IFT - Infratil

[huxley]

I for one look forward to reading the the comments about what constitutes infrastructure when the Console Connect transaction goes through

Okay, recent events suggest it’s definitely infrastructure

[Toddy]

USG and MFT stand out for phenomenal LT returns vs IFT ...USG has the comfort of low cost fund thus safer then single stock risk ...otherwise MFT beats IFT hands down on all LT time frames and both NZX stocks

A common strategy for the risk adverse on the NZX is just to hold IFT, MFT and FPH. Good solid international stocks.

Therefore comparing the returns between the stocks as competitors is not necessary.

Those risk adverse stocks as a trifecta would have made a solid return. And will continue to do so into the future.

[alokdhir]

A common strategy for the risk adverse on the NZX is just to hold IFT, MFT and FPH. Good solid international stocks.

Therefore comparing the returns between the stocks as competitors is not necessary.

Those risk adverse stocks as a trifecta would have made a solid return. And will continue to do so into the future.

Mate the discussion behind which maybe u forgot to read was Kiora asking better LT returns stocks than IFT trading on NZX ...Jaa responded with long list with MFT well ahead of IFT's 20 years return ....I just added my two cents by suggesting USG which is US Large Cap FUND ...its also doing better then IFT at present .

FYI ...Kiora has a two stock portfolio ...80% IFT and 20% FPH ....so he maybe interested in diversifying out of IFT maybe thats why he asked for better LT returns stocks then IFT ....hopefully now u know the full context of my post !!!

[huxley]

Mate the discussion behind which maybe u forgot to read was Kiora asking better LT returns stocks than IFT trading on NZX ...Jaa responded with long list with MFT well ahead of IFT's 20 years return ....I just added my two cents by suggesting USG which is US Large Cap FUND ...its also doing better then IFT at present .

FYI ...Kiora has a two stock portfolio ...80% IFT and 20% FPH ....so he maybe interested in diversifying out of IFT maybe thats why he asked for better LT returns stocks then IFT ....hopefully now u know the full context of my post !!!

I guess the question is whether this is relevant to a thread on Infratil. There’s a whole universe of low cost funds (listed and unlisted) tracking large cap US shares. If you want to talk about the merits of an investment in MFT or anything else on the NZX then there are threads available to have that discussion. It’s all good, but the discussion on here is getting off track.

[Southern Lad]

The Australian Dataroom column is reporting that Commonwealth Superannuation Corporation has hired Barrenjoey as it seeks to offload its 24% CDC stake.

Interesting dynamics for IFT - is it a buyer? Is IFT a partial seller if the price is high enough?

Any completed transaction will provide evidence of actual market value.

[Toddy]

The Australian Dataroom column is reporting that Commonwealth Superannuation Corporation has hired Barrenjoey as it seeks to offload its 24% CDC stake.

Interesting dynamics for IFT - is it a buyer? Is IFT a partial seller if the price is high enough?

Any completed transaction will provide evidence of actual market value.

As interest rates start to come down we will see more Corporate investment activity.

Im sure that IFT have done their homework on CDC. There are probably more positives than negatives with the market having a good look at CDC and what it's really worth as a business.

[Snoopy]

The Australian Dataroom column is reporting that Commonwealth Superannuation Corporation has hired Barrenjoey as it seeks to offload its 24% CDC stake.

Interesting dynamics for IFT - is it a buyer? Is IFT a partial seller if the price is high enough?

Any completed transaction will provide evidence of actual market value.

It was in 2020 that 'Commonwealth Super' (serving Australian government employees, including defence force members) sold down half of their then owned stake of 48.2% in Canberra Data Centres to the 'Future Fund' (an Australian Government investment arm, for topping up the unfunded part of Australian Superannuation). This was basically one Australian pension fund selling to another.

My reading of the Australian Takeovers code for an unlisted company is that any bidder wanting control of a company, which for the purpose of the code seems to be a stake higher than 20%, is required to submit a bid to all (other) shareholders. Thus if Infratil wanted to buy the 'Commonwealth Super' stake, they would have to put a same offer price bid for the 'Future Fund' stake as well. Could Infratil afford that?

SNOOPY

[Southern Lad]

My reading of the Australian Takeovers code for an unlisted company is that any bidder wanting control of a company, which for the purpose of the code seems to be a stake higher than 20%, is required to submit a bid to all (other) shareholders. Thus if Infratil wanted to buy the 'Commonwealth Super' stake, they would have to put a same offer price bid for the 'Future Fund' stake as well. Could Infratil afford that?

SNOOPY

Does this link suggest that the Australian Takeovers Code applies to unlisted Australian incorporated companies only when they have more than 50 shareholders?

https://takeovers.gov.au/resources/k...ver-provisions

If so, CDC wouldn't be subject to it.

It is likely that there will be a CDC shareholders agreement which will likely have pre-emptive rights for existing shareholders to have the first right to buy any shares that are sold (but not an obligation to do so) and possibly drag along and lag along rights, but its unlikely a sale of a 24% stake would trigger these.

[audiav]

In the WSJ today
Blackstone, in Bullish AI Bet, Is Charging Into Data Centers

“ Blackstone is looking to capitalize on the AI boom through multiple strategies, including credit, infrastructure, real estate and renewable energy, Schwarzman said. He cited developer QTS Data Centers, which has expanded its lease capacity seven times since Blackstone took it private roughly three years ago, as an example of current trends.”

[Snoopy]

Does this link suggest that the Australian Takeovers Code applies to unlisted Australian incorporated companies only when they have more than 50 shareholders?

https://takeovers.gov.au/resources/k...ver-provisions

If so, CDC wouldn't be subject to it.

Yes you are right Southern Lad. Thinking about it more, it would be a bit of an overreach if the Australian takeovers code started meddling in all private company shareholder changes, where those private companies had just a handful of shareholders.

If Infratil went over 50% though, there might be some eyebrows raised in Canberra about 'sensitive government data' being controlled by a foreign entity. So an Australian bidder for the Commonwealth Superannuation Corporation CDC stake may be preferred.

SNOOPY