Media Release | 11 April 2008
Auckland Airport to focus on “moving forward”
Chairman of Auckland Airport, Tony Frankham, said the board would focus on moving the business forward following the
rejection of CPPIB’s application to acquire a 40 per cent stake in the company.
“Earlier today, Ministers Parker and Cosgrove confirmed that CPPIB’s application under the Overseas Investment Act had
been declined.
“As this final condition has not been met, CPPIB’s offer will not proceed. Shareholders who accepted the offer will now
be free to trade their shares."
Mr Frankham said that, while the decision of the Ministers is not consistent with the wishes of a majority of Auckland
Airport shareholders who voted to approve the CPPIB takeover, the board nevertheless needed to focus on moving the
business forward.
“Directors will re-consider the issues of the company’s capital structure and the prospects for introducing a new
cornerstone shareholder that could add strategic value.
“These issues will be revisited in light of the very different circumstances we face today; including the new limits
placed on investment in strategic assets by overseas investors, the changes in the tax treatment of stapled securities
and the material deterioration in global financial markets,” he said.
Mr Frankham said that excellent progress was being achieved on the implementation of the company’s Masterplan 2025 which
is designed to enhance the company’s business and create shareholder value over the long-term.
“The plan places particular emphasis on developing the airport and enhancing the overall travel experience for the
benefit of the passengers, airlines and visitors. In line with this objective we are about to complete the last stage of
our $500 million investment programme which has touched every aspect of the airport business over the past four years.
“Directors believe that this significant investment in the airport, and the prospect of new airline capacity entering
the market over the next few years, will enable us to continue to deliver sustainable growth in earnings for
shareholders,” he said.
ENDS