Thanks CJ
You happy , me happy
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Thanks CJ
You happy , me happy
trading halted?
Plus Plus
ASSET: IFT: Infratil commits to Australian PPP projects
Infratil today announced an intention to commit A$100 million to pursue
greenfield availability based public-private partnership ("PPP")
opportunities in Australia via the Australia Social Infrastructure Partners
("ASIP") platform. The ASIP platform consists of two vehicles managed by
H.R.L. Morrison & Co.; Leighton Contractors Infrastructure Partners and
Public Infrastructure Partners Australia, established in 2012. ASIP has
currently invested in 9.95% and 49.9% respectively of the equity in the
A$1.85billion New Royal Adelaide Hospital PPP and the A$232m South East
Queensland Schools PPP.
Infratil Chief Executive, Marko Bogoievski commented that, "Infratil has been
assessing the Australian PPP market for some time, and in particular the best
access point to pursue the significant pipeline of development opportunities
that exists across the education, health and transport sectors. Infratil has
observed that greenfield PPP investments offer risk-adjusted development
returns that are comparable to the returns available in adjacent
infrastructure sectors such as greenfield Australian wind projects."
The commitment establishes a new strategic alliance between Infratil and
Leighton Contractors. Leighton Contractors, a wholly-owned subsidiary of
Leighton Holdings Limited, is one of Australia's leading contracting and
project development groups, with over $13 billion work in hand and employing
more than 14,000 people across Australia, New Zealand, Papua New Guinea and
Africa. The company delivers projects for clients across the infrastructure,
mining, telecommunications, civil construction, industrial, energy, health
and services sectors.
Under the alliance arrangements between H.R.L. Morrison & Co and Leighton
Contractors, Infratil and other institutional investors have the opportunity
to participate as equity investors in future Leighton Contractors' PPP
projects via the Leighton Contractors Infrastructure Partners vehicle. The
terms of the strategic alliance allow for additional co-investment by
Infratil in Leighton Contractors' PPP projects and also provides the
flexibility to pursue greenfield projects where Leighton Contractors is not
involved.
Leighton Contractors is currently participating in bids for the Queensland
Schools, North-West Rail (NSW) and East-West Link (Vic) availability-based
PPP projects, and is well placed to succeed in bids for A$30bn of PPP
projects to be procured by state and federal governments in the near to
medium term.
Infratil's commitment in the strategic alliance is to be formalised before
year end, with Infratil's capital commitment likely to be called over a 2-3
year period as bids are awarded.
Marko Bogoievski
Chief Executive Officer
End CA:00242880 For:IFT Type:ASSET Time:2013-10-25 10:04:09
Yes, two good news stories within 24 hours. To put it into context though, they are relatively small investments compared to others such as Trustpower - over a billion dollars - Z Energy and Wellington Airport.
Is good to see them able to put that money to use, instead of me getting it and drinking it...
Anyone think tomorrows announcement of statements will change much?
HALFYR: IFT: Infratil Results for Half Year to 30 September 2013
2013 has been extraordinarily busy. Infratil has divested, invested, and
introduced a new channel for future investment into Australian
infrastructure. It faced some taxing regulatory challenges and threats, and
has been active in hedging and risk management. A new form of share buyback
was announced and then postponed. And the weather played a part with warm
winters in Australia and New Zealand reducing household energy use, while
storms closed Wellington Airport for more time than in any single year since
the 1970s.
The half year was also Infratil's last period with David Newman as Chairman.
David passed away in October; his integrity and long term vision have left an
indelible impression and he will be greatly missed. Mark Tume has been
appointed by the board to be David's successor as Infratil's Chair.
Financial Results / Capital Management
Net parent company surplus for the six months was $230 million (from a $17
million loss in the same period last year). Net consolidated operating cash
flow was $275 million, up from $106 million.
An interim dividend of 3.75 cents per share (from 3.25 cents) is declared.
The increase reflects Infratil's higher cash earnings, sound financial
position and the goal of providing shareholders with growing tangible
returns. The dividend will be paid on 13 December to shareholders on the
register as at 29 November. The dividend reinvestment plan will operate
The DRiP will be "The price of the DRP shares will be the weighted average price recorded on the NZX over 2 December – 6 December inclusive"
I assume there is no discount.
Yes there doesn't seem to be any discount attached to the DRIP. Quickly checked their website for clarification:
The Dividend amount will continue to be taxable as at present. It is anticipated that Infratil’s Dividends will continue to be fully imputed, whether they are received as cash or as Shares.
When a Dividend is declared by Infratil it will be announced if the Plan will be operational (i.e. Infratil can revert to paying only cash Dividends) and if there is to be a discount in the price of the Shares issued.
The price of the Shares issued under the Plan will be the volume weighted average sale price of all Shares which take place through the NZSX market over the 5 trading days after the relevant Record Date.
Buyback still going ahead:
Infratil tender offer to buy back up to 24.8 million shares on 5 December 2013
I think he meant a discount to market value (ie. the share price has risen but you 'purchase price' is the VWAP from a few days ago).
On another note:
I am a bit confused about the share buy back. I assume no one would put in a price less than market price so it should in theory go at a premium to market price? ANy opportunity for an arbitrage here? Ie. sell into the offer and buy back on market? I assume the big boys will be looking at this such that any return is nominal.