The
announcement yesterday that Auckland International Airport [
AIA.NZ]
is going to raise NZ$126.4 million from shareholders to pay for two
hick town airports in the middle of nowhere in Australia should be no
surprise to AIA shareholders.
The airport borrowed heavily to fund the purchase and now shareholders must take the brunt of
what I see as a poor decision
and bail out AIA directors who apparently have money to burn or risk
having their share holding diluted - boy I am going to have to eat dirt
if this buy is a success.
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c Share Investor 2010