If the last offer was a sh*t sandwich, what makes them think this reduced offer will be any more attractive to directors??

Is it 1 April?

Toddy
07-11-2007, 11:45 AM
Bizarrely, it values AIA at less than their initial offer. This sounds like the way I buy a car:

Me: What's the asking price?
Dealer: 20 grand
Me: Hmmm, I'll give you 18-five
Dealer: Okay... we can probably do 19
Me: Sorry that was my best offer. Now I'm offering 18.

:D

They want this thing put to shareholders. Here's the question: If the last offer was a sh*t sandwich, what makes them think this reduced offer will be any more attractive to directors??

Is it 1 April?

Placebo, did you get the car?

The Great Gold Guru
07-11-2007, 12:11 PM
I think the market is being overly skeptical here. 315 is a massive discount to the potential offer price. The Canadians must be laughing out loud while still hoovering up all the shares at these prices. Am I right in thinking they can just keep buying all the way up to 19.99% without having to make a formal offer ?? They obviously aren't walking away, they must love the long term prospects for AIA , can't quite understand why people are bailing on millions of shares at these prices ....

ratkin
07-11-2007, 12:32 PM
It was rather bizarre that the price fell back so much last week. Foreigners were queuing up to buy in the 3.50 plus range yet kiwi investors didnt want to pay more than 2.80. Typical of our market.

rymndchn
07-11-2007, 01:45 PM
I don't think the Canadians can buy any shares on market anymore. My understanding was that because they have already done due diligence on the company they are now in possession of inside information which means they are only allowed to buy through a takeover offer.

KJ
07-11-2007, 02:06 PM
Yes Rymndchn-They cannot buy after doing due diligence. Perhaps the current price reflects the lack of confidence punters have in the deal happening at all.I think Morrison will block it some how.

Toddy
07-11-2007, 03:13 PM
It will be interesting to see who has picked up the 21m shares traded so far today.

I heard Winnie the Pooh on the news rabbiting on about how New Zealanders should not sell.

I guess that he has put his money where his mouth is and has bought up large.

Bobco
07-11-2007, 08:31 PM
See they want a staggering 74% increase in directors fees on top of the 18% they got last year. Should be pegged to revenue growth or some other measure of how they are running the company, and I do mean "running it", not putting it up for sale.

Placebo
08-11-2007, 09:27 AM
It will be interesting to see who has picked up the 21m shares traded so far today.

I heard Winnie the Pooh on the news rabbiting on about how New Zealanders should not sell.

I guess that he has put his money where his mouth is and has bought up large.

Did he now? I remember Auntie Helen getting herself in trouble when she told people not to sell when Air NZ got itself in strife over Ansett..., but guess that was different given the govt was a major holder...

The politicians should keep their snouts out of business

Placebo
08-11-2007, 09:30 AM
Placebo, did you get the car?

Eventually. Ultimately it got down to what they wanted to offer me for my old car as a trade. Negotiation lasted a couple of weeks, which included me walking away more than once...

When the guy delivered the car he told my wife he thought I was a "tough negotiator" :D. All I did was stand firm! Why pay more than you want to?

winner69
08-11-2007, 09:41 AM
When the guy delivered the car he told my wife he thought I was a "tough negotiator" :D.


..... in the mind of a car salesman everybody is a tough negotiator - I'd be pissed if he made a compliment like that to my wife .... meant I had could have taken more of him ... bugger

brettdale
08-11-2007, 12:46 PM
So does the offer of $3.65 a share, can that be taken up now by shareholders? Could I go online and place a sell order with a limit of $3.65.

Or do I have to wait till November 20th and the board's general meeting to approval it??

How does it work??

COLIN
08-11-2007, 09:07 PM
So does the offer of $3.65 a share, can that be taken up now by shareholders? Could I go online and place a sell order with a limit of $3.65.

Or do I have to wait till November 20th and the board's general meeting to approval it??

How does it work??

As no-one has come to your aid yet, I will try and help you:

1.You can't take up an offer until you actually receive it (7/10 days I think they said).
2. You can certainly "go on-line and place a sell order at $3-65" but you won't get any takers - just look at where the market is, reflecting the fact that it is only a partial offer and, remember, they have to get to 40% otherwise its "no go". The market doesn't seem to put much chance on success, and it looks as though the councils, etc., aren't interested in selling.
3. This is an offer direct to shareholders, unlike the earlier offer. The board can't stop you selling your shares to whomsoever you wish, but the directors will issue a recommendation as to whether shareholders should accept or reject.

ratkin
10-11-2007, 04:41 PM
Is this a public listed company or not?

Im sick of all the political interference on this one.

Heke
10-11-2007, 06:22 PM
Actually, it's a bureaucracy. Always has been and always will be. Thinking about dropping my holding when the Canadians make the offer and buy them back when the SP falls again.

Dr_Who
11-11-2007, 09:32 AM
Abit like all companies in NZ in a monopoly situation, the government department will have their say. Just have to look at TEL and VCT to know the writing is on the wall. I am a frustrated holder of VCT.

Toddy
16-11-2007, 05:19 PM
15m shares traded today. Morrison and Co put out a disclosure notice mid afternoon. One may assume that they have accumulated more shares before closing.

Morrison has to be upto something. There has to be a bigger picture to all of this. Maybe they will come up with something along the same lines as the Canadians, except with a number of NZ/Aussie Funds involved. Or, a NZ Airport Company that owns Wellington, Auckland, Glasgow Prestwick, Kent etc with a vision to own more.

When Morrison was quoated in the Herald as saying that AIA was too large of a transaction to buy, he was referring to IFT alone.



Watch this space. I think next week will be interesting as they now have to act quickly before the acceptances start rolling in for the Canadian offer.

Any other thoughts out there?

brettdale
16-11-2007, 05:51 PM
So us small time shareholders are now allowed to sell our shares of AIA, at $3.65???

ratkin
16-11-2007, 09:03 PM
Agree , there is going to be much activity in the following few weeks , suprised the share price hasnt risen a little , there going be more cards on the table soon

BRICKS
17-11-2007, 11:51 AM
BRICKS says NO,, to many ifs and buts and lacks CASH if a real buyer comes along for this company he will need CASH.. and only CASH..

BRICKS
21-11-2007, 07:44 AM
BRICKS says NO,, to many ifs and buts and lacks CASH if a real buyer comes along for this company he will need CASH.. and only CASH..

WELL lots of comments yesterday and not one comment from members..

Viking
21-11-2007, 09:49 AM
I think these Canadian is prepared to loss some money~ I am tempted to sell mine to them at $3.655 then~ wait a while to get some more back cheaply~ hehe

Is that a wishful thinking? :rolleyes:

Toddy
21-11-2007, 09:50 AM
WELL lots of comments yesterday and not one comment from members..

Bricks

Morrison will sort this circus out. AIA has a price, and whatever happenings going forward you can guarantee one thing. AIA will not be sold for anything other than its full value.

Yossarian
21-11-2007, 10:56 AM
I think these Canadian is prepared to loss some money~ I am tempted to sell mine to them at $3.655 then~ wait a while to get some more back cheaply~ hehe

Is that a wishful thinking? :rolleyes:

you've lost me - you can't sell to them unless they make an offer and it is successful, and even then you'll only be able to sell 40% of your stake (or maybe a bit more if there is a shortfall)

Deev8
21-11-2007, 02:05 PM
I think these Canadian is prepared to loss some money~ I am tempted to sell mine to them at $3.655 then~ wait a while to get some more back cheaply~ hehe Is that a wishful thinking? :rolleyes:Well if you do accept the offer, and it's successful, the company that you will be able to buy into later will have changed its character in one significant respect - it will have been loaded up with debt.

BRICKS
21-11-2007, 04:58 PM
I think these Canadian is prepared to loss some money~ I am tempted to sell mine to them at $3.655 then~ wait a while to get some more back cheaply~ hehe

Is that a wishful thinking? :rolleyes:

ANOTHER KIWI day dreamer and wakes up at NIGHT..

Viking
21-11-2007, 05:20 PM
:D I am really day dreaming~
I guess all these blood on the ASX floor has got to my head~ :P
But wouldn't that thought be what's happening in the market place~

During the last couple of offers we had, everyone trying to pick up some AIA but the kiwi market~ as soon as the offer suspended, the SP went straight down~ another words, the market is really saying: "The company worth whole lot more if you (foreigners) want to buy, but if you ask me, I won't put up the money for that price". Now that really beats me~ :confused:

ratkin
21-11-2007, 06:25 PM
Exactly , the kiwis dont want to sell it , but they dont want to buy it either.
Very annoying the way they keep rubbishing the offers , fact is though do we really want the price dropping back to 2.50?

