AIR - Air NZ.

[Raz]

Yeap me too. I asked C.L. to table my suggestion to the board. I wouldn't mind having a chat with Tony Carter directly about this and follow up on my questions and discussion with him after the 2015 Annual meeting. If anyone has his e.mail or phone contact details I'd really appreciate it if you could PM me with them.

You may getter better idea if it is a starter by contacting Jan Dawson. Rodger have you met her?

[Beagle]

No but she's very well regarded in the accountancy profession and won Chartered Accountant of the year in 2011.

[Kelvin]

Jetstar NZ regional is getting 3 additional aircraft

For the second half of 2015/16, Qantas said it would add two Boeing 717-200s to the fleet, while three Q300 turboprops would be transferred from QantasLink to Jetstar’s regional operations in New Zealand

http://australianaviation.com.au/201...calendar-2017/

[mikeybycrikey]

So, with the push from Roger for a buyback to match the Qantas buyback, I was wondering what the benefit of a buyback is over a special dividend?

Is there any reason why I should favour one over the other?

[Beagle]

The basic thrust of my proposal is a mopping up of excess supply of shares. Over many years AIR has issued tens of millions of shares to executives as part of their incentive package, (now changed to a performance rights scheme). As at 30 June 2015 there were some 45 million shares remaining to be exercised which is over 8% of the free float of shares available to the public, (Govt owns just over 50%) and is too many in my opinion.

A special is a one off whereas a share buy-back would confer ongoing and enduring benefits to all shareholders in that it would be EPS accretive. It would also mop up some of the excess supply of shares that one or two institutions appear keen to sell down. Remember AIR can borrow money at extremely low single digit rates so even if its debt funded, (it won't be as AIR have cash coming out of their ears so too speak), it'll be EPS accretive.

Directors have a fiduciary obligation to act in the best interests of shareholders at all times. This would be consistent with that obligation when the company is trading on such compelling fundmental's.

It probably won't happen anytime soon but I don't think it hurts to plant the seed and I'll water it at the next annual meeting, if not earlier.

[Beagle]

Forsyth Barr are apparently looking for a special divvy announcement tomorrow ! If so I am sure the Govt will be pleased and sure they won't be the only ones. Might be a monster pay day for our friend Couta1 and anyone else in the special club of 96

[sb9]

Forsyth Barr are apparently looking for a special divvy announcement tomorrow ! If so I am sure the Govt will be pleased and sure they won't be the only ones. Might be a monster pay day for our friend Couta1 and anyone else in the special club of 96.

Analysts/brokers must be twisting their arm for special divvy in lieu of the one they didn't announce for FY15.
To be honest, I did expect they might declare special divvy for FY15.

[Raz]

Analysts/brokers must be twisting their arm for special divvy in lieu of the one they didn't announce for FY15.
To be honest, I did expect they might declare special divvy for FY15.

That is what the Government would prefer I'm sure.

[Beagle]

Analysts/brokers must be twisting their arm for special divvy in lieu of the one they didn't announce for FY15.
To be honest, I did expect they might declare special divvy for FY15.

TC told me there was some disappointment but then quipped since they'd paid a special in 2014 if they paid one in 2015 it wouldn't be special if you did it every year. I'd rather see a buy-back TBH but knowing the Govt...they like cash coming in so...I suppose it can't hurt to spill a bit of air out of the spinnaker seeing it's under so much pressure so that's all settled then, 10 cent interim and 10 cent special both fully imputed

[sb9]

10 cent interim and 10 cent special both fully imputed

You think so, I'm picking more along lines of 10c special and 7.5c interim.