An Extraordinary General Meeting of Shareholders of N.V. Luchthaven Schiphol was held today. The meeting was attended by the State of the Netherlands, represented by the Ministry of Finance (75.8%), the City of Amsterdam (21.8%) and the City of Rotterdam (2.4%).
During the meeting, Schiphol Group's Board of Management and Supervisory Board requested the shareholders to approve two motions within the framework of the intended privatisation of Schiphol Group:
* Listing of (ordinary) Schiphol Group shares on Euronext Amsterdam * Amendment of the Articles of Association, which is necessary for disposal of the shares.
The meeting approved the first motion relating to listing of the shares with a majority vote of 78.2%. The amendment of the Articles of Association, which must be made to enable the listing to take place, did not receive the required support, as prescribed by the Articles of Association, because the City of Amsterdam voted against the motion.
The desire and necessity to privatise the company through a public listing has been advocated on a great many occasions by the Board of Management and Supervisory Board throughout the years. Schiphol Group, having public shareholders, has only limited access to the capital market. Having the broadest possible access is essential to be able to ensure an optimum financing structure (debt/equity ratio). A listed company moreover is in continuous dialogue with, and is accountable to the capital market. Since Schiphol Group's main competitors are listed companies, they have a competitive advantage by virtue of their ownership structure. The absence of a level playing field will weaken Schiphol Group's competitive position. By becoming a publicly listed company, possible acquisitions can be (partially) financed by shares and alliances can be entered into more easily by exchanging shares.
Privatisation of Schiphol Group will have a positive impact on Amsterdam Airport Schiphol, the main port and the business climate in the Randstad region (the name applied to the urbanised west of the Netherlands). To conclude, as a publicly listed company it will be easier to attract and retain talented employees throughout all layers of the organisation.
The ratification of the Aviation Act by the Upper and Lower Houses of Dutch Parliament has made it possible to dispose of, at maximum, half of the shares, minus one share, and provides Schiphol Group the opportunity to compete with the listed airport companies of London, Paris and Frankfurt with the same (financial) resources.
Against this background, the Board of Management and Supervisory Board regret that the minority shareholder, the City of Amsterdam, has blocked the amendment of the Articles of Association.
Schiphol Group has taken note of the possibility put forward by Dutch Finance Minister Gerrit Zalm in the Lower House of Dutch Parliament to have the decision taken by the Mayor and Alderman of the City of Amsterdam spontaneously annulled by the Crown. The company will await the outcome thereof.
Schiphol Group Corporate Communications & Public Affairs Tel: +31 (0) 20 601 26 73
Viðskiptablaðið er 25 ára og af því tilefni býðst nýjum áskrifendum að kaupa áskrift á 50% afslætti.
Afmælisverðið er aðeins 2.500 krónur.
Tilboðið er fyrir nýja áskrifendur. Núverandi áskrifendur geta bætt við sig áskrift á þessu verði. Gildir í 4 mánuði. Áskrifendur fá Viðskiptablaðið, Frjálsa verslun og Fiskifréttir sent ásamt vefaðgangi að vb.is og fiskifrettir.is