another old thread vanished....
Getting flogged today. Sorely tempted!
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another old thread vanished....
Getting flogged today. Sorely tempted!
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..
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
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.
I'm not complaining about the way this company's been managed since listing.
Now if I was Air New Zealand!!!
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.
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..
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.
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.
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
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.
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!!
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.
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..
...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?
maybe. They bought Yellow Pages. You see that they've just done? directory prices are jumping between 50-100% across the table.
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..
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/ALeqM5...w8oRNCF0SRZutw
You think I should buy some AIA today at these levels?
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.
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.
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
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
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.
Does someone know something I dont? $0.36 surge this morning at opening.
*DJ Canada Pension Plan To Make Takeover Bid For Auckland Airport
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.
Hard to see council selling their holdings.
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.
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..
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...
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.
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
...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.
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..
Does anyone know what Infratil is doing with the money that they raised from their rights issue? A possible takeover bid for AIA?
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.
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..
whats happening , any ideas?
Share Trading Halt in AIA, pending a company announcement later today.
Is this bad or good?
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.
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.
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
Yep, it for the best, im sure there will be better offers sooner or later
Yeah, its an interesting reaction re the SP. IFT/NZ Superfund and others will carry on accumulating regardless.
AIA is a great asset.
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~
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..
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 ;)
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
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.
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
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
Trading Halt
Canadians are upping their offer. But will it be good enough?
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 !!
how can they bid for 40% only - do they need shareholder approval for that as it's in the 20-50% "no fly" zone?
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?
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 ....
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.
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.
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.
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.
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.
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
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?
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.
Is this a public listed company or not?
Im sick of all the political interference on this one.
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.
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.
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?
So us small time shareholders are now allowed to sell our shares of AIA, at $3.65???
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 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..
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:
: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:
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?
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.
Any news out there in the market about how the offer is progressing. The SP has dropped off in recent days.
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.
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.
Well if you don't agree with me
YOU'RE WRONG!!!!! WRONG! WRONG! WRONG!!!!!!!
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
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.
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.
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.