Notice

1	Title This notice is the Takeovers Code (NZ Airport NC Limited) Exemption Notice 2008.
2	Application This notice applies to acts or omissions occurring on or after 14 December 2007.
3	Interpretation
(1)	In this notice, unless the context otherwise requires,- Act means the Takeovers Act 1993 AIAL means Auckland International Airport Limited AIAL shares means fully paid ordinary shares in AIAL Code means the Takeovers Code under the Act NZ Airport means NZ Airport NC Limited NZ Airport offer means a partial takeover offer dated 14 December 2007 made by NZ Airport for 39.53% of the AIAL shares not already held or controlled by NZ Airport.
(2)	Any term or expression that is defined in the Act or the Code and used, but not defined, in this notice has the same meaning as in the Act or the Code.
4	Exemption from rule 24(2)(b) of Code
	NZ Airport is exempted from rule 24(2)(b) of the Code in respect of the NZ Airport offer to the extent that it required the NZ Airport offer to close no later than the close of 12 March 2008.

Dated at Auckland this 2nd day of May 2008.

The Common Seal of the Takeovers Panel was affixed in the presence of:

This notice applies to acts or omissions occurring after 14 December 2007. Auckland International Airport Limited (AIAL) is a code company. On 14 December 2007, NZ Airport NC Limited (NZ Airport) made a partial offer to acquire 39.53% of the fully paid ordinary shares in AIAL not already owned by NZ Airport (the NZ Airport offer). The offer period was stated in the offer document to expire on 13 March 2008. On 12 March 2008 it was discovered that, as a result of an incorrect calculation, the offer period as stated in the offer document was 1 day longer than the maximum period permitted under rule 24(2)(b) of the Takeovers Code (the Code). The Takeovers Panel has granted NZ Airport an exemption from rule 24(2)(b) of the Code to allow expiry of the offer period on 13 March 2008 as stated in the offer document.

The Panel considers that the exemption is appropriate and consistent with the objectives of the Code because-

• the incorrect statement of the offer period's expiry date was inadvertent and the mistake was only discovered on the day that the NZ Airport offer should have closed as required by the Code:
• if the exemption were not granted, the outstanding shareholders of AIAL would be disadvantaged because those who intended to accept and vote on the offer on the last day of the offer period, as specified in the offer document and in numerous communications from NZ Airport, would not have had time to accept or vote by the time the mistake in timing was communicated to them:
• granting the exemption does not in any way prejudice the shareholders of AIAL.

Issued under the authority of the Acts and Regulations Publication Act 1989.
Date of notification in Gazette: [ ]
This notice is administered by the Takeovers Panel.