Zaphod
21-11-2007, 06:55 PM
Bricks

Morrison will sort this circus out. AIA has a price, and whatever happenings going forward you can guarantee one thing. AIA will not be sold for anything other than its full value.

Despite the exemption the CC has provided to him, I still have my concerns about Morrison and his impartiality given the 66% holding IFT has in Wellington Airport.

Over the years he has made some scathing comments about AIA and its monopolistic position. I really hope he remains both professional and impartial on the board of AIA, and makes decisions that are best for AIA shareholders.

DISC: IFT & AIA holder.

Toddy
06-12-2007, 09:24 AM
Any news out there in the market about how the offer is progressing. The SP has dropped off in recent days.

Deev8
06-12-2007, 10:48 AM
Any news out there in the market about how the offer is progressing.No offer documents have been sent to shareholders yet, so it's not progressing much.

Placebo
06-12-2007, 11:12 AM
Has been interesting to see how Sky City has run its "takeover" process compared to AIA.

AIA has basically sat back and waited while 2 suitors came along, shareholders weren't really told anything until the details were publicised (in the media), by which time it emerged the Board had considerable detail.

SKC set a deadline for potential takeoverers (??) to put in bids. Okay, the deadline passed without any bids, but I think that was a better and more transparent way of going about things.

macduffy
06-12-2007, 11:50 AM
Can't agree with that, Placebo.
Sky City directors have given up on the company and encouraged a low ball bid by putting SKC on the market.
If they can't see a future they should stand aside for some who can.

Placebo
06-12-2007, 12:38 PM
Well if you don't agree with me

YOU'RE WRONG!!!!! WRONG! WRONG! WRONG!!!!!!!

Toddy
06-12-2007, 01:07 PM
Has been interesting to see how Sky City has run its "takeover" process compared to AIA.

AIA has basically sat back and waited while 2 suitors came along, shareholders weren't really told anything until the details were publicised (in the media), by which time it emerged the Board had considerable detail.

SKC set a deadline for potential takeoverers (??) to put in bids. Okay, the deadline passed without any bids, but I think that was a better and more transparent way of going about things.

Placebo

Whenever you sell your house which of the following methods would give you the best price and at what stage do you tell the bank manager that the deal is done.

a. Advertise and wait for the real estate agent to put an offer in front of you to consider.
b. Set a price and wait for an offer.
c. Put up for tender with a set date.
d. Auction.
e. Wait for someone to walk off the street out of the blue offer you a premium because you have the best asset in the street.
f. Only sell to New Zealand residents.
g. You have given up on your house so put a sign out the front saying 'trustees say must sell' or 'moving on, genuine seller'.
h. House swap.
i. Tell the wife that a 'compelling' offer is on the way as soon as finances have been sorted.
etc

Viking
07-12-2007, 09:32 AM
By NZPA
Thursday 6th December 2007

The Canada Pension Plan Investment Board (CPPIB) is changing its proposed bid for Auckland International Airport, increasing the number of shares offered.

The Canadian offer of stapled securities, to be launched tomorrow, would consist of an ordinary share valued at 70.55c each and a convertible note valued at $2.75 each.

As a result, the convertible note component of the offer would reduce by 18% to $3.4 billion, and shares would increase more than six times to $862 million.

All other terms of the proposed amalgamation would remain unchanged.

"Directors recommend that Auckland Airport shareholders await the takeover offer being made and full details of the company's assessment of the offer, including the board's recommendation and the independent adviser's report, before taking further action," Auckland Airport directors said.

Last month, having already once been spurned by the airport's directors, CPPIB submitted a fresh and hostile proposal for up to 40% of the airport company.

Shares in Auckland Airport were steady at $2.79.

KS
07-12-2007, 10:55 AM
Has the offer been reduced from $3.6555 to $3.4555?

16/11/2007 TAKEOVER
Auckland International Airport Limited (Auckland Airport) has today received
a takeover notice from NZ Airport NC Limited (NZ Airport), a related company
of Canada Pension Plan Investment Board (CPPIB). The takeover notice was
expected following the announcement by CPPIB on 7 November.

A copy of the takeover notice is attached. NZ Airport intends to make a
partial takeover offer for 39.53% of the total issued ordinary shares of
Auckland Airport at an offer price of $3.6555 per share.


06/12/2007 TAKEOVER
Auckland International Airport Limited (Auckland Airport) has been requested
by Canada Pension Plan Investment Board (CPPIB) to make the following
announcement in connection with the proposed amalgamation referred to in its
Notice of Intention to make a Partial Takeover Offer dated 16 November 2007:

"CPPIB has decided to make a change to the indicative terms of the stapled
securities that would be issued under its proposed amalgamation structure to
modify the weighting of the convertible note and ordinary share components of
the stapled securities.

It is now CPPIB's intention that each stapled security would consist of:

- an ordinary share issued with a face value of $0.7055;
- a convertible note issued with a face value of $2.75.

waikare
07-12-2007, 11:56 AM
Can't agree with that, Placebo.
Sky City directors have given up on the company and encouraged a low ball bid by putting SKC on the market.
If they can't see a future they should stand aside for some who can.


I'am with you on this Macduffy, an odd lot these directors of SKC, while in the process of selecting a new CEO they are asking, "any one want to buy this" last chance before Christmas. What's this telling him / her whoever gets the job.

Placebo
07-12-2007, 01:19 PM
Come on Toddy, be reasonable. My house is so amazing I have had to hire security to beat off the bidders with a stick.

You also forgot the Trade Me option. I think Tana Umaga's handbag would get more offers, though.

Dr_Who
07-12-2007, 01:49 PM
SKC smells of RBD!! The board has made a mess of it. :confused::mad:

Placebo
07-12-2007, 02:06 PM
Meanwhile, back at the airport....

Focus, people, focus!!

This latest offering obviously hasn't excited the market. Previous offers have seen the shares shoot up to near the offered price. Now we're seeing a very tentative 2c blip...

With the changes on the Board, the feeling I get is the Canadians (or anybody else) could offer them the keys to Vancouver and gold-plated limos for life and they still wouldn't go for a takeover offer with an electric barge pole.

But I could be wrong... ;)

Yossarian
07-12-2007, 02:08 PM
trademe - now there's an interesting option for a big company sale... question is, would you put a "buy now" on or let the auction run its course??

Zaphod
07-12-2007, 05:32 PM
We have an ideological hurdle to overcome before any sale could commence. Even if it was in AIA's best interests, I can't see it happening.

brettdale
07-12-2007, 05:52 PM
Has the offer been reduced from $3.6555 to $3.4555?

16/11/2007 TAKEOVER
Auckland International Airport Limited (Auckland Airport) has today received
a takeover notice from NZ Airport NC Limited (NZ Airport), a related company
of Canada Pension Plan Investment Board (CPPIB). The takeover notice was
expected following the announcement by CPPIB on 7 November.

A copy of the takeover notice is attached. NZ Airport intends to make a
partial takeover offer for 39.53% of the total issued ordinary shares of
Auckland Airport at an offer price of $3.6555 per share.


06/12/2007 TAKEOVER
Auckland International Airport Limited (Auckland Airport) has been requested
by Canada Pension Plan Investment Board (CPPIB) to make the following
announcement in connection with the proposed amalgamation referred to in its
Notice of Intention to make a Partial Takeover Offer dated 16 November 2007:

"CPPIB has decided to make a change to the indicative terms of the stapled
securities that would be issued under its proposed amalgamation structure to
modify the weighting of the convertible note and ordinary share components of
the stapled securities.

It is now CPPIB's intention that each stapled security would consist of:

- an ordinary share issued with a face value of $0.7055;
- a convertible note issued with a face value of $2.75.


Okay, this newbie cannot get their head around this?

What does it mean that...

- an ordinary share issued with a face value of $0.7055;
- a convertible note issued with a face value of $2.75

If an offer goes through, what can I sell my shares for????

