I've just sat on mine...
Printable View
obviously :confused:
If the 3.65 was a sure thing then the shares would be trading well above the current level.
The market has set the value of the share.
YOU lot amaze me with a share price down to $2.58 and i read about all the money you think your going to make, Well look again the share price is @2.60 and its the big boys that control the game not the fleas with a couple of thousands between there knees..
Now write back and tell me i`am wrong this deal is DEAD..
A question that nobody could really answer of course. But go back say six years when the shares were around $1.00 and imagine when investors might have expected the shares to be selling for $2.00. Most would probably have expected that they would have to wait more than just three years before the shares doubled in price.
http://uk.ichart.yahoo.com/z?s=AIA.N...ff&z=m&a=v&p=s
Forgive me for thinking this~ but that Canadian offer looks more and more attractive by the day (or by the minutes)....
My question is, what is stopping the Canadians from walking away?
You would have to be crazy, not to except the Canadain's offer now.
BUGGER the CANS buy to keep it in NZ.. !!!
Bricks put your money where your mouth is. How many millions are you going to buy.
Are people out of thier minds? Am i missing something? The Canadians are offering 3.65, the current price is 2.47, this slump is not going to end overnight. I thought people would be running down to the post office.
The canadians should send out the acceptance letters again. Im sure there are many shareholders who threw them away , but would now like to accept
I believe that anyone who has thrown away or lost the letter should write to:
NZ Airport NC Limited,
c/- Bell gully,
Vero Centre,
48 Shortland Street,
Auckland
I'm sure they would be able to do something about it.
By the way even someone who doesn't want to accept the offer should send in their "Approval Form" to vote on whether the CPPIB should be allowed to make an offer for 40% of the shares - I expect anyone opposed to the offer would tick the "I object" box on the "Approval Form". CPPIB need to get a simple majority of those voting for the offer to stand.
From www.stuff.co.nz
Airport eyes likely Middle East suitors
By ANDREW JANES - The Dominion Post | Monday, 28 January 2008
Middle Eastern airlines would be the most attractive suitors this year for Auckland International Airport, which is looking for a cornerstone shareholder, a research note from ABN Amro Craigs says.
Auckland airport is subject to a hostile partial takeover bid from the Canada Pension Plan Investment Board. It has signalled that if that does not succeed it will resume the process of looking for an investor this year.
One of the major reasons given by the airport's board for not recommending the Canadian bid to its shareholders was the pension fund's lack of route-building or tourism-enhancing capability.
The airport has also said it has granted due diligence access to an unnamed party, which is not one of the half-dozen or so parties that looked at the airport last year.
The research note, by ABN Amro Craigs analyst Geoff Zame, looks at about 20 possible cornerstone investors for the airport.
In terms of international passenger growth, the Middle East should outpace the rest of Asia and grow 7.8 per cent a year between 2008 and 2013, compared with 6.3 per cent a year for Asia as a whole, Mr Zame writes.
For these reasons the three major Middle Eastern Airlines - Etihad, Qatar Airways and Emirates - through their associated airport-owning companies, are well positioned to contribute to Auckland airport's growth profile, he writes.
"They have deep pockets, a commitment to growing their aviation and tourism businesses globally, are focused on making the Middle East a global hub for tourism and transit flights between Europe, Asia and Africa, and have an ability to develop additional international routes for Auckland airport which are not in direct conflict with its major customer, Air New Zealand."
The note does not comment on whether Emirates' associated airport company, Dubai Aerospace Enterprise, would be interested in re-engaging with Auckland airport. DAE pulled a takeover bid last year in the face of opposition from the airport's council shareholders, Manukau and Auckland cities.
While it would be good to see a competing bid from the Middle East, it is unlikely as they would only want full control as with DAE last year.
BRICKS returns to Oz tomorrow Monday afternoon and will leave AIA to its own tricks which i feel is continue as is, Hope it make a good profit and up the Div`s, But keep up the expansion work as it is required in the near future other than that have a good punt on AIA...
For what its worth, my tentative course of action in this takeover is:
- Object to the takeover. The company is one of the few real NZ blue chips and I strongly prefer to see it remain in NZ hands.
