27 September 2018
The Board of Directors recently voted to approve a change to the current employee share purchase plan (the Plan) which 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 updated Plan means that eligible employees will be able to acquire more shares than in previous years.
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.
A maximum of 200,000 surplus shares plus up to a maximum of 30,000 newly issued shares will be allocated 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 1 November 2018, less a discount of 15% and otherwise on the terms and conditions of the Plan ("Discounted Share Price").
The new Shares will qualify for all dividends declared by Auckland Airport after the date of issue and shall rank equally in all respects with the existing Shares.
Ends
For further information please contact:
Stewart Reynolds
Investor Relations
+64 (0) 9 257 7059
+64 (0) 275 119 632