Something is better than nothing
Glasgow Prestwick Airport sale completed for 1 GBP.
The myth that the Scotch are thrifty may not be a myth after all!
Anybody know whether they are going to return that to shareholders via a special dividend?
Best Wishes
Paper Tiger
Buyback via On Market Stand a Week Today:
Announcement:
Quote:
Following the announcement made by Infratil Limited (“IFT”) on 15/11/2013, NZX Regulation (“NZXR”) advises that First NZ Capital Securities Limited (“FNZW”) has received instruction to conduct a stand in the market to acquire up to 24.8 million ordinary shares in IFT at a price of up to NZ$2.60 per share on behalf of IFT.
The Special Order Facility will be provided to FNZW under Rule 13.7.4(r) of the NZX Participant Rules in order to undertake the acquisition. A separate market will be made available under the code IFTX.
This stand in the market will commence at 12.00pm on 5 December 2013. The settlement code will be IFTX. All sell orders must be submitted after 12.00pm and before 2.00pm on 5 December 2013.
IFTX will be in Enquiry until 12.00pm. At 12.00pm IFTX will be placed in Pre-open and sell orders may be submitted until a random time around 2.00pm when IFTX will be placed in Enquiry.
No bids will be accepted in IFTX other than by FNZW on behalf of IFT.
Subject to no termination by IFT, as soon as practicable after 2.00pm FNZW will enter a purchase order for ordinary shares on behalf of IFT as follows:
• If fewer than 24.8 million shares have been offered at prices equal to or less than $2.60 per share, FNZW will enter a purchase order equal to that volume of offered shares. All matched offers will receive the final price (being the highest price offered, but no more than $2.60 per share).
• If more than 24.8 million shares have been offered at prices equal to or less than $2.60 per share, FNZW will enter a purchase order equal to the volume of all shares offered at or below the final price (being the lowest price at which IFT can purchase 24.8 million shares, but no more than $2.60 per share). All offers matched below the final price will receive the final price and be accepted in full. All offers matched at the final price will also receive the final price, but will be scaled on a pro-rata basis in proportion to the number of shares offered at that price. Fractions will be rounded down.
The following conditions apply to this bid:
(a) IFT reserves the right to change the maximum price per share by market announcement any time before 10.00am on 5 December 2013;
(b) IFT reserves the right to terminate the stand at any time before the entry of IFT’s buy order;
(c) FNZW reserves the right to enter sell orders on behalf of its own clients;
(d) In accordance with NZX Participant Rule 11.11.3, undisclosed orders are not permitted;
(e) There are no price escalation terms or any other form of consideration payable;
(f) NZX participants can amend and withdraw offers submitted by them until IFTX is placed in Enquiry around 2.00pm, but after that time offers are irrevocable;
(g) IFT shareholders may tender shares at a range of prices;
(h) IFT shareholders wishing to participate in the buyback should contact an NZX
firm; and
(i) IFT shareholders who participate in the buyback may be charged brokerage fees by the sell-side NZX firm.
NZX will conduct post-trade processing to convert trades in IFTX to IFT.
Trades will be settled on a T+3 basis (i.e. on 10 December 2013).
Trading in IFT ordinary shares on the NZX Main Board will be halted from 12.00pm on 5 December until after the announcement of the final price by IFT, at which time normal trading will resume.
Please contact Client and Market Services on +64 4 496 2853 or email cms@nzx.com with any queries.
Best Wishes
Paper Tiger