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.
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....
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
"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."
"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.
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
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!
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Originally Posted by Bilo
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