IFT - Infratil

[kura]

Certainly been drifting down lately !

Disc: Just put in a cheeky bid for some warrants at 90 cents, as buy depth looked so weak.

[Toddy]

IFT share buy back has kicked off again.

200,000 at $4.02

[Happy Camper]

I note those buy-back shares are held as treasury stock. Is this with a view to re-selling them into the market at some later date? Interesting that IFT consider themselves the best value for money infrastructure investment at the moment.

Cheers

[Toddy]

quote:Originally posted by Happy Camper

I note those buy-back shares are held as treasury stock. Is this with a view to re-selling them into the market at some later date? Interesting that IFT consider themselves the best value for money infrastructure investment at the moment.

Cheers

HC

Maybe the buyback has something to do with the shares currently trading in the range of a 15-20% discount to NAV at present. And that it not even taking into account the Victoria Lines business which is not fairly reflected on the balance sheet i.e costs of new customers have been expensed.

Noticed this article in the Dominion today, on balance another dry season should be helpful for TPW's bottom line which feeds through to IFT.

Meanwhile, the two lakes at the heart of New Zealand's largest hydro scheme have less storage in them than at the same time in the 1992 and 2001 power crises. National hydro storage levels have also fallen below those at the same time in 1992, although they are still higher than during the 2001 scare.

Meridian spokesman Alan Seay said Tekapo and Pukaki were 33 percent and 30 percent full respectively, which was 58 percent of average for the time of year.

The levels of lakes Manapouri and Te Anau were above average, he said.

Other figures show Lake Ohau is 24 percent full and Contact Energy's Lake Hawea is only 12 percent full.

[Toddy]

Energy Developments reported a 31% increase in net operating profit. Forecast is for the same again for FY07.

Well done IFT management on the accumulation policy of ENE shares.

[Toddy]

The Glasgow Prestwick freight business should be turning around soon based on the BAA report below.

Cargo up by 25% from Scottish Airports
29.08.06

Cargo shipped via Scotland's major airports have shot up 25 percent to more than 50,000 tonnes in the past year, according to a press release from BAA Scotland. The company, which operates Edinburgh, Glasgow and Aberdeen airports, said much of the accelerated growth in freight volumes was down to the success of Edinburgh Airport, where cargo volumes grew by almost 40 percent in the period.

Stephen Baxter, managing director of BAA Scotland, said: 'The expansion of direct international services from Scotland clearly has spin-off benefits for businesses in Scotland. With airlines such as Emirates, Delta, US Airways, Continental, flyglobespan and Pakistan International Airlines operating long-haul flights from Scotland, we now have access to some of the world's key markets.'

[Toddy]

Some Stagecoach news. 7.4 percent passenger growth on Wellington buses.

NEW ZEALAND: EXTRA BUSES ADDED TO BUSY ROUTES
ADAM RAY

BUSES are to be pulled off quieter routes and added to busy rush-hour routes in Wellington, as growing passenger numbers overwhelm services.

Stagecoach and Greater Wellington Regional Council are finalising plans to juggle buses between routes and add services.

Some morning services from Hataitai, Island Bay and Karori into the central city are so full they cannot stop to pick up passengers.

Bus passenger numbers have grown 7.4 per cent this year, as people switch from cars to public transport because of high petrol prices.

Greater Wellington transport procurement manager, Rhona Hewitt, said bus schedules would add more services to these routes.

Stagecoach executive chairman Ross Martin said there was a clear demand for more buses on the Wellington network.

[winner69]

Be interesting if passenger numbers fall with huge increases in fares pn Monday ... like 15-20%

But with fare increases like that you think they will come out out ahead

[Toddy]

The Alliant sell down was very much on the cards, howeverit is still very big news. It will be interesting to see what part IFT has to play in the sale process. Its a good opportunity to bring on board a big Aussie partner who has big pockets and is well connected. Alliant Energy was always a little to far from NZ to be useful. The sale process will also indicate what a fair market price is on Trustpower and IFT.

ASSET: IFT: Alliant Energy's Sale of TrustPower Shares

6 September 2006

Alliant Energy's Sale of TrustPower Shares

Infratil notes that its long term partner at TrustPower, US based Alliant
Energy, has commenced a sale process to sell its New Zealand subsidiary,
Alliant Energy New Zealand Limited.

Alliant Energy New Zealand Limited owns 23.77% of TrustPower Limited and
5.07% of Infratil. Alliant Energy New Zealand Limited is the counterparty to
the long standing Investment Agreement between Infratil and Alliant.

Infratil independently holds 35.18% of TrustPower. Infratil is a committed
long term cornerstone investor. Infratil has been very comfortable working
with both Alliant and TrustPower's other major shareholder, the Tauranga
Energy Consumer Trust (28.56%) to contribute at Board level and to support
TrustPower's management team.

Infratil's partnership with Alliant has been very successful as reflected in
the party's willingness to renew the original 1999 agreement, firstly in 2001
and then again in 2003, however, Infratil recognises and accepts the ebb and
flow of international investment strategies that can influence offshore
investors.

Infratil is working closely with Alliant as it works through the sale
process.

[duncan macgregor]

It was well broadcast before the announcement if you look at the sp of TPW. Who said insider trading is not alive and well on the NZ market. This is another example of the cowboy exchange. macdunk