LOL heads and warrants getting hammered after Morrison buys. IFT down 11c already.
Disc: Hold. But they're long term
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LOL heads and warrants getting hammered after Morrison buys. IFT down 11c already.
Disc: Hold. But they're long term
Laid up in a hospital bed with a slip disk in my back while having to pay others to do the orchard work, and losing tens of thousands on the markets.
Things will turn around sometime though, IFT is all class. Morrisons derivatives must be doing alright too. There will be a fair bit of action with IFT in coming months so atleast we should see some SP improvement.
IFT are a great defensive stock and the business is doing well.
I sold most of my "B" warrants for earlier in the week is starting to look good. If only I hadn't thought Rakon looked cheap and invested in them.
Still think IFT are good but too many shares on issue now.
B's were down under $1.00 today to 95c, after the heads got nailed 20c to 250c and bid at 225!
Although I would not be able to prove it, I do believe that at $2.50 Infratil is trading at about or below its Net Tangible Asset value.
This is based on the the last half year accounts the decline in market value of Trust Power and the fact that their other assets are actually worth the book value.
With the WB's still having over a year to run I see them as a possible good safe buy once the panic subsides.
I've got no idea why IFT is being hammered more than other stocks. This has been going on for a number of days now, 9% down so far today. The only logical explaination that I can come up with is that an overseas fund has been told to sell out by their bosses and there are limited buyers around.
TPW, WIA, ENE, Victoria Energy, NZ Bus, GPIA etc all growing businesses with very limited exposure to the US.
and dont forget IFT have those puts on the market as an insurance against exactly this happening. (the ones which I questioned the appropriatenes of lol )
http://www.nzherald.co.nz/section/3/...ectid=10477831
not much detail I'm afraid - see if you can find more yourself. I cant.
Oh yes.
IFT
23/01/2008
BUYBACK
REL: 1552 HRS Infratil Limited
BUYBACK: IFT: Share Buyback
As notified to its shareholders at its August 2007 Annual Meeting Infratil
intends to occasionally buy back its shares when market conditions warrant
and when such a transaction would be of benefit to the Company and to
Infratil's retaining shareholders. The Infratil Board has now authorised
management to undertake on market buybacks. Infratil has approval to acquire
up to 37.9 million shares at up to $4.75 a share. All transactions actually
concluded will be notified to NZX.
End CA:00159623 For:IFT Type:BUYBACK Time:2008-01-23:15:52:09