Macquarie Airports to start $1b buyback

AAP - Macquarie Airports says it will begin buying back as much $1 billion of its stapled securities before it seeks security holder approval later this month.

The airport owner and operator says it will still seek security holder approval on
October 17 for the buyback, which it announced on August 20 when it reported a $274
million interim loss.
Macquarie Airports' securities price has slid lately due to global market volatility
and high oil prices, and Monday's announcement came on a day when the overall share
market rose about 4.5 per cent.
When the buyback was announced last month along with plans to sell $1.5 billion of
assets, chief executive Kerrie Mather said the balance sheet overhaul was due partly
to the company's disappointing security price performance.
She said this primarily a consequence of external factors beyond Macquarie Airports'
control.
The company's shares closed 19 cents, or 7.92 per cent, higher at $2.59 on Monday.