- Conditionally accept the takeover for my holding. If it goes ahead, I want to sell a proportion at $3-65 as I anticipate a long period of trading well short of that figure. May well buy in at that stage. Conditional acceptance preserves the right to withdraw if a better offer emerges or circumstances change.
Top secret uninterested party................
TAKEOVER: AIA: Discussions with third party at an end
The directors of Auckland International Airport Limited (Auckland Airport)
today announced that discussions with the third party, who had expressed
interest in making an offer for the company in late December, have ended.
Chairman of Auckland Airport, Tony Frankham, said that in discussions with
the potential bidder last night, it became clear that the initial terms
proposed by the party concerned would not meet the Board's requirements.
"As a result, both parties felt it was preferable to end discussions at this
point. The party concerned has advised us that they will not be proceeding
further."
Mr Frankham said that, due to the confidentiality agreement signed with the
third party, it was not possible to share further information.
Hows the Canadian deal looking?
Now that the board in considering a U-turn on their recommendation I would be more than happy for IFT to sell up and walk away with the cash. I still think that IFT was involved with the un-named party but it was too difficult to strike a fair deal in the current environment, given that the Canadians offer would have been the minimum accepted.
From Stuff
Given the un-named party has pulled out and world financial market conditions have deteriorated over the last month there is a possibility that the airport board may reverse its recommendation for shareholders to reject the CPPIB bid.
Mr Frankham told BusinessDay on Monday that: "A lot depends on the assessment of observers on whether the present (international credit) squeeze that we're in is a long term adjustment or if it's a short term correction."
PS Who would put money on that IFT(& NZ Super fund) are picking up a truck load of AIA shares at $2.68 on market today.
I was thinking of picking up some AIA, but now not so sure. I assume this means there will be more scaling with everyone wanting to except the Canadian offer.
WELL BRICKS was right yet again with 4% of the fleas chasing a bit of silver but 76% voting against, so get on with the bloody job and run the company for the real SHAREHOLDERS..
Another pleasing Traffic Update yesterday. Good to see movements still increasing...
If the sudden flick-up in the sp late in the day was due to a statement from the directors that they now supported the CPIB offer (as reported on tonight's TVNZ news) then why has there not been an ann to the NZX?
One could be forgiven for thinking so, Doc.
An almost 10% rise. And have a look at the volumes traded around 5 o'clock.
DISC: I hold some AIA, bought several weeks ago at 272 (wish I had more - greedy, greedy!) and recently accepted the CIPB offer. The chances of success have seemed pretty low until now, but my reasoning in accepting was to convey - in my tiny little way - to the AIA Directors that I consider it a good one, in the best interests of shareholders and, of course, I accepted on the basis that I could withdraw if a better offer came up.
I've also made a conditional acceptance.
If the takeover goes ahead, I want to quit a chunk at $3-65!
;)
I haven't read all the thread, so this might have been covered before.
But for myself I accepted the facility offer for all my shares , and rejected the offer being permitted, having a bob each way. After seeing the stats on acceptances I can't help wondering if quite a few have done this too. Is this a good or bad idea?
It is obvious that those that are selling don't think the offer of $3.65 is going to happen.
The part that I don't think is in the best interests of shareholders is a significant increase in the level of debt carried by the company.
It has been clearly communicated that the company will take on a significant amount of additional debt if the offer suceeds. That would become a millstone around the company's neck.
Do only those who accept the offer have their shares bought by the canadians?
and what happens if they recieve more than the 40%?
Yes, and pro-rataed down if the 40% is exceeded.
Of course, the takeover is also subject to approval by shareholders as a whole.
Separately, if it goes ahead, the Canadians are proposing a re-structure of the company which involves the issue of new class of securities and taking on a lot of additional debt. Details not yet announced.
This has been covered in posts prior to Christmas.
:)
Does that mean that if you vote to sell to them that 100% of your holding is sold or just 40%
Sorry to be so thick :)
Without being certain I am right,my understanding is that no shareholder knows how many of their shares will be purchased if the takeover proceeds.