BRICKS
11-12-2007, 01:57 PM
EVEN though not taking the CAN offer, BRICKS is sitting on the sideline waiting to double his holdings @ $2.73 or lower but each time the price arrives some big fellow jumps in and up the price so bottom seems to be around the $2.73 MARK..

beacon
11-12-2007, 02:40 PM
Hope you got filled today Bricks

Placebo
14-12-2007, 10:16 AM
Here we go:

AUCKLAND, NZ (14 December 2007): The Canada Pension Plan Investment Board (CPPIB) partial takeover offer is now open, with offer documents being mailed to shareholders today.

The offer, through CPPIB’s wholly-owned subsidiary NZ Airport NC Limited, would take CPPIB’s holding to 40% of Auckland International Airport Limited (AIAL), if successful.

Shareholders are being offered $3.6555 per share, which represents a premium of 31% or $0.8555 over the share price at market close yesterday and a premium of 50% above the volume weighted average trading price over the one month period up to and including 4 May 2007, the day just prior to takeover speculation. The offer is at the very high end of comparable international airport valuations.

The offer will remain open until 13 March 2008.

“We strongly believe it is an attractive and fair offer, and encourage shareholders to accept and approve the offer,” CPPIB’s Senior Vice President - Private Investments, Mark Wiseman, said.

“In the event that some shareholders decide not to accept the offer, they are still encouraged to approve the offer. We believe that all remaining shareholders will benefit significantly from an amalgamation and from the value CPPIB can bring to AIAL.”

The offer re-confirms CPPIB’s consistent stance on seeking only a minority stake in AIAL.

Moreover, CPPIB has entered into a deed restricting its voting rights on resolutions to elect and remove directors of AIAL to just 30% of the votes that may be cast on those resolutions in order to comply with certain regulations governing its investments. This means that with a 40% holding in AIAL, CPPIB will only be able to vote 25.7% of the total number of shares in AIAL on resolutions to elect and remove directors. This restriction can only be varied or discharged in accordance with the terms of the deed.

The offer will deliver significant value to AIAL shareholders while preserving substantial levels of New Zealand ownership of the airport.

Following the successful completion of the offer and further to its plan to optimise AIAL’s capital structure, CPPIB intends to re-engage with the AIAL Board to have its proposed amalgamation presented to AIAL shareholders.

CPPIB was disappointed that shareholders were not provided with the opportunity to consider and vote on the detailed amalgamation proposal CPPIB presented to the AIAL Board on 20 September 2007.

Mr Wiseman said “We believe our amalgamation proposal was in the interests of AIAL stakeholders and, had it been accepted, would have resulted in the substantial recognition of value for all AIAL shareholders.

“We are a long-term, patient investor with the ability to bring extensive resources to enhance the performance of the airport business and assist the management team in achieving the goals of the airport’s Master Plan. We are confident AIAL shareholders will recognise the value we bring to the table.

“CPPIB’s management team has direct prior experience in investments in several Australian airports and we intend to bring our experience and industry knowledge to support the growth and development of AIAL. This includes leveraging our network of contacts established through $700 million of investments in aeronautical companies.

“We have also identified long-term opportunities to improve AIAL’s performance in route development, property development, retail and car parking. We will work to develop the already exceptional New Zealand-based AIAL management team and we support the dedication of additional resources to augment and bolster the local team. We will also seek to work with AIAL to explore other international airport opportunities together.”

CPPIB confirms a change to the indicative terms of the proposed amalgamation as initially outlined on 16 November 2007, which modifies the weighting of the convertible note and ordinary share components of the stapled securities. These changes were announced by AIAL on 6 December 2007. Stapled securities issued under the proposed amalgamation would now include a convertible note with a face value of $2.75 (previously $3.35), an ordinary share with a face value of $0.7055 (previously $0.1055) and $0.20 cash (unchanged).

Mr Wiseman said “Having spoken to major shareholders and listened to market feedback, as we have done throughout this process, we have refined the indicative terms of the proposed amalgamation structure to enhance its attractiveness to shareholders.”

NZ Airport NC Limited also announced today, by notification to NZX, that it will pay broker handling fees in connection with its partial takeover offer for AIAL.

This announcement does not constitute an offer to any person, including any AIAL shareholder, to subscribe for any securities that would be issued in the proposed amalgamation. CPPIB is not seeking any money in respect of the proposed issue of stapled securities and no applications for securities would be received and no stapled securities would be issued to any AIAL shareholder under the proposed amalgamation unless the AIAL shareholder has received an investment statement in relation to the stapled securities. - ends -

brettdale
14-12-2007, 10:23 AM
Okay, so us shareholders have to wait for the letter from the Canadians?

Or can we put a sell order through our broker online for $3.65?

Yossarian
14-12-2007, 12:14 PM
brettdale, maybe you should do some reading on basics of takeovers!

You can only sell at:
-what the market offers you
-what a bidder offers you

So you can sell at the price today ($2.82 as I write) or the Canadian's offer, when and if it actually arrives - the latter may be more like a barter if given no actual money is involved (ie a 'swap' of new shares or convertible notes for your AIA shares)!

That said, you can't sell ALL of your shares to the Canadians as they don't want to buy them all.

cheers

Bilo
14-12-2007, 01:17 PM
But why would anyone want to sell one million before the offer is out?
At 2.83!!!
What form of currency is the convertible note - how liquid will it be?

Yossarian
14-12-2007, 02:26 PM
'cos they don't have a lot of faith in it actually happening and/or they put a different value on the consideration offered by the Canadians.

The last one fell over remember.

Bilo
14-12-2007, 02:57 PM
I see the note that shareholder approval is required for the partial takeover without having to go for the full takeover. This shouldn't require a lot of thought for the two major shareholders - they only have to abstain and the remainder will surely approve? What percentage does this vote require?

Not political problem as long as the councils don't sell - as they shouldn't. Perhaps they might like to increase their stake or push for a cash bid on behalf of the minor shareholders.....

bermuda
14-12-2007, 03:39 PM
This offer is obviously a sham.

Bilo
14-12-2007, 05:31 PM
This offer is obviously a sham.
Now why do you think that B?

Is it because it smells a bit like the Powerco one a couple of years ago when the New Plymouth Council threw in the towell and sold their silver to plundering Australians and the small shareholders lost out on a nice little growth oriented share market listing (got stuffed)?

Or are you like me in that cash is easier to understand?

BRICKS
15-12-2007, 09:25 AM
NEVER forget it CASH is always KING..

Deev8
15-12-2007, 03:29 PM
Well the offer documents arrived in the mail this morning - It will take a while to read all the material though.

moimoi
15-12-2007, 03:30 PM
i see in todays paper the board intends mailing out 100 pages of material to shareholders.

Seems a shame that one can't just log onto computershare and tick a box for "ain't interested in receiving". !! Rather save a few tree's meself.

20 cents cash plus summit that has a whiff of SIV / CDO about it.

thanks, but no thanks.

Zaphod
15-12-2007, 04:15 PM
I notice in the IFT update that the NZX have relaxed their rules regarding posting hard-copies of annual/interim reports. Personally, I'm quite happy download PDF copies.

Will be interested in reading the documents, however I cannot see this takeover proceeding given the current ideological bent against foreign ownership of key NZ assets - even if sometimes it is based purely on emotion.

bermuda
15-12-2007, 06:43 PM
Now why do you think that B?

Is it because it smells a bit like the Powerco one a couple of years ago when the New Plymouth Council threw in the towell and sold their silver to plundering Australians and the small shareholders lost out on a nice little growth oriented share market listing (got stuffed)?

Or are you like me in that cash is easier to understand?

Hi Bilo,
Cash is a lot easier to understand. 20 cents is pathetic.

tycoon_1
16-12-2007, 04:23 PM
Got my offer letter / documents yesterday. Just need to clarify something, people may be able to help. If I accept the offer, do I get paid 7 days after they receive the acceptance letter or do they wait until the deadline in March?

COLIN
16-12-2007, 04:42 PM
Got my offer letter / documents yesterday. Just need to clarify something, people may be able to help. If I accept the offer, do I get paid 7 days after they receive the acceptance letter or do they wait until the deadline in March?

You've got a long, long wait, I'm afraid! (The title of tonight's Sunday theatre comes to mind - "Neverland".) Its not as simple as that. "Conditional" means just that. The chances of the offer succeeding seem pretty remote.

777
17-12-2007, 07:16 AM
I am just going to send them back as soon as I get them saying thanks but NO!

macduffy
17-12-2007, 07:38 AM
It may pay not to take any hasty action. There is nothing to be gained by doing so and there just might be further developments before the deadline in March.

