IFT - Infratil

[huxley]

Retail offer oversubscribed, despite Snoppy’s efforts here

[Sideshow Bob]

Retail offer oversubscribed, despite Snoppy’s efforts here

https://www.nzx.com/announcements/434374

Infratil Limited ("Infratil") is pleased to announce that its non-underwritten retail share offer ("Retail Offer") has closed oversubscribed.

The Retail Offer received strong support from eligible shareholders, with Infratil receiving valid applications totalling approximately NZ$426.2million[1][2][3]. Applications were received from 37,548 eligible shareholders, representing a higher participation level than Infratil's 2023 Retail Offer (27,983 shareholders).

In recognition of the strong support from retail shareholders and the desire to, as far as is practicable, allow shareholders to maintain their proportionate ownership following the equity raising, Infratil has elected to exercise its discretion to accept oversubscriptions. Infratil is accepting an additional NZ$125 million [1][2] of subscriptions, bringing the total amount raised under the Retail Offer to NZ$275 million[1][2].

A total of approximately 27,093,600 new fully paid Infratil ordinary shares will be issued under the Retail Offer at the issue price of NZ$10.15 per share (or A$9.243 per share for ASX Retail Offer applicants [2]), being the price at which shares were issued in the placement announced on Monday, 17 June 2024. Scaling has been applied by reference to each eligible shareholder's pro rata Infratil shareholding on Friday, 14 June 2024 at 9:00pm (NZST) / 7.00pm (AEST) ("Record Date"). Allotment statements will be sent to participating shareholders on Tuesday, 16 July 2024, with refunds of any surplus application amounts to occur on or as soon as possible after that date in accordance with the terms of the Retail Offer Document dated 20 June 2024 ("Retail Offer Document”).

The Retail Offer is part of Infratil's equity raising announced on Monday, 17 June 2024 which also included an underwritten NZ$1,000 million placement of shares. The total amount raised under the equity raising is now NZ$1,275 million[1][2], with proceeds of the equity raising used to fund further investment into data centre operator CDC’s accelerating growth as well as provide more flexibility for growth across Infratil’s global portfolio.

The Retail Offer provided eligible Infratil shareholders, being shareholders having an address in New Zealand or Australia as at 9.00pm (NZST) / 7.00pm (AEST) on the Record Date, with the ability to subscribe for up to a maximum of NZ$150,000 and A$45,000[4], respectively, worth of new shares in Infratil on and in accordance with the terms and conditions in the Retail Offer Document.

Settlement on ASX is expected to occur on Monday, 15 July 2024 and on NZX on Tuesday, 16 July 2024. Allotment of new shares is expected to occur on the NZX and ASX on Tuesday, 16 July. Trading of those shares is expected to commence on NZX on Tuesday, 16 July 2024 and on ASX on Wednesday, 17 July 2024. The new shares to be issued under the Retail Offer will rank equally in all respects with Infratil's existing ordinary shares.

[Jaa]

Maybe. But then they've been in CDC since '16.

It is valued off the pipeline potential though.

Which as that chart in the Livewire article shows is mostly in Sydney, a much more competitive market than CDC's home market in Canberra.

Those clever people at Goodman plan to just convert their Aus logistical warehouses into data (warehouse) centres, either themselves or by offering ready to build sites complete with power and internet connectivity to the hyperscalers. How do you compete with that?

[maclir]

It is valued off the pipeline potential though.

Which as that chart in the Livewire article shows is mostly in Sydney, a much more competitive market than CDC's home market in Canberra.

Those clever people at Goodman plan to just convert their Aus logistical warehouses into data (warehouse) centres, either themselves or by offering ready to build sites complete with power and internet connectivity to the hyperscalers. How do you compete with that?

I imagine you compete based on the usual things, price, expertise, fitness for purpose.
You have to retrofit the buidling, once you've ensured there are no problems with zoning, determined the power supply etc are viable. Then you have to drum up the business. So it's not a fait accompli, though there might be a useful starting point.

[Toddy]

It is valued off the pipeline potential though.

Which as that chart in the Livewire article shows is mostly in Sydney, a much more competitive market than CDC's home market in Canberra.

Those clever people at Goodman plan to just convert their Aus logistical warehouses into data (warehouse) centres, either themselves or by offering ready to build sites complete with power and internet connectivity to the hyperscalers. How do you compete with that?

IFT management are really good at deciding when an investment reaches maturity and exiting.

Are we there yet? I'm thinking No.

[kiora]

Something for the analysts to unpick

For investors that have time then there is compounding returns
For others there is confounding returns

"Brookfield Renewable Just Made a Game-Changing Move. Here's What You Need to Know."
https://finance.yahoo.com/news/brook...103000849.html
https://www.marketscreener.com/quote...EOEN-46633605/

NEOEN $6.5 b offer."Neoen currently has 8.3 gigawatts (GW) of assets in operation or under construction. In addition, it has 20 GW of advanced-stage development projects across Australia, France, and the Nordics."

IFT owns 37% Longroad E,37%valued at $2b ($4b 12 months)
LRE 3.5 GW owned,5.4 GW under contract for O & M & Asset Management Services

https://www.longroadenergy.com/renew...ergy-projects/

Brookfields are no slugs

[Toddy]

Something for the analysts to unpick

For investors that have time then there is compounding returns
For others there is confounding returns

"Brookfield Renewable Just Made a Game-Changing Move. Here's What You Need to Know."
https://finance.yahoo.com/news/brook...103000849.html
https://www.marketscreener.com/quote...EOEN-46633605/

NEOEN $6.5 b offer."Neoen currently has 8.3 gigawatts (GW) of assets in operation or under construction. In addition, it has 20 GW of advanced-stage development projects across Australia, France, and the Nordics."

IFT owns 37% Longroad E,37%valued at $2b ($4b 12 months)
LRE 3.5 GW owned,5.4 GW under contract for O & M & Asset Management Services

https://www.longroadenergy.com/renew...ergy-projects/

Brookfields are no slugs

Every time I start to question my (boring) investment in IFT and the missed opportunities of selling some to buy so called 'cheap' NZ sticks I get a good kicking with reminders from posts like this.

Thanks.

Ift is a real gem, positioned brilliantly and in the right international trends to continue it's growth record. Well, accelerate actually.

With the latest cap raise put to bed, and the plans being implemented then we should be very excited about where IFT could end up.

I cannot remember ever investing in a Kiwi stock like this that is investing billions pa in new ventures and building 'real' assets and revenue.

[kiora]

I agree totally Toddy.Compounding every year for 30 years is no mean feat for any company.
And continually updating the roadmap for future returns.

Patience is pertinant.
Some years SP only increases over 12 particular days/365

[warthog]

Every time I start to question my (boring) investment in IFT and the missed opportunities of selling some to buy so called 'cheap' NZ sticks I get a good kicking with reminders from posts like this.

Thanks.

Ift is a real gem, positioned brilliantly and in the right international trends to continue it's growth record. Well, accelerate actually.

With the latest cap raise put to bed, and the plans being implemented then we should be very excited about where IFT could end up.

I cannot remember ever investing in a Kiwi stock like this that is investing billions pa in new ventures and building 'real' assets and revenue.

IFT is basically alone in its proposition of being an accessible public company while essentially being a private market fund.

[kiora]

Meaning private market debt fund?
and publically traded equity fund Warthog?