In the event of only 40% of shares being offered, then those shareholders will have the total number they have offered purchased.
In the event of 100% of the shares being offered, then each shareholder will be scaled back to 40% acceptance,
Other acceptance levels will have similar variations, it seemed best to me to offer the lot, in the hope that nearly all will be bought if the offer proceeds, then rebuy later, whilst voting against the scheme and hoping to enjoy greater dividends for many years to come.
I agree with all that, OldRider.
You don't have to offer all your shares but whatever you do, a percentage of between 39.53% and 100% of what you offer will be accepted. The 39.53% is because the Canadians hold 0.47% and the takeover is to take them to 40%.
The lower figure is highly unlikely because certain high profile shareholders have voiced their opposition. ( They may, of course, change their minds!)
The higher figure is equally unlikely, given the likely takeup.
So something in between.
This all assumes shareholders will also vote to consent to the takeover.
I've accepted conditionally. Just in case something else may turn up? :rolleyes:
Thanks for the clarification.
Ideal scenario would be if they just scrape in with 40%
There must be many people who threw away their forms who would now like to accept.
They should send them again if they really keen on the matter
Have a look at post 222 in this thread, I posted some details there.
Note that the offer price is reduced by the amount of the dividend.
IA
21/02/2008
HALFYR
REL: 0836 HRS Auckland International Airport Limited
HALFYR: AIA: Interim Result Announcement
There was solid growth in revenue and operating earnings, before interest,
tax and depreciation in the first half of the 2008 financial year. The
company also made significant progress on a range of key business development
projects, including completion of the domestic terminal renovation,
development of the international terminal and commencement of the first stage
of the northern runway.
Operating earnings before interest, tax and depreciation (Operating EBITDA)
increased 7.3 per cent to $135.396 million. The company has expensed $5.8
million of costs associated with the various ownership proposals considered
over the last year. As a result of these costs, combined with increased
interest and depreciation charges, profit after tax was down 3.9 per cent to
$47.590 million. On a normalised basis, after adjusting for the ownership
costs and a reduction in the company's long-term incentive plan provision,
profit after tax increased 5.1 per cent to $52.072 million.
There was a strong performance at the revenue line, with total revenue for
the first half up 7.9 per cent to $172.325 million.
Auckland Airport chairman, Tony Frankham, said, "The company has delivered
another good result, particularly in terms of total revenue. Growth was
achieved across all major revenue lines, with retail, car parking and rental
income achieving double digit growth. However, the company also experienced
increased operating expenses, as well as some one-off costs associated with
the ownership proposals. As expected, there was also an increase in
depreciation and interest costs directly associated with the company's
investment programme, combined with higher interest rates".
Total passenger movements increased 4.9 per cent to 6,449,543. There was
strong growth in domestic passengers which increased 8.7 per cent, driven in
particular by the start of Pacific Blue's domestic services. International
passenger movements (excluding transits and transfers) increased 3.2 per cent
to 3,267,504. There was solid growth in New Zealand and Australian
travellers. Some of the other key markets, such as the United Kingdom and
the United States of America, showed declines. However, there was continued
strong growth from new markets such as China and India.
Aeronautical revenues increased following the completion of several
significant terminal expansion and security projects last year and new
aeronautical prices which applied from 1 September 2007. The company's
retail activities performed very well. Retail income was up 10.4 per cent.
This resulted from new store openings, successful concession tenders,
enhanced service offerings and increased passenger spend rates. Car parking
income, up 15.5 per cent, benefited in particular from strong trading at the
domestic terminal. Rental income was 15.7 per cent higher, driven strongly
by new rental streams from properties completed over the last year.
Don Huse, chief executive, said, "The company has continued to make
significant progress across a broad range of key initiatives over the last
six months. This included the completion of the "extreme makeover" and
upgrade of the domestic terminal precinct in December. Progress continues on
the expanded arrivals project (to be completed mid-2008) and the first stage
of the new Pier B at the international terminal (to be completed September
2008). Engineering work has also commenced on the first stage of the
northern runway. This is expected to be operational in early 2011. Delivery
of these major projects has enabled the company to deliver significant value
uplifts in terms of business development, service offerings and related
pricing adjustments."
