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Thread: IFT - Infratil

  1. #41
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    Airlines in Eastern Europe? Or for that matter, airlines anywhere.
    The day IFT buys airlines I hit the ejector button immediatement.
    Airlines are a disaster. They are also on Buffetts list of Do Not Buy Commodity Sectors in an Appendix in the book Buffettology.
    It was a good article until the author tripped at the end.
    Airports in Eastern Europe. Now that would be a different story. Airports get to clip the ticket on rising flight movements, passenger numbers and freight as well as all the byproduct airport industries.

  2. #42
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    MvT
    Could you provide a link to the article you are refering too, please?
    om mani peme hum

  3. #43
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    MVT, Buffett owns an airline, isnt it called Net Jets or something, for high net worth individuals!

    Infratil are after airports that are already established.

    PT, My SP prediction hasnt eventuated, but not much in the way of news of late.

    ...plus its foggy again in Wellington today!

  4. #44
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    quote:
    Infratil are after airports that are already established
    Whenuapai & Finow are a bit of a punt.

    quote:
    PT, My SP prediction hasnt eventuated, but not much in the way of news of late.
    Don't worry, I won't sue.
    om mani peme hum

  5. #45
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    My reference was to the article posted by Toddy by Garry Sheeran on this thread. If you go "Edit" "Search" and put in "airline" on the first page, the second reference goes "Whether IFT picks up airlines in eastern Europe blah blah blah" which was the point at which I took fright. Maybe Garry did a misstype. Let's hope so.
    Tell us immediately if you hear the vaguest whisper that IFT is about to take a stake in an airline of any sort anywhere and I'll be off so fast you won't see me for dust.
    Buffett and airlines?
    I think you need to examine that allegation a bit more closely. My recollection is that he leased aircraft to high net individuals for a while, he didn't run an airline. Whatever else he is, Warren's not crazy.

  6. #46
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    IFT has been on the look out for potential airport sites in Europe for quite some time now, NOT airlines.



    Toddy

  7. #47
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    IFT now has 19.9% of Energy Developments Ltd.
    Orion NZ is selling out.
    Can anyone tell me why IFT stopped at 19.9% when management have 'full confidence' in EDL and Orion have their stake on the market.

    Is it something to do with the Austrailian takeover codes?


    IFT23/03/2005ASSET REL: 1803 HRS Infratil Limited ASSET: IFT: Acquisition of 6.3% Stake in Energy Developments Limited 23 March 2005 ACQUISITION OF 6.3% STAKE IN ENERGY DEVELOPMENTS LIMITED Infratil announces that it has acquired a further 9 million ordinary shares(6.3%) in Australian listed energy company, Energy Developments Limited. Thepurchase price is A$4.00 per share. Energy Developments is a leader in the collection of landfill waste gases andcoal mine waste gases and use of these gases for power generation. Thismakes a significant contribution to lowering greenhouse gas emissions fromthese sources. Increasingly such projects are receiving premium revenuesfrom specific greenhouse policy initiatives in Energy Developments' keyAustralian and European segments. Energy Developments is also a leading provider of regional power supplies toremote communities and mining projects across Australia, utilising both gasturbine and reciprocating engine solutions. Infratil now holds 19.9% of the ordinary shares in Energy Developments. Infratil has acquired the shares from Orion New Zealand Limited, theChristchurch based electricity network company. Orion has also instructed Goldman Sachs JB Were to place 5.13 million of itsshares in Energy Developments and Infratil has provided a financialunderwrite of this placement for Orion at A$3.60. Also, if at any timebetween 1 April 2005 and 14 October 2005, Orion decides to sell its remaining4.25 million shares (3%) Infratil has agreed to a further financialunderwrite of that placement at an escalating price. The initial financialunderwrite price is A$3.60 (subject to adjustment for dividends & capitalreturns) per share escalating on a straight line basis to A$4.18 per share asat 30 September 2005. Infratil first acquired 10% of the shares in Energy Developments in July2002. Since that time it has, through market purchases and participation inplacements by Energy Developments, acquired a further 3.7% of the shares. The decision to move to 19.9% confirms Infratil's confidence in themanagement and Board of Energy Developments and the sectors in which EnergyDevelopments operates.

    Toddy

  8. #48
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    Berkshire owns NetJets.

    This is a company that sells fractional ownership in private jets to private individuals.

    You buy part of a jet in exchange for the right to fly x amount of hours in a year.

    The company pretty much completely dominates its industry, which is why Buffett likes it. But it hasn't yet made any money, incurring losses regularly.

    For some reason Buffett loves it though...


  9. #49
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    More positive news from Infratil.
    Now, if they can get the Glasgow airport freight trend sorted out then it will be a full house. But, MG Rover is just another example how manufacturing is struggling in the U.K.

    Infratil says energy developments investment coming right
    12 April 2005

    Utilities investor Infratil has played a game of patience with its stake in Australian company Energy Developments - lifted last month to 19.9 per cent with the purchase of close to $40 million of shares.


    Infratil director Lloyd Morrison describes the investment as one which "has not been that happy for us" - but which is starting to come right.

    Energy Developments, of Brisbane, generates power from landfill gases and coal mine waste methane, in several countries and often in remote areas.

    The sector has been re-rated upwards by the sharemarket because of the global interest in reducing greenhouse gases and the increased government funding of projects with that aim.

    Two years ago, Infratil saw the share price of Energy Developments fall below $A1.80 ($NZ1.95), compared to the $A3.25 a share paid in July 2002 for its initial shareholding. Christchurch electricity lines company Orion bought a similar stake at the same time and both topped up at the lower prices to give an average of about $A3.03 a share.

    Currency movements have worked against the investors but, by the time Energy Developments' share price recovered - it closed yesterday at $A3.94 - both investors were well in the money.

    After the work that both investors had put into the company - with Orion's chief executive Chris Laurie taking the top job in Brisbane - it was a surprise when Orion said it was getting out.

    Infratil increased its shareholding to 19.9 per cent from 13.6 per cent by paying Orion $A4 a share for a chunk of its stake.

    Orion will clear up to $76 million and has said its profit from the foray will be about $16 million.

    Orion - originally drawn into the investment by Infratil - is selling for reasons including debt reduction and a focus on investing closer to home.

    Mr Morrison said he would have been just as happy for Orion to stay. "They looked to exit and we had to work out the best arrangement we could."

    He describes the transaction as a "very good deal" for Orion.

    Energy Developments reported a record interim after tax profit of $A12.1 million for the half year to December 31 and has a string of projects in the pipeline.

    Infratil has a reputation for thorough research but, looking back, Mr Morrison said it had not anticipated some of the problems within the company when it invested.

    "We weren't given a clear picture of what was happening and we were not happy with that. The type of disclosures did not provide a fair picture."

    Infratil believed the core business was worth more than the price it paid back in July 2002.

    This discounted any value on the then Swerf project, designed to convert domestic waste into electricity.



    Toddy

  10. #50
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    quote:Originally posted by Toddy

    IFT now has 19.9% of Energy Developments Ltd.
    Orion NZ is selling out.
    Can anyone tell me why IFT stopped at 19.9% when management have 'full confidence' in EDL and Orion have their stake on the market.

    Is it something to do with the Austrailian takeover codes?
    Hi toddy - a bit late - but yes. If you exceed 19.9% you must make a takeover for the whole company...same as for NZ..
    KiwiKauri

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