777
17-12-2007, 07:52 AM
It may pay not to take any hasty action. There is nothing to be gained by doing so and there just might be further developments before the deadline in March.


Yes there is. It tells them to bugger off.

BRICKS
17-12-2007, 07:57 AM
Got my offer letter / documents yesterday. Just need to clarify something, people may be able to help. If I accept the offer, do I get paid 7 days after they receive the acceptance letter or do they wait until the deadline in March?

WOULD be very nice to be young ,stupid and silly again like this BLOKE,,..

Bilo
17-12-2007, 08:59 AM
A predictable response but it is also clear that it is not all over yet.

"Mr Frankham said that following the failure of this takeover offer, the board will commence a process seeking to identify a cornerstone investor with the attributes to deliver value for all Auckland Airport shareholders."

Now that shouldn't be too hard to find .... and a price range between $3.07 and $3.48 not that I have ever agreed with those guys' valuations...

Dr_Who
17-12-2007, 10:10 AM
Well the offer documents arrived in the mail this morning - It will take a while to read all the material though.

WTF? You actually read the documents? As Brick and others say... Money talks and Bullshiat walks!!

Placebo
17-12-2007, 10:58 AM
There's lots of tricky between-the-lines nuances in the statements coming out of the company.

CPPIB are stumping up money for 40% of the airport but the airport directors don't want JUST money - they want someone with "expertise". Is this a hint to the Dubaians to have another go?

Grant Samuel says the company is worth $3.07 - $3.40 per share, but the chairman says that underestimates the value - what does he know that his independent advisor doesn't?

The CPPIB bid looks dead in the water - but the directors still want a suitor. Where to from here, and what is the endgame?

brettdale
17-12-2007, 11:51 AM
Has any other shareholder, not received the letter from the Canadians yet??

I understand this was posted out to all shareholders on friday?

Who do I ring, if it hasnt arrive by Tuesday?

macduffy
17-12-2007, 12:17 PM
Havn't received mine but what's the hurry?

Bilo
17-12-2007, 02:19 PM
There seem to be a lot of shares (people?) who agree that the Grant Samuel valuations are a waste of time...judging by the 3million shares changing hands at ~3.75....

Only my usual complaint is that they under value everything - far to conservative, always value the past and undervalue the probable future....

Probably cheap shares for someone with a deep pocket and prepared to wait - maybe the new major shareholder.

Who is the buyer?????
Who is selling????

COLIN
17-12-2007, 10:35 PM
There seem to be a lot of shares (people?) who agree that the Grant Samuel valuations are a waste of time...judging by the 3million shares changing hands at ~3.75....



Who is the buyer?????
Who is selling????

You mean 2.75 of course.

dsurf
18-12-2007, 07:22 AM
I would much rather see a passive Canadian pension fund holdiing 25% voting rights and a tax efficient structure and I get $3.65 equivalent - (it would be cash equivalent because they can be sold on market if you do not want them) for 75% of my holding (city councils, Infratil & stupid parochial retail investors will not sell meaning I can sell far more than 40%)

versus

Dubai takeover with effective voting control of 40% - who have "expertise" - no they have not been involved in airports very much

also - I thought AIA had an "excellent" management team - why does it need strengthening?

The truth is the board does not want to give up control - It is wrong that they dismiss the independant valuation - It is wrong that they get ABN to say AIA may go bankrupt (complete cr*p) - It is wrong that they deny shareholders the chance to hear of an offer that may increase the value of THE SHAREHOLDERS SHARES

Who owns AIA - the board??????

Placebo
18-12-2007, 08:23 AM
If they're trading at 3.75... I WANT SOME OF DAT!!

Zaphod
20-12-2007, 09:01 AM
http://www.stuff.co.nz/4330060a13.html

"In what is believed to be a New Zealand first, Auckland International Airport will pay a commission to brokers whose clients vote not to approve the Canada Pension Plan Investment Board's partial takeover offer."

Deev8
20-12-2007, 10:04 AM
"In what is believed to be a New Zealand first, Auckland International Airport will pay a commission to brokers whose clients vote not to approve the Canada Pension Plan Investment Board's partial takeover offer."And from the same article:
The payment, which could amount to $12 million, is "the most immoral takeover defence I have ever witnessed", said Shareholders Association chairman Bruce Sheppard.

I have to say that I agree with Bruce Sheppard. I will almost certainly vote not to approve the partial takeover offer, but using shareholders' funds in this way is outrageous.

dsurf
20-12-2007, 11:12 AM
And from the same article:
The payment, which could amount to $12 million, is "the most immoral takeover defence I have ever witnessed", said Shareholders Association chairman Bruce Sheppard.

I have to say that I agree with Bruce Sheppard. I will almost certainly vote not to approve the partial takeover offer, but using shareholders' funds in this way is outrageous.

Deev8 - Why will you vote not to approve? I would love to sell a % of my holding at $3.65

Placebo
20-12-2007, 11:48 AM
Have to say I missed that one. That is truly shocking. AIA directors, hang your heads in shame.

minimoke
20-12-2007, 12:01 PM
What an appalling lack of judgement we have displayed by this Board. Parliament has just sat to pass legislation aimed at preventing the wealthy from buying votes through corrupt information practices and here we have a corporation, significantly owned by Local Government buying votes one day later!

Dr_Who
20-12-2007, 12:30 PM
I cant believe what I am reading. Very Sad! I may buy some AIA shares just so that I can accept the Canadian offer. They should name all the brokers that are taking fees and advice their clients not to accept the offer.

Toddy
20-12-2007, 12:47 PM
There is nothing like a good old back hander.

Emm, since IFT is a shareholder in AIA, and I'm a shareholder in IFT, could I therefore expect to buy a parcel of shares in IFT free of brokerage. (if I swear not to sell them to any foreigner that is).

Whats the AIA shareholder toll free hotline number so that I can ask my question.


Disclosure: I was not involved in Energycorp

ratkin
20-12-2007, 01:16 PM
I have accepted the offer and would hope everybody makes the effort to do the same. The current people running it are a joke , they should of gone with dubai and this could of all been avoided

foodee
20-12-2007, 01:49 PM
Please somebody tell me this is not true!

Fate maybe on the side of the Canadians.

disc: not a holder

Dr_Who
20-12-2007, 02:20 PM
If I buy the shares now, do they automatically send me the application form to accept the T/O offer?

winner69
20-12-2007, 02:29 PM
If I buy the shares now, do they automatically send me the application form to accept the T/O offer?

I think you had to be a shareholder on the record date of Dec 7th to be made the offer

Don't know if the 'rights' to the offer go with the shares if they are subsequently sold

Anybody else know

macduffy
20-12-2007, 03:01 PM
There is a clause in the doc which says in effect that if you have sold your shares, please send all docs to the broker thru whom you made the sale requesting that they be forwarded to the new shareholder. But may pay to check with your own broker.

COLIN
20-12-2007, 10:03 PM
http://www.stuff.co.nz/4330060a13.html

"In what is believed to be a New Zealand first, Auckland International Airport will pay a commission to brokers whose clients vote not to approve the Canada Pension Plan Investment Board's partial takeover offer."

The Board must not be allowed to get away with this - taking $12million of OUR (shareholders) money and giving it to brokers who advise their clients to reject the takeover offer. I never thought I would live to see such blatantly offensive action by the Board of one of our major listed companies. It smells to high heaven. Its equivalent in its effect to a "poison pill" provision such as we sometimes read about in overseas company takeover situations - tactics such as Rupert Murdoch would apply.

beacon
21-12-2007, 07:24 AM
Preposterous. Whose side is the Board really on? Doesn't seem to be on the shareholder's side. Playing cheap to protect their patch, while they make empty promises and harp on about patriotism. Shameful indeed...

Placebo
21-12-2007, 08:47 AM
I summarily binned my offer documents - given the Board recommended its decline and the likely response by the sheeple, the Canadian offer looked a dead duck. But will it rebound on these sorts of headlines?

What's worse.... I didn't even get any advice from my brokers! So if they have been offered the AIA "incentive", it has gone straight in their pockets. Nice.

Geez we have seen some cocked-up takeover sagas in this country in the past few years. e.g.

WAM - when is a takeover not a takeover? When it's a "merger"!
CEN - We're Aussies. No, we're Kiwis! No, we're Aussies! No, we're a bit of both!
WHS - are you a superdupermarket or just a market?
SKC - WILL SOMEBODY PLEASE BUY US!!! A: No.

