Grupo Aeroportuario del Pacifico names directors, shareholders approve dividend payment

Mexico's Grupo Aeroportuario del Pacífico announced (03-Jun-2010) its shares were suspended from trading on the Mexican Stock Exchange and the New York Stock Exchange on 02-Jun-2010 due to the following:

• The events that took place at the company's general and extraordinary shareholders' meeting on 27-Apr-2010, at which shareholders were unable to ratify or elect new independent board members (Bloomberg/Dow Jones, 03-Jun-2010);
• The events contained in the recent events published via Emisnet on 28-Apr-2010, 29-Apr-2010 and 30-Apr-2010; 17-May-2010 and 20-May-2010 and 01-Jun-2010;
• In order to protect investors and avoid "disorderly market conditions".

GAP is working to expeditiously resolve this issue in order to resume normal trading activities as soon as possible. Bolsa Mexicana de Valores SAB stated the suspension may last up to 60 days. [more]

Its board of directors has since announced (03-Jun-2010) to provisionally name the following independent board members: José Manuel Rincón Gallardo Purón, Ernesto Vega Velasco, Francisco Javier Fernández Carbajal, Francisco Glennie y Graue, León Falic, Jaime Cortés Rocha and Carlos Bravo. [more]

GAP also announced (03-Jun-2010) its shareholders approved the following at its general ordinary and extraordinary shareholders meeting on 02-Jun-2010:

• The company and its subsidiaries' financial statements, for the fiscal year ended 31-Dec-2009;
• The allocation of the company's net income to pay a dividend of MXN1 billion (USD78.4 million) or MXN1.78 (USD0.14) each of the 561 million outstanding shares, leaving the amount of MXN139.4 million (USD10.9 million) as net income pending allocation. The dividend is to be paid in two installments, with MXN750 million (USD58.8 million) to be paid out by 15-Jun-2010 and the rest by Nov-2010. The dividend was approved on 27-Apr-2010, but the company decided the defer the payment after the meeting.

The company's proposed capital reduction of MXN900 million (USD70.5 million) was not approved. This was to be paid proportionately among the outstanding shares. A designated representative of the BB shares stated that he did not have instructions to cast a vote with respect to this item or with respect to the modification of Article 6 of the company's bylaws. Given that Article 43 of the company's bylaws requires a majority vote from the Series BB shareholders in order to approve the capital reduction and the modification of the company's bylaws neither action was approved. [more]