Hello, 1st time poster.
I was wondering if someone could help me get the NTA backing for IFT - in particular taking into account all warrants.
Last report stated NTA per share of $3.39.
Any help gratefully recieved.
Regards.
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Hello, 1st time poster.
I was wondering if someone could help me get the NTA backing for IFT - in particular taking into account all warrants.
Last report stated NTA per share of $3.39.
Any help gratefully recieved.
Regards.
Damn. Not last report but from DirectBroking.
If I take the no. shares figure and add the warrants if exercised, then add the NTA to the capital raised by exercising all warrants will that enable me to calculate the diluted NTA?
Apologies for what is probably a dum question but am new to this game.
Regards
That would have most definately been prior to the share split. Also, my figure of $3.10 is probably not correct. I got it from page 26 of the annual report, but there is a note alongside it which has just confused me. So I go to page 91. Divide nett assets by the number of shares and warrants on issue and I get a figure of $3.19. Then we have the issue of the partly paid shares. It's all getting a bit beyond me. It's easy enough to value their listed assets to market, but a lot of their investments are not listed, so I'll just stick to the numbers published in the annual report. Given the current market conditions, the value of their listed assets will also be moving around on a daily basis.
yes, that would be pre-split and their analyst since upgraded a frther 50c
http://www.sharechat.co.nz/features/...e.php/fb001bc4
ShareChat Investor Interview: Infratil's Managing Director Lloyd Morrison
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-Jenny Ruth
Infrastructure investor Infratil can proceed to complete its purchase of Alliant Energy New Zealand, which owns 23.8% of TrustPower and 5.1% of Infratil, now that shareholders have approved a series of transactions.
They will see Infratil place its own shares to other investors and increase its stake in TrustPower to 50.5% from 35%.
Infratil is paying about $445 million for Alliant. It has already arranged to sell 14 million of the TrustPower shares to the Tauranga Energy Consumer Trust for $5.90 a share, or $82.6 million, and placed a further 12.35 million TrustPower shares at $7 a share, or $86.45 million.
It also arranged to sell the 11 million Infratil shares it acquired from Alliant and 2.48 million shares of treasury stock through a placement at $5 a share, or $67.4 million. In mid-November, Forsyth Barr analyst Rob Mercer estimated the transactions added $70 million, or 27 cents a share, to Infratil's net asset value, raising his valuation to $5.73 a share compared to the then $4.90 share price. Since then, Infratil's shares have risen as high as $5.30 while TrustPower's shares have risen as high as $7.95.
Sharechat: Given all the value you've added to the company just in the last couple of months, why do Infratil's shares still trade at such a discount to net asset value?
Infratil managing director Lloyd Morrison: If (the stock) it's going to be re-rated, it's something that will happen over time. If you read most of the analysts' reports, they're all still recommending that we trade at a discount. Most of them are saying the discount's lower than it's been for quite a long time and maybe it should be sold off. I think what happens now is we need new investors to look at it and say, actually, we don't agree with that. If they deliver as they have delivered over the last 12 or 13 years, they're clearly beating their cost of capital and they should trade at a more appropriate level which would be at a premium to our NTA. Another thing a lot of analysts haven't looked at is that a lot of our businesses have optionality in them. The valuation of an option isn't based on NTA it's based on its potential upside.
Right - from the 2007 1st quarter results (http://www.infratil.com/downloads/pd...own_160807.pdf) - NTA per share after minority interests is $1.24.
I don't understand then the statement from the post above that Infratil trades at a discount to NTA.
NTA $1.24, Shareprice $2.76.
???
Could IFT put together a deal that would see NZ shareholders maintain control over AIA.
What a smart move getting the 'NZ Super Fund' name all over the AIA share registry.
Manukau to wait on other airport bids
Mayoral candidate Len Brown, who came a close second to Sir Barry in the previous elections, says there is no way Manukau residents would allow their shares to be sold overseas. Rival contenders Arthur Anae and Dick Quax have also indicated their opposition.
But speculation is mounting that locally owned infrastructure company Infratil and the New Zealand Superannuation Fund, which last week declared combined holdings of 6.2 per cent in the airport, may form part of some other bid.
They could team up with a larger buyer, which may even include Dubai, or form a bloc of shares with the 22.8 per cent community stake held by the Manukau and Auckland City Councils to extract a superior offer.
Well, so long as they can top $3.80, fine :D
Given that IFT is a 66% owner of Wellington airport, I wonder if the Commerce Commission might have some thoughts on them taking a significant stake in AIA?
Received a letter from that nice John Maasland ;) yesterday clarifying some of the reporting around the Dubai offer. Seems that you can take the cash at $3.80 per share up to the maximum DAL is seeking (60%), beyond that current holders get cash plus the new script, value unknown.
