Ann: WAV/RULE: AIA: AIA Waiver Extension Applicat

• Release Date: 04/12/13 13:02
• Summary: WAV/RULE: AIA: AIA Waiver Extension Application - NZDX Listing Rule 5.2.3
• Price Sensitive: No
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					AIA
04/12/2013 11:02
WAV/RULE

REL: 1102 HRS Auckland International Airport Limited

WAV/RULE: AIA: AIA Waiver Extension Application - NZDX Listing Rule 5.2.3

NZX Regulation Decision
Auckland International Airport Limited ("AIA")
Application for extension of waiver from NZDX Listing Rule 5.2.3

4 December 2013

Decision

1. Subject to the conditions in paragraph 2 below, and on the basis that the
information provided by AIA is complete and accurate in all material
respects, NZXR grants AIA a waiver from Rule 5.2.3 in respect of the AIA120
Bonds for a period of 12-months from 14 December 2013, to allow AIA to have
fewer than 500 Bondholders who are Members of the Public.

2. The waiver contained in paragraph 1 is granted on the following
conditions:

(a) AIA clearly and prominently discloses the 12-month waiver, its
conditions, and its implications in its half-year and annual reports; and

(b) AIA notifies NZXR if there are any material changes to the spread of the
AIA120 Bonds.

3. The information on which this decision is based is set out in Appendix One
to this decision. This decision will not apply if that information is not, or
ceases to be, full and accurate in all material respects.

4. The Rule to which this decision relates is set out in Appendix Two to this
decision.

Reasons

5. In coming to the decision to grant the waiver set out in paragraph 1
above, NZXR has considered that:

(a) Debt securities are generally not subject to the same degree of trading
activity as equity securities;

(b) AIA has advised that it expects the spread of AIA120 Bonds will continue
to increase;

(c) The number of underlying holders of AIA120 Bonds indicates that there is
investor demand for the AIA120 Bonds which will lead to a degree of liquidity
in the secondary market;

(d) The condition, contained in paragraph 2(a) above, will ensure that both
existing AIA120 Bondholders and those wishing to trade in AIA120 Bonds are
aware AIA120 Bonds may not satisfy the spread requirements of Rule 5.2.3; and

(e) NZXR has granted similar 12-month waivers in the past. The 12-month
waiver gives NZXR the opportunity to reconsider the spread of the AIA120
Bonds in 12 months if AIA considers a waiver is still required.

Appendix One

1. Auckland International Airport Limited ("AIA") is a Listed Issuer with
bonds Quoted on the NZX Debt Market ("NZDX").

2. AIA quoted its $100,000,000 fixed rate bonds maturing on 13 December 2019
on the NZDX on 14 December 2012 ("AIA120 Bonds"). The bonds are quoted on the
NZDX under the code AIA120.

3. On 28 November 2012, NZX Regulation ("NZXR") granted AIA a 12-month waiver
from Rule 5.2.3 in respect of the AIA120 Bonds.

4. As at 11 November 2013 (based on registered holdings), the spread of the
AIA120 bonds was 86 holders, which represents an increase of approximately
48% since the AIA120 Bonds were quoted.

5. A number of those holders on the register are nominees and custodians. As
at 15 November 2013 there were approximately 420 underlying holders held by
one custodian alone.

6. AIA expects that the spread of the AIA120 Bonds will continue to increase
(as it has been since the bonds have been quoted).

Appendix Two

Rule 5.2 Quotation of Securities

5.2.3 A Class of Securities will generally not be considered for Quotation on
the NZSX or NZDX unless those Securities are held by at least 500 Members of
the Public holding at least 25% of the number of Securities of that Class
issued, with each Member of the Public holding at least a Minimum Holding,
and those requirements are maintained, or NZX is otherwise satisfied that the
Issuer will maintain a spread of Security holders which is sufficient to
ensure that there is a sufficiently liquid market in the Class of Securities.
End CA:00244717 For:AIA    Type:WAV/RULE   Time:2013-12-04 11:02:32