Mr Frankham said, "The directors remain positive about the long-term growth
prospects for the business. The company is ideally placed to benefit from
the expected significant growth in traffic, particularly in the Asia-Pacific
region, over the medium-term. Over the past four years, the company has
worked hard and effectively to put in place the much needed capacity and
enhanced service standards to leverage this growth. Our major carriers are
actively expanding their fleets and introducing new routes and services.
In the short-term, however, the impact of the global macro-economic
environment combined with a slowing in the domestic economy, reduce the
expected level of passenger growth for the remainder of this year. Although
there is strong growth in domestic passenger numbers, there are signs of a
levelling off in international passenger growth, with a higher New Zealand
currency and higher oil prices being important factors. The current global
credit tightening is also expected to further increase the company's funding
costs over time.
The directors have announced a fully imputed dividend of 5.75 cents per
share, compared with last year's interim dividend of 3.75 cents per share.
As a prudent measure, the directors have increased the interim dividend by
2.00 cents per share in order to utilise the surplus imputation credits that
would be lost if the current takeover offer from Canada Pension Plan
Investment Board (CPPIB) is successful. It is expected that the final
dividend will be reduced by an amount of 2.00 cents per share, reflecting the
increased interim dividend paid to shareholders now.
The interim dividend has a record date of 7 March 2008 and will be paid out
to shareholders on 12 March 2008, the day before the CPPIB offer closes.
The terms of the partial takeover offer from CPPIB provide that no dividend
shall be declared or paid during the offer period, which is a standard term
of a takeover. The offer terms also provide that CPPIB may waive this
condition with the result that the offer price per share shall reduce by the
amount of the dividend. CPPIB has consented to the payment of this interim
dividend and the adjustment to the offer price.
Accordingly, the impact of this is that the offer price under the CPPIB offer
will be reduced by the amount of the interim dividend from $3.6555 per share
to $3.5980 per share.
AIA
21/02/2008
TAKEOVER
REL: 0936 HRS Auckland International Airport Limited
TAKEOVER: AIA: Update on CPPIB Partial Takeover Offer
As of yesterday, 20 February 2008, the Canada Pension Plan Investment Board
(CPPIB) has advised that acceptances have been lodged for 81,422,529 shares,
representing 6.66 per cent of the total shares in the company. Of those
acceptances, 66,146,852 shares have been lodged in the CPPIB acceptance
facility. These shares can be withdrawn by shareholders prior to the close
of the offer.
89,267,833 shareholder votes, representing 7.30 per cent of the total shares
in the company, have also been received. Of the votes received to date,
57.62 per cent are against CPPIB acquiring a 40 per cent stake and 42.38 per
cent are in favour of the offer.
Auckland Airport shareholders are required to make two decisions - whether to
sell their shares into the offer, and whether to vote for or against CPPIB
becoming a 40 per cent shareholder. CPPIB needs 39.2 per cent acceptances
and a majority vote in order to complete the transaction.
AIA
25/02/2008
TAKEOVER
REL: 0857 HRS Auckland International Airport Limited
TAKEOVER: AIA: Airport Board Updates Recommendation to Shareholders
The directors of Auckland Airport today unanimously recommended that
shareholders should sell their shares into the takeover offer from the Canada
Pension Plan Investment Board (CPPIB) for $3.6555 per share (less the 5.75
cents per share interim dividend to be paid next month ).
However directors are not unanimous on whether shareholders should vote in
favour or against CPPIB acquiring up to 40 per cent of the company.
A majority of the Airport board, comprising Tony Frankham, Keith Turner,
Lloyd Morrison, and John Brabazon, are maintaining their recommendation for
shareholders to vote against CPPIB acquiring 40 per cent of Auckland Airport
as they believe the shares in the company are likely to be worth more longer
term without CPPIB involvement.
Two directors, Richard Didsbury and Joan Withers, believe that shareholders
should vote i
n favour of the offer as the price offered by CPPIB is unlikely
to be available to shareholders in the foreseeable future.
For the transaction to proceed, the Takeovers Code requires a majority of
shareholders who vote to approve CPPIB acquiring a 40 per cent stake. If this
approval is not gained, the bid cannot proceed, regardless of the number of
shares offered for sale.
Chairman of the board, Tony Frankham, said all the directors had carefully
considered whether to revise their advice to shareholders on both elements of
the transaction in light of the change in financial markets.
"All directors acknowledge that the market conditions have changed
significantly since this bid was announced and this key factor has given rise
to the need for directors to update their earlier recommendations.
"We all agree that shareholders would be unwise not to realise part of their
holding at the favourable partial offer price if the partial offer receives
approval to proceed.
"Each director has
also carefully considered a wide range of other relevant
factors in reaching their own decision in relation to the "voting" element of
this bid.
"Directors who continue to recommend that shareholders should object to the
takeover are of the view that the long term value of Auckland Airport has not
fundamentally changed.
"They regard Auckland Airport as a strategic asset with long term horizons
and consider ownership should not be determined by shorter term market
fluctuations.
"They believe that over the longer term the value of Auckland Airport shares
is likely to be greater without CPPIB having a 40 per cent stake which gives
it effective control."
Mr Frankham said those board members have consistently said that the partial
offer does not fully reflect the longer term value of Auckland Airport and
despite further presentation from CPPIB do not accept that their introduction
as a significant minority shareholder will assist the company in any material
manner.
"As a result they
maintain their view that, when considered on a longer term
basis, on balance the CPPIB partial offer is not in the best interests of
shareholders."
He said that Richard Didsbury and Joan Withers believe that the price offered
by CPPIB to shareholders for some of their shares is unlikely to be available
for the foreseeable future.
"They believe that the partial offer of $3.6555 per share (less the 5.75
cents per share interim dividend to be paid next month) is even more
attractive today, at a time when shareholders are faced with uncertain global
conditions that may continue for some years to come.
"The impact of those conditions does in their view put downward pressure on
the valuation of the company and given global economic conditions, a more
favourable offer in all aspects is unlikely to be available to shareholders
in the near term.
"Therefore on balance, they feel that the certainty of selling 40 per cent of
the company for significantly more than its current trading price ou
tweighs
the disadvantages of bringing on board a significant minority shareholder
without material aeronautical or tourism connections.
"These directors therefore recommend that shareholders vote to approve the
offer and sell their shares".
As already advised, the directors consider it is not possible to identify an
appropriate party and present an alternative proposal to shareholders before
the expiry of the CPPIB bid period on 13 March.
Mr Frankham said that if the CPPIB bid fails, the board will continue to seek
a suitable cornerstone shareholder to take a smaller stake in the company
however that process may take some time given the current state of financial
markets.
"We envisage that it will continue to be challenging to meet all of the
variously stated objectives of shareholders in relation to percentage
holding, capital restructuring and non dilution of the Council interests," he
said.
- ends -
For further information, please contact:
Lucy Powell
Head of Communications
+
64 9 256 8866
+64 21 995 710
Footnote:
Auckland Airport has declared a fully imputed interim dividend of 5.75 cents
per share payable on 12 March 2008 to shareholders on the register as at 7
March 2008. As the interim dividend will be paid prior to the close of the
CPPIB offer, decreasing the equity value of Auckland Airport by an equivalent
amount per share, the offer price will be adjusted in accordance with the
terns of the takeover offer by the amount of the interim dividend.
Accordingly, the offer price will be reduced by 5.75 cents per share from
$3.6555 per share to $3.5980 per share. It is expected that the final
dividend will be reduced by an amount of 2.00 cents per share, reflecting the
increased interim dividend paid to shareholders now.
End CA:00160912 For:AIA Type:TAKEOVER Time:2008-02-25:08:57:49
It is unusual for a public listed company to publically disclose which way board members are voting. If the board is not one team, then it is probably better that everyone takes the money and runs.
I want IFT to sell up and take the short term profit from this deal. WIA offers IFT shareholders more than enough exposure and return from the airport sector in New Zealand.
The Government announced today that they are changing the tax laws in relation to "stapled securities". Isn't this what the Canadians were proposing to use under their scheme of arrangement (ie a share in the new Airport company and a "debt" instrument stapled to that share? So, a bit of good news for them today (the Board changing their recommendation), but then this other news which may affect the way they are able to structure the company going forward. Mind you, that is a long way off, and shareholders should focus on the two questions they are being asked at the moment, that is, should the Canadians be allowed to hold 40% and do you want to sell shares to them at $3.655 (less interim dividend).
Silly question, but how does this affect the offer?
Will the canadians now pull out or is it just that the future returns (if the proposal is accepted) will be less now that previously calculated.
Note: If you have lost your voting forms, call computershare and they will put you through to a dedicated help desk who will resend forms.
So labour changed the law overnight, so the deal wont go ahead???????
This has cost me thousands of dollars.
Down 9.9% to $2.55 today on 84 trades so lots of people not too happy. The converse being people happy to buy on the prospect of doing well!
down to 2.48
heres the article CJ
http://www.nzherald.co.nz/section/3/...ectid=10494569
perhaps Labour is forcing some sort of realisation that if we continue to sell our local assets for small short term gains we'll never have anything left. l/t holders may thank them one day
or just protecting the tax base?
Odd that this was so cloak and dagger tho , the two offers for AIA were both based on this stapled concept, so they had plenty of opportunity to enact the legislation prior to now. so it kind of seems as if it has been done specifically to prevent this offer.
Central Auckland effectively voted the Labour Govt in last term. Now the Govt is returning the favour by making sure that their Airport stays in New Zealand hands.
Everyone should be happy!
I, like the AIA board reserve the right to change my mind, again. I'm all for IFT taking minority control of AIA through whatever structure is possible at the cheapest price possible. And, it isn't anywhere near $3.65
Step up to the plate Loyde. Offer $2.90.
I recall stories in the media last year (NBR I think) about a government crack down on staples - they started looking at it when the Dubai deal was on the table. But the timing of this couldn't be worse.
Toddy
Great thinking, Infratil would be a perfect fit for AIA, maybe with a 10.01% stake & Lloyd on the board?
Would certainly have me interested in IFT again.
I heard John Banks last night saying, for small shareholders it was a good deal (the Canadian offer), but not for the Auckland council & that he promised NOT to sell a single share.
IFT have shown thru there 66% ownership of the Wgtn airport, that these agreements can work (although they have had there fair share of problems with the Wgtn council too!).
Disc: Nil AIA - but don't want it sold to foreign ownership.
Its still on, 'notwithstanding '.
TAKEOVER: AIA: Announcement by CPP Investment Board 02:13pm
AIA
26/02/2008
TAKEOVER
REL: 1412 HRS Auckland International Airport Limited
TAKEOVER: AIA: Announcement by CPP Investment Board
The following announcement has been provided by CPP Investment Board in
relation to Government stapled securities announcement
AUCKLAND, NZ (26 February 2008): The Canada Pension Plan Investment Board
(CPPIB) confirms that it is continuing with the partial takeover offer for
shares in Auckland International Airport Limited (AIAL) notwithstanding the
New Zealand Government's announcement yesterday that it proposes to amend the
taxation laws relating to stapled securities.
The partial takeover offer does not involve the issue of stapled securities.
Stapled securities were only to be issued under the proposed amalgamation
which would be considered by the AIAL board and shareholders in due course
after the completion of the partial takeover.
It has always been CPPIB's intention for any amalgamation proposal to be
implemented with IRD approval through a binding ruling. CPPIB intends to
monitor the progress of the proposed taxation changes and will be consulting
with IRD on the details of the proposed changes.
If successful in its partial takeover offer, CPPIB looks forward to working
with AIAL, the New Zealand Government and the New Zealand tourism industry in
the continuing development of New Zealand as a leading tourism destination.
Good on them , lets hope they mean it.
Almost as bad as the time Helen advised AIR shareholders to "hold on to their shares" before pulling the carpet from underneath them with a valuation 40% below the share price.
Any idea what price the stock will settle at if the deal fails?
I would quite like to built a long term holding but suspect there could be quite a fall if the deal fails.
Buying now could lead to a decent gain if deal goes through , hard to figure this one out
hard to imagine it falling below NTA surely?
which is what? findata says 1.91.
I cant quite understand why the s/p hasnt rocketed back up after confirmation that Canadians still buying and that legislation doesnt change things.
reminds me of the TEL unbundling fiasco - wonder which other top 10 company (& at least half the investors) is next to get screwed by this labour government?
Also I believe (could be wrong) the Dubai offer had the same stapled securities but no-one seemed to care??
yes the Dubai offer did have the stapled securities Dsurf
I wonder if the complexity of these offers is what is causing resistance/disbelief/confusion/reluctance.
if people want something why dont they simply stand in the market!! ?
At $2.45 the price is back to where it was prior to the excitement that began in May last year.
http://uk.ichart.yahoo.com/z?s=AIA.N...=l&p=s&a=v&p=s
Why are the canadians bothering? This would of been a good excuse to walk away.
With world markets down so much there must be plenty of better bargains about
I share your puzzlement, Peat.
My stance is this: There must now be a strong chance that the Canadians will reach the 40% and that the votes in favour will go over 50%. The number of shares offered to them will likely be not many more than 40% so there will be very little scaling back. Therefore willing sellers, like me, should get most of our shares away at the offer price, leaving a very small portion of our holding exposed to the shrinking market price. So, those who have been scooping up today's bounty are onto a winner, at the expense of the wimps.
No doubt someone will attempt to shoot holes in my thinking, but it seems a pretty fair argument and I have no intention to withdraw my offer (under the Facility Acceptance) so that I can dump on the market.
And while I'm at it: I fail to understand this xenophobic attitude that several have expressed on this thread. Thank goodness the Scots don't seem to have felt the same way about IFT taking control (NOT 40%) of Glasgow/Prestwick Airport, or the English about Kent, or the Poles about Lubeck, or the Uruguayans about NZS buying up thousands of hectares of their good dairy land - and there are countless other cases of Kiwi investment abroad.................let capital flow freely, I say, unless there is a manifestly strong case against it on the grounds of a particular country's strategic interests, e.g. North Korean ownership of a uranium mine (should we ever uncover one!)
Colin - not shooting you down but I think things have changed. With stapled securities the returns for Auck city council (manakau is zenophobic & financially illiterate) would have been far larger - 20m pa or so - this would mean less rates to be paid - so there were good reasons for Auck city to approve the bid & not sell into it. With the end of stapled securities there is no real compelling case for Auck council to "approve" the bid. This means they will oppose it (as per john banks article in the herald a week before the "decision" - we have as much democracy as Iraq ). So Auk has 12.5% , Manuakau 10?, IFT & Govt 10?
= 32.5% who will not approve, so reaching 50% seems less likely.
yesterday was overdone - the Canadians will still want a stake and maybe the model they are working on has reduced to $3.00 or thereabouts. I would suggest that if this 40% bid fails they will return with a $3.00 offer for 19.9% and then play a game like Origin stalking CEN - long way to go & a fund with billions
Sorry to ask as I'm sure the answer is in thread somewhere, but what date do the voting papers have to be returned by?
Looks as if the acceptances are starting to gather some momentum.
Most the big funds will leave it to the last minute, looks like it could be very close call.
Fran O'Sullivan: Airport game may be over
http://www.nzherald.co.nz/section/3/...ectid=10495541
Quote:
Originally Posted by Fran O'Sullivan
I wouldn't put it past those two to veto it. Labour has already made a pre-emptive strike against the deal with their retrospective tax changes.
The reality is that the Canadian deal is all but over.
An AIA/IFT deal may be better odds.
http://www.stuff.co.nz/4422789a13.html
According to One Network News tonight the Govt is going to enforce (amend) something called the 'overseas investment act' to prevent the sale of AIA to an overseas party.
Hence, its all over!.
Stand by for a great opportunity to buy AIA shares!
;)