Tanger
21-12-2007, 08:50 AM
And now this mornings announcement that there is another interested party undertaking due diligence. Very timely to take some of the heat away from brokeragegate!!

Dr_Who
21-12-2007, 08:57 AM
It reminds me of finance companies that pay so call "investment advisors" (with little to no knowledge of investing) high fees to recommend their clients to invest in the finance company's junk/trash bonds.

macduffy
21-12-2007, 09:10 AM
Placebo

If you've binned your documents nobody's going to get any incentive payment on your shareholding. That would require a broker's stamp on the Approval/Objection document.

I agree though, this is yet another shabby saga in our commercial history.

ratkin
21-12-2007, 09:50 AM
Therefore we will begin a new process early in 2008 to seek a partner who
better meets the criteria established by the board. However, the directors
consider that the outcome of this process will not be known until well after
the CPPIB takeover offer closes on 13 March" he said.

Pathetic attempt to try and persuade people not to sell to the Canadians. Wouldnt suprise me in the slightest if there is no other bidder at all.
Amusing how the shareprice always responds to these things though. So much for an efficient market.

Really its a disgrace , the Auckland board will of made uo many peoples minds now to vote FOR the canadians

Toddy
21-12-2007, 09:55 AM
Common NZX. This is not market disclosure material. Confidentiality deed........... what the hell does that mean.

AIA and NZX are playing games. To me this is an example of breaking the new securities law 'Manipulation' clause.


REL: 0927 HRS Auckland International Airport Limited

TAKEOVER: AIA: Airport signs confidentiality deed with interested party

Auckland Airport signs confidentiality deed
with another interested party

The directors of Auckland International Airport Limited (Auckland Airport)
have signed a confidentiality deed with an international party which has
expressed interest in the company.

Chairman of Auckland Airport, Tony Frankham, said the party had initially
expressed an interest when the board asked its financial advisors to seek any
other takeover offers in November.

Following the signing of the confidentiality deed, this party has been
provided access to preliminary due diligence.

"This party is the one referred to in our Target Company Statement sent to
shareholders. We are releasing this notice today to confirm the position to
the market.

Auckland Airport will keep the market informed of any significant
developments with this party or any other party should they come forward" he
said.

Mr Frankham said that Auckland Airport has also received formal clearance
from CPPIB to seek other proposals while the partial takeover offer is open
to shareholders.

"A provision within the CPPIB takeover offer prevented this, however, CPPIB
has advised that it will not apply this provision to any process we undertake
to identify alternative proposals which need not necessarily be takeover
offers.

Therefore we will begin a new process early in 2008 to seek a partner who
better meets the criteria established by the board. However, the directors
consider that the outcome of this process will not be known until well after
the CPPIB takeover offer closes on 13 March" he said.

Earlier this week directors recommended that Auckland Airport shareholders
reject the partial takeover offer being made by CPPIB for the 39.53% of the
Auckland Airport shares not already held by CPPIB at $3.65 per share and hold
their shares.

Placebo
21-12-2007, 10:04 AM
Toddy I have no problem with this. IMO it is better to give the market too much info than too little. What would the reaction be if it was discovered some months down the track that there was another suitor on the scene...?

Dr_Who
21-12-2007, 10:04 AM
LOL... What is a confidentiality deed??? If it is so confidential, why have they released it to the media? Sounds like alot of BS!

Toddy
21-12-2007, 10:12 AM
Toddy I have no problem with this. IMO it is better to give the market too much info than too little. What would the reaction be if it was discovered some months down the track that there was another suitor on the scene...?

Placebo

Therefore the NZX should charge AIA for a material non disclosure when IFT made a confidential approach earlier in the year for AIA.

???

minimoke
21-12-2007, 10:25 AM
Following the signing of the confidentiality deed, this party has been
provided access to preliminary due diligence.

"This party is the one referred to in our Target Company Statement sent to
shareholders. We are releasing this notice today to confirm the position to
the market.

.
If its confidential why would you refer to the TCS

Toddy
21-12-2007, 10:33 AM
I cannot keep up with all of this secret squirrel stuff.

Can an AIA shareholder 'secretly' post a coded message of who the party is.

I assume its Macqurie Bank.

Wink if I'm on the right track.

minimoke
21-12-2007, 10:54 AM
It probably refers to the "Credible Party" mentioned in 16.1 of the TCS which is on the internet at http://www.auckland-airport.co.nz/PDF/Auckland_Airport_TCS.pdf
(http://www.auckland-airport.co.nz/PDF/Auckland_Airport_TCS.pdf)

Deev8
21-12-2007, 03:14 PM
LOL... What is a confidentiality deed??? If it is so confidential, why have they released it to the media? Sounds like alot of BS!Signing a confidentiality agreement is relatively normal practice under circumstances such as this. Like any company Auckland Airport won't give just anyone access to "their books" to perform due dilligence. Having established that another company could put a serious deal on the table, Auckland Airport may give them access on the condition that they sign an agreement to treat all information that they receive as confidential.

Informing the market that they have signed a confidentiality agreement with someone else is an example of good disclosure.

Auckland Airport agreeing not to name the third party at this relatively early stage isn't that unusual either.

troyvdh
21-12-2007, 03:46 PM
g
cddfdsfsd

ratkin
21-12-2007, 04:42 PM
Informing the market that they have signed a confidentiality agreement with someone else is an example of good disclosure.

Auckland Airport agreeing not to name the third party at this relatively early stage isn't that unusual either.

But what is to prevent them just making it up to put shareholders off accepting the canadian offer?

macduffy
21-12-2007, 05:11 PM
Now, that would be a very risky tactic!

I can't see an entire board agreeing to put their reputations on the line in that way.

Balance
21-12-2007, 06:23 PM
Make no mistake - the Canadians will get their 40% of AIA.

Offshore investors according to Goldman Sach owns around 35% of AIA. There's big volume going through at under $3.00 so why would they not accept $3.65. Plus they will not get too badly scaled back as the Board has been foolishly asking other shareholders not to accept. I will be accepting for my shares and hope others will hear the utterances of the board and not accept.

Lawso
10-01-2008, 08:56 AM
With markets everywhere on the slide, and a firm offer on the table of 365 for AIA, why should I not sell up everything else and put the entire proceeds into AIA at the current price of around 270? OK, so I might get scaled back but I'll make a big profit on what CPP buys and I can either hold on to what I'm left with or sell out of AIA and build a new portfolio at what will probably be lower prices come April.

BRICKS
10-01-2008, 09:27 AM
With markets everywhere on the slide, and a firm offer on the table of 365 for AIA, why should I not sell up everything else and put the entire proceeds into AIA at the current price of around 270? OK, so I might get scaled back but I'll make a big profit on what CPP buys and I can either hold on to what I'm left with or sell out of AIA and build a new portfolio at what will probably be lower prices come April.

GO on and DO IT..

Tanger
10-01-2008, 10:18 AM
Assuming they get 1) the requisite approval to acquire the 40% shareholding and then 2) they get the 40%. A lot of hurdles to get over before you can bank your profits Lawso.

KS
10-01-2008, 10:57 AM
The $3.655 offer is made up of:
$0.20 cash;
$0.7055 new share in NZ Airport HCP Limited;
$2.75 convertible note.

Any dividends paid by AIAL will reduce the cash consideration by an equivalent amount.
Convertible notes have a coupon rate of 7.0%. Coupons are deferrable at the directors' discretion. Investors have no rights of redemption and no rights to force conversion.
What value will the market put on the convertible notes and the new shares?

macduffy
10-01-2008, 11:10 AM
The $3.655 offer is made up of:
$0.20 cash;
$0.7055 new share in NZ Airport HCP Limited;
$2.75 convertible note.

Any dividends paid by AIAL will reduce the cash consideration by an equivalent amount.
Convertible notes have a coupon rate of 7.0%. Coupons are deferrable at the directors' discretion. Investors have no rights of redemption and no rights to force conversion.
What value will the market put on the convertible notes and the new shares?

I think you are confusing the partial offer for 39.53% of the shares not controlled by CPP and the ( yet to confirmed ) "amalgamation plan".

Page 12 of the offer states "2.1 The consideration offered ....... is $3.6555 cash."

The indicative terms of the Proposed Amalgation on page 35 are:

20c cash
Ord share issued at $0.7055
Convertible note face value $2-75.

The biggest risk of buying now is that the offer may not proceed but at current s/p it could be argued that AIA offers good value anyway.

