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Monday 2nd November 2009 |
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Infratil exercised its put option over its 90% holding of Luebeck Airport for the equivalent of $64 million, exiting a four-year investment that failed to perform to target.
The investment group gained the put option when it acquired the stake in 2005, allowing the company to require the German city to buy back the shares if passenger numbers undershot expectations.
The exercise price was about 25.5 million euros, which amounted to $64 million once foreign exchange contracts were taken into account, Infratil said.
Shares of Infratil, whose biggest holding is its controlling stake in TrustPower, rose 4 cents to $1.63 on Friday and have slipped 2% this year.
The shares have a ‘buy’ rating, based on the consensus of six recommendations compiled by Reuters.
Businesswire.co.nz
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