AIA – Auckland Airport approves staff share scheme
Media release | 21 August 2020
Auckland Airport approves staff share
scheme
This week the Board of Directors of Auckland Airport voted to approve an offer to
employees to participate in a share purchase plan (the Plan). The Plan was
established by Auckland Airport in 1999 and is intended to encourage and incentivise
employees by providing them with a stake in the company and a financial interest in
its performance and success.
The Plan involves Auckland Airport making interest free loans to employees to fund
the acquisition of ordinary shares in the company (the Shares). The loans will be
repaid by employees in regular instalments over a three-year term by way of a
deduction from their salary or wages. The shares will be allocated to employees from
surplus shares held by the trustees of the Plan (the Trustees) under clause 6.1 of the
Trust Deed. To the extent that the number of surplus shares being allocated is not
sufficient to meet the uptake of offers by participating employees, the Company shall
issue new shares to the Trustees on behalf of participating employees.
Shares will be allocated (either from existing shares held by the Trustees and/or by
the Company issuing new shares) at a price which will be equivalent to the middle
market quotation for an ordinary share in the Company on the NZX Main Board on 5
November 2020, less a discount of 20% and otherwise on the terms and conditions of
the Plan (Discounted Share Price).
Shares will rank in full for all dividends declared by Auckland Airport after the date of
issue and shall rank equally in all respects with the existing Shares.
The Board may cancel its decision to issue the Shares at any time before they are
issued. If it does so, the Shares shall not be issued by the company.
ENDS
For further information, please contact:
Media:
Libby Middlebrook
Head of Communications and External Relations
+64 21 989 908
libby.middlebrook@aucklandairport.co.nz
Investors:
Stewart Reynolds
Head of Strategy, Planning and Performance
+64 27 511 9632
stewart.reynolds@aucklandairport.co.nz
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
Other issuers discussed similar conditions around this time
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