KS
10-01-2008, 11:53 AM
Macduffy, thank you for your clarification.
The indicative terms of the proposed amalgamation are not attractive.
How likely is it that the amalgamation will go through? It is conditional on support of AIAL Board (including new directors?), 75% or more of Shareholders' votes, favourable ruling from Inland Revenue.

Lawso
10-01-2008, 03:00 PM
Thanks, guys, for a helpful discussion. KS had me worried there for a while, because, with the holidays 'n all, I hadn't yet got round to reading the offer documents thoroughly. But if it is in fact a CASH offer the premise in my previous post still holds good. With the current sp, AIA looks like money for old rope, as they (used to) say.

macduffy
10-01-2008, 03:46 PM
Thanks, guys, for a helpful discussion. KS had me worried there for a while, because, with the holidays 'n all, I hadn't yet got round to reading the offer documents thoroughly. But if it is in fact a CASH offer the premise in my previous post still holds good. With the current sp, AIA looks like money for old rope, as they (used to) say.


That's as I read it, Lawso. The approval of the cash offer requires that "AIA shareholders who approve the ...offer hold more voting rights than are held by AIA shareholders who object ..."(to the offer). As far as I can tell, the offer is not conditional on approval of the amalgamation.

The vote on amalgamation comes later, requires 75% approval.

Would appreciate any comments/clarification.

dsurf
11-01-2008, 08:09 AM
That's as I read it, Lawso. The approval of the cash offer requires that "AIA shareholders who approve the ...offer hold more voting rights than are held by AIA shareholders who object ..."(to the offer). As far as I can tell, the offer is not conditional on approval of the amalgamation.

The vote on amalgamation comes later, requires 75% approval.

Would appreciate any comments/clarification.

It is very simple

The canadians want a stake

They have billions not millions

They will circumvent the board

Parts one & two are independant of each other

Part one: buy up to 40% ( which can / will change at the end of the current (2nd so far)offer

The councils (circa 20%) do not want to accept because they are more concerned about politics (thier jobs / gravy train ) than everything else by a large margin - they do not need the money because they can charge rates at whatever level they want. This means that only 80% of the shares are availble to take up the offer,

Less: the stake held by INF / the super fund - INF want to control AIA one day as well but it will be a decade or so before they are big enough so they do not want anyone else beating them to it. The "super fund" want returns & are political puppets so bury thier stake of 7%??? when it comes to accepting. So 73% available to take up the offer for 40%.

Less: the muppet retail % who listen to a board who ignore the "independant report" that suggests that the offer should be accepted (since the shares will not be worth $3.65 in today's money probably ever) at say 25% of the 50% = 12.5%

So 73% - 12.5% = 60.5% who will decide on the offer for 40%

ie IF the offer proceeds you will get away 2 out of 3 shares at $3.65

and the price will tumble as recognised by every commentator for the other 1 out of 3 - fascinating psychology - do not accept the offer because if you do the people who do not accept it will suffer!!!!

Forget about % crap - the offer is on the table for the next two months.

If that does not work out thier will be another offer - maybe for 100% - the board has said they would accept an offer for 100% very bizarely - so what would they do if an offer at the top of the valuation range for 100% was put on the table?? I think that if the 40% is unsuccessful than that is what will follow come FEB / MAR

The canadians are an open ended (ie meant to be around for decades / centuries) fund with billions of $ - they are not going to go away and will happily wait for as long as it takes (the downside)

Steve
13-01-2008, 10:00 AM
So, wait until they make their next move would be better course of action?

brettdale
13-01-2008, 06:06 PM
Well I have filled out my green acceptance form for a regular acceptance and the yellow approval form, even if they don't get their 39 percent? do they still end up buying my shares??? When do I find out?

brettdale
13-01-2008, 06:13 PM
Just a couple of questions?

What is the blue acceptance form for and the pink acceptance form for?


Im just a regular shareholder, so I have filled out the green acceptance form and the yellow approval form.

ratkin
13-01-2008, 06:22 PM
From memory the only difference between the blue and the green form is that one gives you the right to change your mind at a later date, the other dosent.

To be honest i dont think the canadians have put together a very user friendly offer. Most people when faced with an array of forms tend to switch off and do nothing. It simple really but at first glance it is rather confusing.
Then there is the added confusion of what shareholders end up with, im not totally sure myself really , except that it works out much more than the current shareprice.

As they are relying on the little guys to accept the offer they could of made it more user friendly, i suspect many will do nothing simply because they dont really understand whats going on

brettdale
13-01-2008, 06:35 PM
Thanks for the info.

macduffy
13-01-2008, 07:25 PM
ratkin

If you accept and the offer goes unconditional you will get $3-6555 cash per share. The proportion of your shares accepted will depend on the overall level of acceptance.

brettdale
13-01-2008, 07:36 PM
ratkin

If you accept and the offer goes unconditional you will get $3-6555 cash per share. The proportion of your shares accepted will depend on the overall level of acceptance.

And we dont find out until mid march, is that correct???

macduffy
13-01-2008, 07:53 PM
Covering letter from CPPIB states " You may accept and approve the offer until 13 March 2008."

I don't see any provision in the "Conditions of the Offer" for the offer to be closed prior to the "Closing Time" - which is defined as 5pm on 13 March 2008.
Whether or not this allows CPPIB to declare the offer closed before then, eg if/when they declare the offer unconditional, I wouldn't like to hazard a guess.

Toddy
16-01-2008, 11:32 AM
The market sell off will be playing into the Canadians hands. The offer is looking better and better every day.

Dr_Who
16-01-2008, 11:36 AM
Will the Canadians have cold feet and run? I recall 87 when the market falls everyone ran cos the well was high and dry.

Toddy
16-01-2008, 11:40 AM
Will the Canadians have cold feet and run? I recall 87 when the market falls everyone ran cos the well was high and dry.

I want the deal to fail as the 'other' interested party will more than likely involve IFT.

dsurf
16-01-2008, 02:57 PM
I want the deal to fail as the 'other' interested party will more than likely involve IFT.

I want as much money as possible for my AIA shares so welcome the offer. I am not into supporting NZ ownership of infrastructure - that is a job the the government's huge surplus!

Deev8
16-01-2008, 03:03 PM
The market sell off will be playing into the Canadians hands. The offer is looking better and better every day.Perhaps so, but it's never looked anywhere good enough to tempt me to accept.

Dr_Who
16-01-2008, 07:18 PM
I want the deal to fail as the 'other' interested party will more than likely involve IFT.


There is a feeling the other party will not pay anywhere near $3.65.

JMKC
16-01-2008, 08:57 PM
I want the deal to fail as the 'other' interested party will more than likely involve IFT.

And why do you want IFT to bid? What sort of px do you think they'll pay? I agree with Macdunk. It won't be anywhere near 3.655. Morrison has a pretty chequered history with airport investments if you ask me...not sure why he is seen as such a saviour in the NZ market.

Toddy
16-01-2008, 09:07 PM
And why do you want IFT to bid? What sort of px do you think they'll pay? I agree with Macdunk. It won't be anywhere near 3.655. Morrison has a pretty chequered history with airport investments if you ask me...not sure why he is seen as such a saviour in the NZ market.

Rumour has it that JP Morgan and IFT are packaging up the European and NZ airport businesses which will include AIA, to form a new Airport Infrastructure company.
As far as the price goes I would not think that the money would be any different, just the management, structure and future growth opportunities. All of which would be easier to sell to the current AIA shareholders.

Dr_Who
17-01-2008, 08:11 AM
It seems like a big punch up at the board level that does not benefit the minority shareholders.

777
17-01-2008, 08:15 AM
It seems like a big punch up at the board level that does not benefit the minority shareholders.

So when has any company been concerned about the minority shareholders?

Dr_Who
17-01-2008, 12:00 PM
So when has any company been concerned about the minority shareholders?

Hence the minorities should stick their fingers at the board and sell to the Canadians. Again hence, all our good assets going to overseas buyers.

dsurf
17-01-2008, 12:18 PM
Hence the minorities should stick their fingers at the board and sell to the Canadians. Again hence, all our good assets going to overseas buyers.

"all our good assets going to overseas buyers" - Yes but at a price way above the "independant valuation"

macduffy
17-01-2008, 02:21 PM
Hence the minorities should stick their fingers at the board and sell to the Canadians. Again hence, all our good assets going to overseas buyers.

