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08-10-2013, 07:00 PM
#1121
Member
I do like IFT, missed it all the way from $1.70! But companies like IFT (holding companies - although IFT also operates what it owns I think) will almost always trade at a discount to NAV. It is IFT's estimate NAV any way - what if they have tax to pay if they sell an investment?
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08-10-2013, 10:53 PM
#1122
Member
The Infratil 'Group' is not a holding company though, the companies to which Infratil don't control at their 2012 Annual report are Z energy (through Aotea Energy Limited), Mana Coach Holdings (2mil), and 10.4mil as held for sale which I believe is the UK airports. So all the rest of the companies which the parent owns, the parent controls.
I do agree though, there is going to be some overhang, but I would have thought not a massive amount.
I originally got into Infratil at 2.72 just before the GFC, but then over doubled my holding at 1.76 so still reasonably happy.
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09-10-2013, 05:13 AM
#1123
Member
Hot off the press:http://www.heraldscotland.com/news/t...hip.1381239503
No mention of $$ at this point. Bogoievsky: "[Infratil] will work proactively with the Scottish Government over the next six weeks towards achieving completion of a transaction."
Fingers crossed for a loosening of the Scottish Government's purse strings. I'm no accountant but it looks like Infratil valued its two European airports at $21.2 in its most recent annual report so anything greater than $10.6m would be a nice addition to the upcoming half yearly (this totally ignores the respective value of each of the two airports which I know nothing about).
Can't really call it good news as the sale will represent the end of a poor investment but nice to have cut the loss.
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09-10-2013, 08:35 AM
#1124
Originally Posted by andysh
The Infratil 'Group' is not a holding company though, the companies to which Infratil don't control at their 2012 Annual report are Z energy (through Aotea Energy Limited), Mana Coach Holdings (2mil), and 10.4mil as held for sale which I believe is the UK airports. So all the rest of the companies which the parent owns, the parent controls.
.
Trustpower is only partly owned (can't remember%) and Wellington airport is only 66% owned so technically have control but the council can probably exert a bit of control due to the nature of the asset.
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09-10-2013, 08:59 AM
#1125
Originally Posted by Zeitgeist
Hot off the press:http://www.heraldscotland.com/news/t...hip.1381239503
No mention of $$ at this point. Bogoievsky: "[Infratil] will work proactively with the Scottish Government over the next six weeks towards achieving completion of a transaction."
Fingers crossed for a loosening of the Scottish Government's purse strings. I'm no accountant but it looks like Infratil valued its two European airports at $21.2 in its most recent annual report so anything greater than $10.6m would be a nice addition to the upcoming half yearly (this totally ignores the respective value of each of the two airports which I know nothing about).
Can't really call it good news as the sale will represent the end of a poor investment but nice to have cut the loss.
Thanks, Z!
I call that good news!
CJ, a couple of years' ago, IFT owned 50.6% of Trustpower - their biggest investment. I havn't seen any revision to that number but don't doubt that IFT still have the biggest say there.
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09-10-2013, 09:27 AM
#1126
Originally Posted by macduffy
CJ, a couple of years' ago, IFT owned 50.6% of Trustpower - their biggest investment. I havn't seen any revision to that number but don't doubt that IFT still have the biggest say there.
Close - 50.42% with TECT holding another 32.9%. So technically they do have control but it still has full management team so IFT is a second layer of managment.
Compare that to the likes of NZ Bus which has its own management team but I assume they dont overlap with the staff at IFT.
Re Overseas Airports - even selling them at Book value would be a great deal as the savings in management time alone would drive benefits. NZFC has written them off in its valuation: http://www.nbr.co.nz/article/infrati...er-says-bd-146
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10-10-2013, 08:36 AM
#1127
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14-10-2013, 05:04 PM
#1128
Sad news
"Infratil advises with great sadness that Infratil’s Chairman David Newman passed away this afternoon in Wellington"
https://www.nzx.com/companies/IFT/announcements/242338
Last edited by Mista_Trix; 14-10-2013 at 05:22 PM.
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14-10-2013, 08:01 PM
#1129
Originally Posted by Mista_Trix
Very Sad ..... hopefully not a catalyst though ... Today is our very first foray into these shares .....
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14-10-2013, 08:32 PM
#1130
Member
RIP David, very sorry to read this, another from Infratil gone way too soon
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