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!!
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.
Having got ourselves into a debt-induced economic crisis, the only permanent way out is to reduce the debt – either directly by abolishing large slabs of it, or indirectly by inflating it away.
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.
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
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.
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...?
LOL... What is a confidentiality deed??? If it is so confidential, why have they released it to the media? Sounds like alot of BS!
Having got ourselves into a debt-induced economic crisis, the only permanent way out is to reduce the debt – either directly by abolishing large slabs of it, or indirectly by inflating it away.
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.
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
Reply With Quote
Originally Posted by Placebo
Bookmarks