From my reading of that the best option might be to sell at $3.80.
Placebo
Re your Com Com comment. Govt owned AIR vs Govt NZ Super Fund, vs Regionl Govt owned Wellington Airport and Regional Govt owned Auckland Airport.
For once the Com Com may not have a view at all! But then again, we all know the Labour Govts view on the other proposed Auckland Airport.
Is there any such thing as having your cake and eating it too.
Seems like Air NZ has been reconsidering their opposition to Whenuapai. They are now saying they may support it.
It may just be a threat.
There are some significant logistical obstacles to overcome before a split between AirNZ's domestic and international operations could occur.
So, what is AIR upto. Do they want to be buddies with IFT now.
Air New Zealand plunged 21c, or nearly 9 percent, to 214 on news Virgin Blue will announce details about a new domestic airline on Thursday.
Air NZ taking a more positive look at Whenuapai airport
Air New Zealand has been re-looking at basing some operations at Whenuapai air force base, should the West Auckland airport become available for commercial use.
Air NZ, which along with Auckland International Airport (AIA), originally opposed commercialisation plans of the base, said it has had a team looking at possibilities for Whenuapai over the past couple of months.
"The first stage of the team's work has led the airline to form a more favourable view on the possibilities that Whenuapai may offer our domestic operations in the future," Air NZ spokesman Mike Tod said.
"Our next steps are to investigate the issues around the use of Whenuapai as a dual use domestic airport, including Air New Zealand building and owning its own terminal."
The prospect of using the base was raised in 2002 and three years ago Economic Development Minister Jim Anderton said there was nothing to stop a commercial operator using part of it.
Infrastructure investor Infratil, the majority owner of Wellington International Airport, planned to lease part of the Whenuapai in a joint venture with Waitakere City Council.
However, commercialisation plans were put on ice two years ago when the Defence Force said it would not consider any proposal to lease part of the base for commercial use until nearer 2015, when the air force was scheduled to consolidate operations at Ohakea, in the Manawatu.
Infratil, which this month revealed it had teamed with the NZ Superannuation Fund to take a 6% stake in AIA, planned to invest $50m to upgrade Whenuapai's infrastructure, including a passenger terminal.
Tod did not accept Air NZ had revised its position since it was revealed last month that up to eight parties were reported to be interested in bidding for AIA.
Last month, state-backed Dubai Aerospace Enterprise Ltd (DAE) offered to buy between 51% and 60% of AIA, in a $2.6 billion deal.
Air NZ's relationship with Infratil has been fraught because of Infratil's strong opposition to firstly the airline's plan to ally with Qantas, then its code share arrangement with the Australian airline.
NZPA understands Air NZ had top level talks with Infratil when Air NZ's alliance plan with Qantas was scuttled by regulators.
But the talks were called off when Infratil opposed the code share plan that would have seen flights across the Tasman reduced, particularly from Wellington.
Infratil's Tim Brown said Infratil would have welcomed Air NZ to Whenuapai and had offered it favourable terms. He was unaware of Air NZ's renewed plan.
One difficulty for Air NZ is that it uses AIA as its main hub and its regional dominance comes from feeding off other airlines and its international operations that use that airport.
Even with substantially reduced landing fees, a successful operation out of Whenuapai could dilute its success at AIA.
The Defence Force has opposed joint use of the airport, a position that Infratil has been attempting to modify.
The total rebasing of the air force at Ohakea is seen as a diminishing prospect.
Infratil does not believe the development of Whenuapai will significantly undermine the viability of AIA. It argues a second Auckland airport as attracting different carriers and growing the market.
Whenuapai, which is surrounded by housing, is unlikely to become a major airport as resource consents are likely to restrict operations on night operations.
Infratil upgraded to a 'buy'
By KATE PERRY - The Dominion Post | Tuesday, 21 August 2007
Investment Research has upgraded its recommendation for infrastructure group Infratil from "neutral" to "buy".
A 36c price fall during the past three weeks has pushed Infratil's shares below the research house's target price of $3.37. Together with the NZ Super Fund, Infratil owns a combined stake of 6.2 per cent in takeover target Auckland International Airport. UBS said in a research commentary it did not expect Infratil to launch a takeover bid for the airport, which is the subject of an offer from interests in Dubai.
"Instead we see Infratil as seeking a strategic shareholding and willing to work with any possible acquirers of AIA or the existing management and shareholder base," UBS said.
The research house said there were no major surprises in Infratil's recent result, apart from an earnings loss from its Australian energy business, Infratil Energy Australia, attributed to high wholesale prices. More than half of the loss related to costs from growing customer numbers.