IFT - Infratil

[Brain]

Congrats, sold mine along time ago and have dithered about getting back in. One small influence was the brokers.They didnt seem to like Morrison and co ,the managers of Infratil and pointed out the large management fees Morrison extracted amongst other things.
It would be sad and unwise to see some of assets especially renewable ones go offshore. I guess Morrison and co would have a clean sheet to start investing and managing a new company all over again.

I for one have never begrudged Morrison for their high fees because they made money for me. I do however begrudge fees and salaries of the CEOs and directors that are absolutely useless and destroy shareholder value.

[Joshuatree]

Easier said than done, of course. Which is why the Aust fund wants to grab IFT and its established investments.

Yep. the managers have built up some very savvy experience and would relish starting over.Fund managers and investors would throw their IFT profits to them, they sure have the mandate and track record(which seemed to accelerate after Lloyd Morrisons(RIP) departure.Maybe more offshore assets next time.

[Greekwatchdog]

I would prefer the NZ Super Fund buy IFT. Be a better fit for NZ INC.

[Bjauck]

Forget personal greed for a moment, this will be a massive loss to the exchange

Last company left listed on the NZX, kindly turn off the lights when you leave!

As our esteemed leader could have said: There are many reasons why so many NZers invest in residential housing apart from its value continuously heading northward. However I won't address them because it is too difficult and the Kiwis who voted for me, because I wasn't going to rock the boat, may kick me out next time.

[Davexl]

Last company left listed on the NZX, kindly turn off the lights when you leave!

As our esteemed leader could have said: There are many reasons why so many NZers invest in residential housing apart from its value continuously heading northward. However I won't address them because it is too difficult and the Kiwis who voted for me, because I wasn't going to rock the boat, may kick me out next time.

We could do with a true leader / patriot. Someone unafraid of doing the right things despite being potentially voted out. And a followup leader prepared to cement the changes in instead of reversing same. Bi-partisan consensus on 4-year election cycle for a start

Stronger National Interest tests on on major infrastructure asset owners, Insider trading / Disclosure laws that get enforced - eg Infratil FMA / NZSA / Anyone??

[Waiuta]

I couldn't agree more, I have held and accumiated since 2016. IFT shares make up ~15% of my portfolio and I also hold some bonds. They are irreplaceable for me in our NZ market.

Absolutely agree with you Brain.
I would be very sad to see this wonderful company delisted.

[bull....]

ift announced the tilt strategic review during the period they new of the takeover too , so most likely to increase the value of the company and as a defence tatic

[JeremyALD]

IFT response today..... see here

Essentially IFT reject the Aus offer.

"The Board engaged expert legal (MinterEllisonRuddWatts) and financial advisors (Goldman Sachs) and formed a Committee of Independent Directors in October to assist in its assessment of the proposals. The Board reviewed valuation and the proposed structure and unanimously rejected both proposals as materially undervaluing IFT’s high quality and unique portfolio of assets on a control basis. The Board also notes material conditions related to Foreign Investment Review Board and Overseas Investment Office approvals in Australia and New Zealand and considers that there are other aspects of the proposal that are unattractive to IFT shareholders, including distributing Trustpower Limited shares without recognising a control premium and avoiding the need to make a takeover offer for that business."

Good on them. The MET board could learn a thing or two. How much would MET be worth right now if they rejected the offer? More than $6 I'd say!

[dibble]

Curious as to what they are buying... bulk of the portfolio in Sept interim report is 4 assets of about 1bn each (TLT, TPW, Voda, CDC). First 2 they could simply quietly accumulate a decent chunk on the NZX. And no shortage of listed telecoms companies. CDC is certainly interesting but more interesting is why they would pay such a mighty premium (NTA seems to be $3.27) to buy self managing assets in a bundle. Might be a tidy-ish financed bundle but its also bound up with the hefty Morrison mgmt fee that is likely to be expensive to extricate oneself from.

[winner69]

ACC seem to want out? and talking publicly

Hamish Rutherford: Infratil and ACC at odds, again, in $5 billion hostile takeover attempt
https://www.nzherald.co.nz/business/...ectid=12388853