Sounds very much like cutting off our noses to spite our faces!
(To, probably, misuse an old saying.)

POSSUM THE CAT
17-01-2008, 04:03 PM
macduffy all they have to do is put their money where there mouth is. Just make a stand in the market at $3.55 and they would have queue of acceptances

Dr_Who
17-01-2008, 04:10 PM
MacD, what I meant to say was that it is a real shame that alot of our good assets goes to overseas owners at a discount due the incompetant management and/or management that have self interest ahead of shareholders.

Deev8
17-01-2008, 04:29 PM
MacD, what I meant to say was that it is a real shame that alot of our good assets goes to overseas owners at a discount due the incompetant management and/or management that have self interest ahead of shareholders.Prior to some very strange decisions over the past six months or so, I would have to say that Auckland Airport's management have been more than competent.

777
17-01-2008, 08:33 PM
Hence the minorities should stick their fingers at the board and sell to the Canadians. Again hence, all our good assets going to overseas buyers.


I sent my rejection to the offer as soon as I received it....

Steve
17-01-2008, 09:13 PM
I sent my rejection to the offer as soon as I received it....

I've just sat on mine...

JMKC
17-01-2008, 09:56 PM
I sent my rejection to the offer as soon as I received it....

Perfect...just means more than 40% of my shares will be accepted at $3.655. If 30% on your money isn't good enough for you it sure is for me.

777
18-01-2008, 06:43 AM
Perfect...just means more than 40% of my shares will be accepted at $3.655. If 30% on your money isn't good enough for you it sure is for me.


My decision was not a monetary one.

dsurf
18-01-2008, 07:20 AM
My decision was not a monetary one.

Why are you buying the shares then - why don't you just donate the money to Auckland Airport

JMKC
18-01-2008, 03:22 PM
obviously :confused:

JMKC
18-01-2008, 10:03 PM
Good on you for not accepting the Canadians offer 777.

Unlike JMKC I think it was a wise monetary decision for the long term invester.

Far bigger and better things await AIA then a dividend seeking Pension Fund.:D

I'm glad you think so. Just so I can be clear, in your opinion when is the next time you will be able to get $3.655 on 40+% of your holding??>

777
19-01-2008, 06:52 AM
If the 3.65 was a sure thing then the shares would be trading well above the current level.

The market has set the value of the share.

BRICKS
19-01-2008, 09:38 AM
YOU lot amaze me with a share price down to $2.58 and i read about all the money you think your going to make, Well look again the share price is @2.60 and its the big boys that control the game not the fleas with a couple of thousands between there knees..

Now write back and tell me i`am wrong this deal is DEAD..

Deev8
19-01-2008, 09:39 AM
Just so I can be clear, in your opinion when is the next time you will be able to get $3.655 on 40+% of your holding??>A question that nobody could really answer of course. But go back say six years when the shares were around $1.00 and imagine when investors might have expected the shares to be selling for $2.00. Most would probably have expected that they would have to wait more than just three years before the shares doubled in price.

http://uk.ichart.yahoo.com/z?s=AIA.NZ&t=my&q=l&l=off&z=m&a=v&p=s

BRICKS
19-01-2008, 09:55 AM
YOU lot amaze me with a share price down to $2.58 and i read about all the money you think your going to make, Well look again the share price is @2.60 and its the big boys that control the game not the fleas with a couple of thousands between there knees..

Now write back and tell me i`am wrong this deal is DEAD..

JUST say it again in case any one miss IT..

Viking
21-01-2008, 03:25 PM
Forgive me for thinking this~ but that Canadian offer looks more and more attractive by the day (or by the minutes)....

Dr_Who
21-01-2008, 03:46 PM
My question is, what is stopping the Canadians from walking away?

brettdale
21-01-2008, 07:25 PM
You would have to be crazy, not to except the Canadain's offer now.

Dr_Who
22-01-2008, 08:02 AM
You would have to be crazy, not to except the Canadain's offer now.


The Canadians may not want it now. Look at the global market, it is ugly as hell.

BRICKS
22-01-2008, 10:15 AM
BUGGER the CANS buy to keep it in NZ.. !!!

POSSUM THE CAT
22-01-2008, 01:44 PM
Bricks put your money where your mouth is. How many millions are you going to buy.

brettdale
22-01-2008, 01:49 PM
Are people out of thier minds? Am i missing something? The Canadians are offering 3.65, the current price is 2.47, this slump is not going to end overnight. I thought people would be running down to the post office.

Deev8
22-01-2008, 03:33 PM
Are people out of thier minds? Am i missing something? The Canadians are offering 3.65, the current price is 2.47, this slump is not going to end overnight. I thought people would be running down to the post office.What will the price be on 13th March? - that's when the offer closes.

ratkin
22-01-2008, 03:39 PM
The canadians should send out the acceptance letters again. Im sure there are many shareholders who threw them away , but would now like to accept

BRICKS
22-01-2008, 03:50 PM
Bricks put your money where your mouth is. How many millions are you going to buy.

BET BRICKS owns more than YOU.. SO don't just ask HOW MANY.. CAT,,

Deev8
23-01-2008, 09:26 AM
The canadians should send out the acceptance letters again. Im sure there are many shareholders who threw them away , but would now like to acceptI believe that anyone who has thrown away or lost the letter should write to:
NZ Airport NC Limited,
c/- Bell gully,
Vero Centre,
48 Shortland Street,
Auckland

I'm sure they would be able to do something about it.

By the way even someone who doesn't want to accept the offer should send in their "Approval Form" to vote on whether the CPPIB should be allowed to make an offer for 40% of the shares - I expect anyone opposed to the offer would tick the "I object" box on the "Approval Form". CPPIB need to get a simple majority of those voting for the offer to stand.

777
28-01-2008, 10:02 AM
From www.stuff.co.nz

Airport eyes likely Middle East suitors
By ANDREW JANES - The Dominion Post | Monday, 28 January 2008


Middle Eastern airlines would be the most attractive suitors this year for Auckland International Airport, which is looking for a cornerstone shareholder, a research note from ABN Amro Craigs says.
Auckland airport is subject to a hostile partial takeover bid from the Canada Pension Plan Investment Board. It has signalled that if that does not succeed it will resume the process of looking for an investor this year.
One of the major reasons given by the airport's board for not recommending the Canadian bid to its shareholders was the pension fund's lack of route-building or tourism-enhancing capability.
The airport has also said it has granted due diligence access to an unnamed party, which is not one of the half-dozen or so parties that looked at the airport last year.
The research note, by ABN Amro Craigs analyst Geoff Zame, looks at about 20 possible cornerstone investors for the airport.
In terms of international passenger growth, the Middle East should outpace the rest of Asia and grow 7.8 per cent a year between 2008 and 2013, compared with 6.3 per cent a year for Asia as a whole, Mr Zame writes.
For these reasons the three major Middle Eastern Airlines - Etihad, Qatar Airways and Emirates - through their associated airport-owning companies, are well positioned to contribute to Auckland airport's growth profile, he writes.
"They have deep pockets, a commitment to growing their aviation and tourism businesses globally, are focused on making the Middle East a global hub for tourism and transit flights between Europe, Asia and Africa, and have an ability to develop additional international routes for Auckland airport which are not in direct conflict with its major customer, Air New Zealand."
The note does not comment on whether Emirates' associated airport company, Dubai Aerospace Enterprise, would be interested in re-engaging with Auckland airport. DAE pulled a takeover bid last year in the face of opposition from the airport's council shareholders, Manukau and Auckland cities.

Steve
01-02-2008, 02:38 PM
While it would be good to see a competing bid from the Middle East, it is unlikely as they would only want full control as with DAE last year.

dsurf
01-02-2008, 03:43 PM
YOU lot amaze me with a share price down to $2.58 and i read about all the money you think your going to make, Well look again the share price is @2.60 and its the big boys that control the game not the fleas with a couple of thousands between there knees..

Now write back and tell me i`am wrong this deal is DEAD..

Didn't miss it bricks - thanks for the buy signal!!

BRICKS
03-02-2008, 11:56 AM
BRICKS returns to Oz tomorrow Monday afternoon and will leave AIA to its own tricks which i feel is continue as is, Hope it make a good profit and up the Div`s, But keep up the expansion work as it is required in the near future other than that have a good punt on AIA...

Steve
03-02-2008, 03:34 PM
BRICKS returns to Oz tomorrow Monday afternoon and will leave AIA to its own tricks which i feel is continue as is, Hope it make a good profit and up the Div`s, But keep up the expansion work as it is required in the near future other than that have a good punt on AIA...

