Infratil has varied an agreement that would enable it to sell its 90 per cent stake in Luebeck Airport back to the City of Luebeck, depending on passenger numbers at the airport.
The shareholders' agreement gave Infratil a put option under which it can require the city tore-acquire Infratil's shareholding if less than 1.2 million passengers used the airport during 2008. Last year the airport catered for 540,000 passengers.
Infratil said yesterday that it had made no decision on whether to exercise the put option.
The key put option terms are now that the option may be exercised until January 31, 2010, while Infratil has agreed not to exercise it before October 23, 2009.
If the option is exercised between October 23 and October 31, the put option price will be 23.5 million ($60.8 million) plus compensation for approved operating losses.
