IFT - Infratil

**HarryFlashman** · 14-11-2006, 01:56 PM

Aren't IFTWB an absolute bargain at 159c with an intrinsic value of 140c??

... or am I missing something?

Cheers
Harry
Discl: Hold some

**Toddy** · 14-11-2006, 02:07 PM

Harry

With just under three years to run on the 2009 warrants you are totally correct. The warrants have never been cheaper and are a good way to leverage into a growth company.

**COLIN** · 14-11-2006, 06:41 PM

The warrants are an absolute steal, on these figures. The market is effectively saying that the heads will grow by no more than 19 cents over the next 3 years! A dose of reality is required, here, surely.

**777** · 14-11-2006, 08:08 PM

IFT has increased by 60c over the last 3 or so weeks and the warrant a little less. Should the IFT drift down in price due profit taking or simply market sentiment then the warrant will follow them down. We have seen the likes of GPG slip from 270 odd to 240 in the last few months. Nothing wrong with either share but the market decides the value.

**Snow Leopard** · 10-12-2006, 01:46 AM

for what it is worth

**Caesius** · 10-12-2006, 11:27 AM

I'm always amazed at how little IFT is talked about on these forums.

**Toddy** · 13-12-2006, 05:02 PM

TPW special shareholders meeting tomorrow to finalise the IFT/Trust shareholding without launching a full takeover for TPW.

The 'go ahead' should give the IFT SP a little nudge up before the week is out.

**Toddy** · 18-12-2006, 05:03 PM

IFT airports update. All sounding more positive than ever.
The market is going to love this given that the airport business has been 'out' of focus for some time.

TPW can take a back seat for a few days.

GENERAL: IFT: Infratil Email Update

18 December 2006
Infratil Email Updates are sent to interested shareholders, analysts, brokers
and other parties who have registered their interest on
http://www.infratil.com

Wellington Airport November 2006 Traffic Statistics

November traffic results were more positive than they have been in recent
months. Domestic passengers grew by 2.6% on last November (flat year to
date), and the domestic load factor in November was 76%. International
passengers were up 11.8% on last November (year to date down 1.3%) with a
load factor of 75% for the month. Both these results are positive signs. Air
New Zealand has announced capacity reductions for a number of cities in
Northern Summer season 2007 (our winter), but the longer term outlook for
international traffic growth remains positive. The prospects for profitable
competition and growth, based on lower cost models, now seem better than they
were earlier this year. Now that the code-share has been dropped, it seems
more likely that Jetstar will expand on the Tasman, there are signs of Virgin
Blue (Pacific Blue) performing better and seeking expansion opportunities,
and Air New Zealand has said that it may revisit its model for the Tasman.

In other developments, Regency Duty Free commenced trading on-schedule on 1
December, despite delays earlier this year resulting from an arbitration with
the incumbent. The first stage of the international terminal development will
be largely complete by end January. Trading at the Airport Retail Park is
well underway with Stage 1 of the centre now almost completely leased. A
number of improvements and expansion of capacity have commenced in the car
park. Finally, Wellington Airport has now received airline responses to its
3% per annum initial pricing proposal and will now consider airline views.
http://www.infratil.com/wial_financial_summary.htm

Infratil Airports Europe: November 2006 Traffic Statistics
Glasgow Prestwick Airport

Glasgow Prestwick handled a total of 161,101 passengers in November against a
prior year total of 166,745.
New services launched throughout 2006 have benefited passenger throughput,
set against a reduction in Ryanair capacity of more than 8,000 seats.

A new four-times-weekly service to Riga, operated by Ryanair, began operating
at the start of the month.

The airport handled 2,872 tonnes of freight which represents a 14% increase
on the prior year total and the second highest monthly total of the calendar
year to date.

There were strong performances from Polar and Panalpina, while tonnage on ad
hoc/charter movements is more than three times the prior year total, helped
in part by four charters carrying whisky to South America.

Kent International Airport

Kent International handled 2,988 tonnes of freight in November making it
another record month, up 16% on October and nearly double the prior year
figure.

Scheduled services by MK Airlines account for 82% of the total tonnage and,
while freight volume is traditionally high at this time of year, exports were
21% up on October and continue to show encouraging signs.

Luebeck Airport

Passenger throughput in November, at 41,708, was marginally down on the prior
year total of 42,623.

Load factors show an 8% increase on 2005 - roughly the same margin by which
overall seat capacity has been reduced over the same period.

Ryanair announced their sixth destination from Luebeck during the month. They
will operate a four-times-weekly service to M****ille in the South of France
from January 2007.