Source: ONE News, Thursday January 28, 2010.
Auckland International Airport [AIA.NZ] CEO Simon Moutter discusses the airport's strategy following its $166 million purchase of a stake in two Australian airports and its $126 million share offer announced on Wednesday.
Please keep in mind that Simon was the chief operating officer at Telecom New Zealand [TEL.NZ] for 12 years before becoming AIA CEO, so he and his cohorts at Telecom have a track record of a massive failure in Australia already with Telecom's ill fated purchase of AAPT, which continues to have negative financial ramifications for the Telco and its shareholders to this day.
He keeps talking about the Australian Airport as a "step out" from the ports main asset, their Auckland Airport asset.
As an AIA shareholder I don't feel as positive as Simon about our purchase and feel a little nervous considering all the business jargon he is using to explain his reasons for the buy.
Just a footnote, the new share issue at NZ $ 1.65 could provide the opportunity for new AIA investors to get in cheaper than the closing price last Tuesday of $1.92 as the share price finds a new level post capital raising.
Download the AIA offer prospectus and associated documents here.
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