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Thread: IFT - Infratil

  1. #2301
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    I'm also holding heaps not added or sold any real bottom drawer stuff.

  2. #2302
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    I keep adding to them .Well managed always have been

  3. #2303
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    Quote Originally Posted by horus1 View Post
    I keep adding to them .Well managed always have been
    Well managed remuneration for the manager too! Hard to believe how much has been extracted in last couple of years, on unrealised valuation too, for this reason I find it hard to invest..

  4. #2304
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    Quote Originally Posted by Traderx View Post
    Well managed remuneration for the manager too! Hard to believe how much has been extracted in last couple of years, on unrealised valuation too, for this reason I find it hard to invest..
    You're right of course regarding investing in it.You and a lot of others including share brokers.

    What needs to be assessed is the value the management add to the assets.
    They don't sit around twiddling their thumbs which is all the boards of the gentailers need to do

  5. #2305
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    Quote Originally Posted by kiora View Post
    You're right of course regarding investing in it.You and a lot of others including share brokers.

    What needs to be assessed is the value the management add to the assets.
    They don't sit around twiddling their thumbs which is all the boards of the gentailers need to do
    Agree they have done well, would they have done worse with a rem model that didn't take as much from the people with actual skin in the game? We will never know!

    Similar debate to very highly paid CEOs I suppose.

    Wouldn't it be great to be able to invest in Morrison and Co!

  6. #2306
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    Quote Originally Posted by Traderx View Post
    Wouldn't it be great to be able to invest in Morrison and Co!
    I'm with you on that. I don't hold IFT because the Morrison management fees take the cream.

  7. #2307
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    Quote Originally Posted by Traderx View Post
    Agree they have done well, would they have done worse with a rem model that didn't take as much from the people with actual skin in the game? We will never know!
    But they do have skin in the game! Their time & money

    Similar debate to very highly paid CEOs I suppose.
    Yes but they could have got /could get their own finance.Why do they need us/IFT?

    Wouldn't it be great to be able to invest in Morrison and Co!
    You can

    https://hrlmorrison.com/what-we-offer/

  8. #2308
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    Quote Originally Posted by Left field View Post
    I'm with you on that. I don't hold IFT because the Morrison management fees take the cream.
    The management fees are very high but I have done well out of IFT. What really makes me pissed off is the money being paid to management and the boards of a number of companies that seem to specialise in decreasing shareholder wealth.

  9. #2309
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    Infratil announces NZ$300 million equity raising

    9/6/2020, 8:30 amOFFER
    NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
    9 June 2020
    INFRATIL ANNOUNCES NZ$300 MILLION EQUITY RAISING TO FURTHER CAPACITY FOR GROWTH
    Infratil is pleased to announce a NZ$300 million equity raising ("Equity Raising"), comprising a fully underwritten NZ$250 million Institutional Placement ("Placement") and an approximately NZ$50 million non-underwritten Share Purchase Plan ("SPP").

    Proceeds from the Equity Raising will provide additional balance sheet flexibility to fund growth investments across Infratil’s existing portfolio companies and take advantage of new opportunities that may arise as a result of current market conditions.

    Infratil’s diversified portfolio of businesses with strong long-term fundamentals has proved resilient to the impact of COVID-19. Infratil has a long track record of delivering strong returns to shareholders and maintains a ten-year total shareholder return target of 11-15% per annum.
    Infratil maintains an attractive pipeline of growth opportunities across its portfolio and is continuing to evaluate additional opportunities in key growth sectors and new geographies. Infratil will continue to apply a disciplined approach to allocating capital when assessing potential investments.
    The proceeds of the Placement and SPP (combined with cash on hand and currently available and undrawn debt facilities) will provide Infratil with NZ$514 million of total available liquidity. Following the Equity Raising, wholly owned group gearing will be reduced from ~34.9% to ~29.3% (assuming a successful raise of the full NZ$300 million).

    UBS New Zealand is acting as Sole Lead Manager and Underwriter. Further details of the Equity Raising are as follows:
    Placement

    The fully underwritten Placement will be conducted through a bookbuild in which eligible institutional investors in New Zealand, Australia, and certain other jurisdictions will be invited to participate. A trading halt has been granted by NZX and ASX to facilitate the Placement.
    The Placement will comprise the issue of 52.5 million new shares, representing approximately 8.0% of existing issued capital, to raise NZ$250 million. The Placement Issue Price of NZ$4.76 per new share represents a discount of 8% to the last NZX close price on Monday, 8 June 2020.
    It is intended that eligible shareholders who bid for an amount up to their 'pro rata' share of new shares under the Placement will be allocated their full bid on a best efforts basis.

    Share Purchase Plan
    Infratil intends to offer the SPP to eligible shareholders in New Zealand and Australia, inviting them to apply for up to NZ$50,000 / ~A$47,000 of new Infratil shares free of any brokerage, commission and transaction costs. The SPP offer size is approximately NZ$50 million, which Infratil believes will enable the vast majority of Infratil's non-institutional shareholders to maintain their relative shareholdings if they desire. Infratil may accept oversubscriptions at its discretion, and if scaling of the SPP is required, it will be done with regard to existing shareholder holdings at the relevant record date, and otherwise at its discretion.
    The price of new shares offered under the SPP will be the lower of the Placement Issue Price or a 2.5% discount to the 5-day VWAP of Infratil shares traded on the NZX during the last 5 days of the SPP offer period.

    The record date for the SPP is 5 June 2020 (for shareholders on the Australian sub-register) or 8 June 2020 (for all shareholders except shareholders on the Australian sub-register), and the final terms of the SPP are expected to be announced in more detail on Friday, 12 June 2020. A SPP booklet, together with an application form, will be sent to eligible shareholders on Friday, 12 June 2020 and will be available to eligible shareholders on the website https://www.infratilshareoffer.com established for the SPP on the same day. The closing date for applications to be received from eligible shareholders is Thursday, 25 June 2020.
    Eligible shareholders wishing to acquire new shares under the SPP will need to complete the application form.

    The new shares issued under the Placement and SPP will rank equally in all respects with existing Infratil fully paid ordinary shares on issue.

    Further information
    Further details of the Equity Raising are set out in the Investor Presentation provided to the NZX and ASX today.
    Any enquiries should be directed to:
    Mark Flesher, Investor Relations, Infratil Limited mark.flesher@infratil.com

  10. #2310
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    In a trading halt now.

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