Infratil puts off Lubeck Airport sell-back option

The company has agreed not to exercise this option before October 23 after reaching an agreement with the City of Lubeck in December to extend its right to 'put' its 90% stake in the airport back to the city until January 2010. It would receive 23.5 million euros plus compensation for operating losses in 2009 to a maximum of euro 1.6 million plus interest.

"Infratil and the airport continue to await the planning approval decision that, if successful, would encourage aircraft to be based at the airport and allow for significant passenger growth," the company said in a statement. The airport reported 540,000 passengers in 2008.

The investment group bought its stake in the airport in 2005, including an option allowing it to require the city to buy back its 90% shareholding if there were fewer than 1.2 million passengers in 2008. Its stock was unchanged at $1.77, rising 8.6% this year.

The city of Lubeck has a similar option to claw back the 90% stake before October 31 with the same costs and conditions.

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