Auckland Airport plans to return $454M by cancelling one in 10 shares

Wed, 27 Nov 2013

Nov. 28 (BusinessDesk) – Auckland International Airport, the nation’s busiest gateway, plans to return $454 million to shareholders by way of a share cancellation, with 60 percent of the payment to be treated as a taxable dividend. The company will seek shareholder approval in February for a scheme of arrangement to cancel one in 10 shares at $3.43 apiece, compared with their most recent trading price of $3.415. The transaction requires approval of at least 75 percent of voting shareholders and the company would then seek final High Court cle...

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