Auckland International Airport Limited (AIA)

[percy]

Thanks percy. You keep holding AIA I keep holding AIR. Shall we have a bet on who does best over the next 5 years?

Think we should stick to the 10 year time frame.!!
My record of betting is very poor,so may limit my bet to $50.
Don't know how we will adjust for numerous AIA capital repayments, and frequent AIR capital raisings.!!!! lol.

[gv1]

When is the last date for being a shareholder for this capital return.

[Harvey Specter]

When is the last date for being a shareholder for this capital return.

Its a long way off - next year sometime. Still needs to get IRD approval which will be interesting. They need to prove it is non in lieu of a dividend, even though they are paying it in lieu of the interim dividend - IRD may laugh at the application. Then it needs to get 75% shareholder approval. So the date is probably after that as well.

[Jay]

The blurb released said around early April, with payment early May - but as Harvey says lots to get thru first

[gv1]

Thanks buddies Harvey specter and Jay.

[macduffy]

Macquaries consider the proposed capital return to be "relatively value neutral".

http://www.macquarie.com.au/dafiles/...MTAwODcyODUxS0

Interestingly, they reckon IRD approval is already held.

[Balance]

Macquaries consider the proposed capital return to be "relatively value neutral".

http://www.macquarie.com.au/dafiles/...MTAwODcyODUxS0

Interestingly, they reckon IRD approval is already held.

Neutral recommendation when the sp is higher than their valuation?

Hardly shows courage of conviction of their research, does it?

[kyanar]

Proxy voting for the capital return is now available at the registry if you have an online account with Link.

Auckland Airport has today sent to shareholders the details of its Special Meeting to consider the proposal to return approximately $454 million of capital to shareholders, on a pro rata basis.
The meeting will be held at the Genesis Theatre, Vodafone Events Centre, 770 Great South Road, Manukau, Auckland on Wednesday, 12 February 2014. It will commence at 2pm.
Charles Spillane, Auckland Airport’s company secretary, says, “All shareholders on the register at 5pm on Tuesday, 21 January 2014 have today been sent the Notice of Special Meeting of Shareholders which includes an explanation of the capital return proposal, a letter from the chairman, Sir Henry van der Heyden, summarising some the proposal’s key aspects, an admission card / proxy voting form and a copy of Auckland Airport's application for final Court orders relating to the proposal.”

[tobo]

"you will receive $3.43 for each cancelled share"
Is the price locked in?

So people buying last week at $3.63 are effectively paying 2c more, ie. real cost is $3.65 (this being the difference, 20c, x 10% will be returned.)
Do I understand correctly?

[kyanar]

The price is locked in, yes. From the letter: "One in every ten of your shares will be cancelled and in return you will receive $3.43 for each cancelled share. The amount you will receive per share is approximately equal to the closing Auckland Airport share price on the NZX immediately prior to the announcement of the capital return on 28 November 2013"

Wonder if this will affect the share price once it sinks in?