IFT - Infratil

[LaserEyeKiwi]

IFT price drop of 4%, after announcing a 12.7% share count dilution / capital raise.

Market doesn't hate this deal.

[Bjammin]

Assuming all $850m is raised at $9.20 and holding all else equal, 4% drop is higher than the 1% drop implied by adding the $ onto the market cap and dividing by new total shares. Feels improper to draw a conclusion from the 12.7% share dilution (compared to -4%) while ignoring new cash in business and the likely additional holdings gained at a discount.

Shares	730,270,023
Last	10.10
mkt cap	7,375,727,232
raise shares	92,391,304
raise price	9.20
raise value	850,000,000
New shares	822,661,327
New share price	9.999
new mkt cap	8,225,727,232
Theoretical change in SP	-1.00%

[Swala]

I would imagine some people will be selling a portion of their holdings to get it back at a cheaper price in the offer.

[Ggcc]

Almost back to $10. Institutions and shareholders must have been positive on the proposal

[stoploss]

Almost back to $10. Institutions and shareholders must have been positive on the proposal

Looks like this was heavily oversubscribed . I got 5.3 % of what I asked for ......

[Toddy]

The market disclosure yesterday said that all current shareholders who applied got their full pro rata entitlement.

It's always good to hear when management look after their loyal shareholder base.

[winner69]

Poor Nigel on Sharesies

Applied for $1.115 of shares ….got $58.52 worth …prob all he was entitled to.

The message he got said big end of town got what they wanted and little guys were scaled back

Nigel needs to understand that Infratil only interested in the big end of town and don’t care a stuff about the small shareholders ..in many respects they are a bloody pain in the neck.

Hope Nigel knows he can ask for more under the retail offer next week

[Ggcc]

Poor Nigel on Sharesies

Applied for $1.115 of shares ….got $58.52 worth …prob all he was entitled to.

The message he got said big end of town got what they wanted and little guys were scaled back

Nigel needs to understand that Infratil only interested in the big end of town and don’t care a stuff about the small shareholders ..in many respects they are a bloody pain in the neck.

Hope Nigel knows he can ask for more under the retail offer next week

Must have been overpriced to have been so heavily scaled

[SouthernSlim]

I am a current shareholder and received no information relating to application to purchase new shares, anyone know why some shareholders have priority over others?.

[Toddy]

Info with offer for shareholders comes out next Tuesday