Thanks Bricks, I hope that you are flying out of AIA for our benefit... ;)

macduffy
05-02-2008, 07:21 AM
For what its worth, my tentative course of action in this takeover is:

- Object to the takeover. The company is one of the few real NZ blue chips and I strongly prefer to see it remain in NZ hands.

- Conditionally accept the takeover for my holding. If it goes ahead, I want to sell a proportion at $3-65 as I anticipate a long period of trading well short of that figure. May well buy in at that stage. Conditional acceptance preserves the right to withdraw if a better offer emerges or circumstances change.

Toddy
05-02-2008, 10:54 AM
Top secret uninterested party................

TAKEOVER: AIA: Discussions with third party at an end

The directors of Auckland International Airport Limited (Auckland Airport)
today announced that discussions with the third party, who had expressed
interest in making an offer for the company in late December, have ended.

Chairman of Auckland Airport, Tony Frankham, said that in discussions with
the potential bidder last night, it became clear that the initial terms
proposed by the party concerned would not meet the Board's requirements.

"As a result, both parties felt it was preferable to end discussions at this
point. The party concerned has advised us that they will not be proceeding
further."

Mr Frankham said that, due to the confidentiality agreement signed with the
third party, it was not possible to share further information.

brettdale
05-02-2008, 12:08 PM
Hows the Canadian deal looking?

Dr_Who
05-02-2008, 12:18 PM
I want the deal to fail as the 'other' interested party will more than likely involve IFT.

Do you still wish the Canadian deal to fall over?

Toddy
05-02-2008, 12:27 PM
Do you still wish the Canadian deal to fall over?

Now that the board in considering a U-turn on their recommendation I would be more than happy for IFT to sell up and walk away with the cash. I still think that IFT was involved with the un-named party but it was too difficult to strike a fair deal in the current environment, given that the Canadians offer would have been the minimum accepted.

From Stuff
Given the un-named party has pulled out and world financial market conditions have deteriorated over the last month there is a possibility that the airport board may reverse its recommendation for shareholders to reject the CPPIB bid.

Mr Frankham told BusinessDay on Monday that: "A lot depends on the assessment of observers on whether the present (international credit) squeeze that we're in is a long term adjustment or if it's a short term correction."


PS Who would put money on that IFT(& NZ Super fund) are picking up a truck load of AIA shares at $2.68 on market today.

Dr_Who
05-02-2008, 12:35 PM
I was thinking of picking up some AIA, but now not so sure. I assume this means there will be more scaling with everyone wanting to except the Canadian offer.

Toddy
05-02-2008, 12:42 PM
I was thinking of picking up some AIA, but now not so sure. I assume this means there will be more scaling with everyone wanting to except the Canadian offer.

Given the current environment I would say that political pressure would no longer work if the Canadians turned around and said that they wanted a bigger stake.

Who would you listen too, the politicians or your bank manager?

BRICKS
06-02-2008, 08:41 AM
WELL BRICKS was right yet again with 4% of the fleas chasing a bit of silver but 76% voting against, so get on with the bloody job and run the company for the real SHAREHOLDERS..

Steve
06-02-2008, 09:15 AM
Another pleasing Traffic Update yesterday. Good to see movements still increasing...

COLIN
18-02-2008, 06:18 PM
If the sudden flick-up in the sp late in the day was due to a statement from the directors that they now supported the CPIB offer (as reported on tonight's TVNZ news) then why has there not been an ann to the NZX?

Steve
18-02-2008, 08:23 PM
If the sudden flick-up in the sp late in the day was due to a statement from the directors that they now supported the CPIB offer (as reported on tonight's TVNZ news) then why has there not been an ann to the NZX?

Perhaps the announcement will be made tomorrow, and we have just witnessed the pre-announcement buying?

COLIN
18-02-2008, 09:15 PM
Perhaps the announcement will be made tomorrow, and we have just witnessed the pre-announcement buying?

Steve, if that is so then there seems a definite case for the Securities Commission to institute an immediate enquiry re insider trading. The AIA blip caused a late surge in the whole NZX50.

COLIN
18-02-2008, 09:55 PM
WTF is this a freaking circus run by a bunch of clowns?

One could be forgiven for thinking so, Doc.
An almost 10% rise. And have a look at the volumes traded around 5 o'clock.

DISC: I hold some AIA, bought several weeks ago at 272 (wish I had more - greedy, greedy!) and recently accepted the CIPB offer. The chances of success have seemed pretty low until now, but my reasoning in accepting was to convey - in my tiny little way - to the AIA Directors that I consider it a good one, in the best interests of shareholders and, of course, I accepted on the basis that I could withdraw if a better offer came up.

macduffy
19-02-2008, 07:04 AM
I've also made a conditional acceptance.

If the takeover goes ahead, I want to quit a chunk at $3-65!

;)

OldRider
19-02-2008, 08:55 AM
I haven't read all the thread, so this might have been covered before.
But for myself I accepted the facility offer for all my shares , and rejected the offer being permitted, having a bob each way. After seeing the stats on acceptances I can't help wondering if quite a few have done this too. Is this a good or bad idea?

777
19-02-2008, 09:08 AM
It is obvious that those that are selling don't think the offer of $3.65 is going to happen.

COLIN
19-02-2008, 10:41 AM
I haven't read all the thread, so this might have been covered before.
But for myself I accepted the facility offer for all my shares , and rejected the offer being permitted, having a bob each way. After seeing the stats on acceptances I can't help wondering if quite a few have done this too. Is this a good or bad idea?
I think it is the only way to go, my antiquarian friend. "Have your cake and eat it too", win/win and all that.
Still no sign of anyone trying to keep the market informed!

Deev8
19-02-2008, 11:07 AM
my reasoning in accepting was to convey - in my tiny little way - to the AIA Directors that I consider it a good one, in the best interests of shareholdersThe part that I don't think is in the best interests of shareholders is a significant increase in the level of debt carried by the company.

It has been clearly communicated that the company will take on a significant amount of additional debt if the offer suceeds. That would become a millstone around the company's neck.

COLIN
19-02-2008, 02:20 PM
The part that I don't think is in the best interests of shareholders is a significant increase in the level of debt carried by the company.

It has been clearly communicated that the company will take on a significant amount of additional debt if the offer suceeds. That would become a millstone around the company's neck.

All the more reason for selling into the offer, I would have thought. And then sell any residual shares at market.

ratkin
19-02-2008, 02:25 PM
Do only those who accept the offer have their shares bought by the canadians?
and what happens if they recieve more than the 40%?

macduffy
19-02-2008, 03:05 PM
Do only those who accept the offer have their shares bought by the canadians?
and what happens if they recieve more than the 40%?


Yes, and pro-rataed down if the 40% is exceeded.

Of course, the takeover is also subject to approval by shareholders as a whole.

Separately, if it goes ahead, the Canadians are proposing a re-structure of the company which involves the issue of new class of securities and taking on a lot of additional debt. Details not yet announced.
This has been covered in posts prior to Christmas.

:)

ratkin
19-02-2008, 03:46 PM
Does that mean that if you vote to sell to them that 100% of your holding is sold or just 40%

Sorry to be so thick :)

OldRider
19-02-2008, 03:58 PM
Without being certain I am right,my understanding is that no shareholder knows how many of their shares will be purchased if the takeover proceeds.

In the event of only 40% of shares being offered, then those shareholders will have the total number they have offered purchased.

In the event of 100% of the shares being offered, then each shareholder will be scaled back to 40% acceptance,

Other acceptance levels will have similar variations, it seemed best to me to offer the lot, in the hope that nearly all will be bought if the offer proceeds, then rebuy later, whilst voting against the scheme and hoping to enjoy greater dividends for many years to come.

macduffy
19-02-2008, 04:26 PM
I agree with all that, OldRider.

You don't have to offer all your shares but whatever you do, a percentage of between 39.53% and 100% of what you offer will be accepted. The 39.53% is because the Canadians hold 0.47% and the takeover is to take them to 40%.
The lower figure is highly unlikely because certain high profile shareholders have voiced their opposition. ( They may, of course, change their minds!)
The higher figure is equally unlikely, given the likely takeup.
So something in between.
This all assumes shareholders will also vote to consent to the takeover.

I've accepted conditionally. Just in case something else may turn up? :rolleyes: