Auckland Airport has received initial orders from the High Court to seek shareholder approval to return $454 million of capital to its shareholders.
Auckland Airport announced the capital return on 28 November 2013. The following day it sought initial orders from the High Court to convene a meeting of shareholders to consider a scheme of arrangement to cancel 1 in 10 of its shares and to return $3.43 per cancelled share. If shareholders approve the scheme, Auckland Airport intends to seek final orders sanctioning the scheme from the High Court under Part XV of the Companies Act 1993.
Charles Spillane, Auckland Airport’s company secretary, says, “We will now proceed to organise a special meeting of shareholders for mid-February 2014.”
Source / Author: Auckland Airport