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Why The Infratil (IFT) Share Price Is Frozen

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.

About Infratil

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.

Equity Raising

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.

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Disclosure: At the time of writing, Max does not own shares in any of the companies mentioned.



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