KEY POINTS:
Air New Zealand shareholders have approved plans to buy new long-haul aircraft worth up to $4.5 billion.
Air NZ has already bought six Boeing B789s and four Boeing B773ERs, but needed shareholder approval if it wanted to exercise any or all option rights over a further eight B789s and three B773ERs linked to the original purchase.
The Companies Act requires a special vote when a company acquires assets with a value of more than half its existing assets, which were calculated at $3.5 billion.
The airline did not release details of the vote, which required at least 75 per cent approval. The Crown, which holds 76.5 per cent of Air NZ shares, had earlier indicated its intention to vote in favour of the resolution.
Despite speculation about the potential for shareholders to vote against the resolution in the hope that the company would have to buy their shares, there were only two questions on the resolution at the meeting.
Shareholders who cast all their votes against the resolution would have been entitled to require the company to buy their Air NZ shares for a fair and reasonable price, if the resolution was passed.
Aircraft costs putting the total for the purchased and option aircraft at $4.5 billion were current list prices, and did not include a "confidential, substantial discount" negotiated in 2004.
Those prices achieved during a period of reduced global demand for new aircraft were "excellent" and would not be able to be achieved in the current market, Air NZ said.
Shareholders also approved an increase in directors' total annual remuneration to $995,000 from $900,000, the re-election of Jane Freeman and John McDonald and the election of Jim Fox as directors.
Shares rose 2 per cent, or 5c, to $2.47.
- NZPA
