IFT - Infratil

[trendy]

I have never liked IFT. The management contract with Morrison is not transparent. The IFT Board is effectively filled with Morrison management so is not very independent. What happens if IFT ever needed to renegotiate the management contract...they would end up negotiating with themselves (which is probably what they do now). So what is the management contract with Morrison worth? Maybe IFT could take a lesson from the property trust company structure and put the management contract up for tender. It could be worth a lot to shareholders.

Now the other issue I have with IFT is that they issued warrants with a strike price of $3.50 supposedly for the company to get additional capital for future investments. Yet here they are using capital for the share buy back program. Talk about a money go round. That would be the equivalent of NOG having a share buy back program on the heads and taking the money from the options to fund it. NUTS!

[CJ]

Trendy,

Having a management contract isn't to different to having managment in house. Take GPG which has Brieley and Gibbs on the payroll. They could separate this out to have GPG management and take the same cost as they get in salary. What is the difrerence?

I agree that having a warrent issue is unsual when doing a share buy back but I am guessing part of it is to offer investors a way to gear up the investment, that is you can buy head shares or warrents. They were popular intheir first series so they reintroduced them. Note that they were free warrents (I think??) so didn't actually raise any funds.

[Snow Leopard]

quote:Originally posted by Paper Tiger

Until the actual annual report comes out and one has time to dissect it then who knows what come from or went where.

It does say that:
Trustpower +25.74
Wellington +23.65
Energy Dev +0.56 (in divvies)
Victoria -2.40

Total +47.55

The implication is that Prestwick actually lost money but they are not saying how much.

Articles on the Herald and Stuff websites pad out the detail a bit more.
Prestwick made them $3.2m. Interest ran to about $31m

Why don't they put this into the actual announcement?

[Toddy]

Paper Tiger

I am not sure why the NZX only released one announcement(attachment) re the great IFT result.
If you visit their web site (www.infratil.co.nz) you can read the result in detail.
No need to read second hand information via Stuff and NZHerald.

If you want to accumulate a holding in IFT you may find it difficult at present as there are NO sellers according to DirectBroking depth.

[digger]

Great result,so why does it matter if this is done under a management contract.They get the results and that will do me..
I will be putting my entire stake up for sale soon when the price is right.Like to be a loner on the sharemarket so would want to be the only or about the only seller around.
Have 50000 heads and 180000 iftwb. Takers please line up no pushing.

[Toddy]

Digger

Place your order. Name your price.

[TerryA]

Digger,

>>Like to be a loner on the sharemarket so would want to be the only or about the only seller around.<<

No sellers when I looked earlier this morning.

[Toddy]

Maybe IFT management received a hoax letter from the New Zealand Govt. IFT did disclose a number of details that 'only' the NZ Govt would be aware of.
Who is the lier, the Labour Govt or IFT Management?

Whenuapai plan unchanged


20.05.05


Government policy on any commercial use of Whenuapai Air Base had not changed, Defence Minister Mark Burton said yesterday.

He was refuting claims that the Government had changed its mind and was ruling out any commercial activity. Agencies, staff reporters

[shasta]

Under a National/ACT/United Future Govt they would allow this development to happen & sooner than you think as IFT have already indicated they would put in $50m into Whenuapai & they all want private/public ventures.

If Labour stay in this won't happen, instead IFT will likely look to Europe for more airports.

Interesting to see the company that owns the Chch City Council assets (port etc) has money in the same Australian energy company that IFT does.

They would be better off IMO continue putting money into there Australian energy investments, & walking away from anymore NZ investments.

Disc:A happy warrant holder in for the long haul

[Toddy]

Digger

How did you get on off loading your IFT holdings. Its been a month and a half since you mentioned your intentions.