IFT - Infratil

[COLIN]

Received my Notice today. Some key info:
- After the 25 June meeting the company will provide us with a further notification of our choices and provide the appropriate exercise forms.
- The existing warrants may be sold through the NZX until Tuesday 7 July. They will be tradeable again from Monday 13 July provided that the 55c has been paid.
- Payment of the 55c must be RECEIVED BY 10 July.

Big question: Can I trust NZ POST?????????? (See my rant under APT, etc.)

[COLIN]

Interesting that Jetstar want the Govt to open Whenuapai to commercial operations. That idea seemed to have been squashed a couple of years back, with AIA jumping up and down, but maybe the new Govt might be more receptive. I am sure that IFT will be quietly plugging away in the background.
Also noticed that ACC have bought up more IFTWB on market.

[Rif-Raf]

Went to investor presentation by Tim Brown.

- Apart from global uncertainty, all looks pretty positive aside of duds poor results of some investments and market pricing of shares.
- B warrants considered major cause of SP slide in last year (in addition to macro factors) which is why they have taken recent actions
- Expect strong earnings lift in next year as benefits of high capex in last 4 years starts to come through combined with very low capex this year ahead
- Debt reduction remains a focus as market has tarnished them with same brush as the likes of BNB so wish to avoid that perception
- Looks like they will be out of ENE soon. Very much in play.
- Very bullish on TPW. Not worried by Brownlees blustering as big generation investment is needed going forward and won't happen if uneconomic.(same comments apply to NZ airports review)
- IEA looks like could be a major earner in next year or two. They are expecting huge margin improvement from current levels as they have been pricing for growth. Also expect to have eventually have 1m customers (currently 400k)
- Euro airports not flash, but losses in last year will not recur as they have restructured. Expect big rebound when cycle eventually changes but dont know when. Will get their money back and holding costs from Lubeck sale $64m
- Wgtn airport, a stellar performer and confident of a continuation due to changes in Australasian air scene.
- Expect further assets sales in stagecoach. Very peeved off with dead wood in this sector. Snapper card still in the running with others for Auckland bus card tender.

All in all things are looking up from a couple of crap years.

[COLIN]

Thanks for that summary, Rif-raf. I agree that the Warrants have probably been a handicap on the sp, and there will be a bit of an overhang to the extent that these are exercised - or partially paid - next month but, once all that has been digested, I would expect to see some steady sp progress (upwards).

[Balance]

Went to investor presentation by Tim Brown.
- Expect further assets sales in stagecoach. Very peeved off with dead wood in this sector. Snapper card still in the running with others for Auckland bus card tender.

All in all things are looking up from a couple of crap years.

Don't like situation with Stagecoach. Ift waxed lyrical when they bought Stagecoach about how wonderful everything was going to be and how the transport set-up in NZ would result in them making heaps. One reason why share price went to record high in 2007. If they read this one so badly wrong, can they be any better at reading other plays?

[Toddy]

Rif-raff

I was intending to go to the presentation but was once again caught up with Zespri discussions as we lost our Kiwifruit crop in the hail last month.

I lobbied IFT earlier in the year re the warrants so would like to think my input helped.

Due to the current low SP and that we have lost our entire income for the next 12 months, I am having to rely on the bank to fund my deposit on the warrants.

I still like IFT but have been caught out being over exposed.

Hoping for better times ahead.

[POSSUM THE CAT]

Funny how I was rubbished not so long ago for saying their purchase of the bus companies (especially Stagecoach) was a very large Dog

[Toddy]

An ASX release today states that the non binding Archer Capital offer for 100% of ENE is in the range of AUD $2.40- 2.80 per share.

[COLIN]

An ASX release today states that the non binding Archer Capital offer for 100% of ENE is in the range of AUD $2.40- 2.80 per share.

They also point out that the French offer (for less than 20% of the company's assets) effectively values ENE at well above current M/V.
ENE share price up another 14% so far today, to 210.

[Rif-Raf]

Funny how I was rubbished not so long ago for saying their purchase of the bus companies (especially Stagecoach) was a very large Dog

Calling it a dog is a bit hash espeically in current times. The investment makes good profits, but they have been unable to add any substantial value which is what they would have liked to have done.