Infratil Ltd (ASX: IFT) shares have gone into a trading halt this morning following the release of its full-year results for the year ended 31st March 2019 and details of an equity raise.
Infratil is a New Zealand-based infrastructure investment company. It owns a range of diversified assets including airports, electricity generators, retailers, and a public transport business. Its operations cover New Zealand, Australia and the US. Infratil currently has a market capitalisation of $2.43 billion.
Full Year Results
Underlying EBITDAF fell 1.2% to $539.5 million. Infratil claims that before incentive fees, underlying EBITDAF was $580.1 million, up from $482 million.
Incentive fees are fees payable in relation to Infratil’s investments during the year in Canberra Data Centres, Longroad Energy, and Tilt Renewables.
A total of $679 million was reinvested into Infratil’s existing businesses during the year to fund projects that will “underpin Infratil’s future earnings and long-term capital growth”.
A final dividend of 11 cents per share, plus 2 cents per share of imputation credits were announced, bringing the total ordinary dividend for the year to 17.25 cents per share.
Infratil announced earlier this week that it will acquire Vodafone New Zealand with the help of Brookfield Asset Management Inc.
On 21st May 2019, eligible shareholders will be entitled to purchase 1 new share for every 7.46 existing shares at an application price of NZ$4 per new share.
This is a 10.4% discount to the volume weighted average price of Infratil’s shares as traded on the NSX for the last five trading days.
Infratil Chairman Mark Tume said all directors will participate in the entitlement offer:
“Reflecting their commitment to Infratil, the acquisition of Vodafone NZ and the associated equity raising, I am pleased to confirm that all Infratil Directors intend to take up their full entitlements under the Entitlement Offer.”
There will also be a placement involving the issue of approximately 25 million new shares to raise NZ$100 million at $4 per share, the same as the entitlement offer.
Shares will remain in a trading halt until 21st May 2019 or until another announcement is made, whichever is earlier.
For three proven shares ideas, check out the companies in the free report below.
Here are 3 stocks I own in April 2020...
Amidst the COVID-19 confusion, there are some companies still growing FAST (think: online meetings through Zoom, streaming companies like Netflix and eHealth services provided by Teledoc).
While the world grapples with COVID-19, some companies are still growing rapidly. The entire cloud computing market is valued around $US210 billion but if you ask me, it seems clear as day that this market is only going to get bigger in 2020 and beyond.
That's why our top investment analyst has just identified 3 growth stocks in a net cash position, with strong competitive forces... and obvious tailwinds at their back. He owns all three of them right now!
Claim a FREE investing report on our analyst's "3 best share ideas for the cloud revolution" when you create a free Rask Australia account.
Our report is 100% free and unlocks hundreds of hours of bonus content.
Disclaimer and warning: The information on this website is general financial advice only. That means, the advice does not take into account your objectives, financial situation or needs. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. Please read our Terms of Service and Financial Services Guide before using this website.
Disclosure: At the time of writing, Max does not own shares in any of the companies mentioned.