IFT - Infratil

[LoungeLizard]

CDC mid-point valuation now $A4.5 billion with a 85% long term EBITDA margin. Impressive stuff. Have always participated in IFT cap raises and bought steadily over the years whenever there's a dip. 22% gross annual return for the last 10 years! The best- and safest - stock on the NZX, no contest.

[Left Field]

Strong retail support for IFT sees oversubscription

https://www.nzx.com/announcements/434374

[PunchCard]

Infratil is accepting an additional NZ$125 million [1][2] of subscriptions, bringing the total amount raised under the Retail Offer to NZ$275 million[1][2].

This represents 83% in additional subscriptions. Should we expected folks to receive an additional 83% over the initial 0.136 pro-rata amount? 🤔

[Left Field]

This represents 83% in additional subscriptions. Should we expected folks to receive an additional 83% over the initial 0.136 pro-rata amount? 🤔

All will be revealed Tuesday 16 July.

[Toddy]

I think that over subscription just means that more retail investors took their full entitlement, and IFT honoured the agreement so that shareholders kept their same percentage holdings.

It doesn't mean that shareholders were allocated endless amounts of discounted shares.

[Mos]

This represents 83% in additional subscriptions. Should we expected folks to receive an additional 83% over the initial 0.136 pro-rata amount? 🤔

That is pretty much how I read it at a minimum. Should be a bit more than 83% amongst those that applied for a lot more, as presumably some would have applied for their 0.136 entitlement amount only or less that their entitlement amount x 1.83

[SemiStrongForm]

IFT down ~7% last five days compared to ASX200... Unlikely to be impact of retail offer.

[Left Field]

CR allocation done and dusted.

IFT now 22% of my portfolio. Onwards and Upwards.

[Nizzy]

That is pretty much how I read it at a minimum. Should be a bit more than 83% amongst those that applied for a lot more, as presumably some would have applied for their 0.136 entitlement amount only or less that their entitlement amount x 1.83

We got 48% of what we asked for.

[Mousehold]

We got 48% of what we asked for.

Much better than me, I only got 17% of what I applied for.

[Left Field]

Back over $11.00 at close

349k  at $11.11........ showing HGH how a good Cap Raise is done.

[LoungeLizard]

Back over $11.00 at close

349k  at $11.11........ showing HGH how a good Cap Raise is done.

Spot on. Loyal investors make nearly $1 per share entitlement and IFT receive over $400m and a huge vote of confidence in their growth strategy. Everyone comes out smiling, as it should be.

[Left Field]

Another of the reasons I like IFT..... skin in the game.

https://api.nzx.com/public/announcement/435458/attachment/423778/435458-423778.pdf

[Left Field]

Precautionary downgrade today to take into account today's news from Manawa Energy.....

This morning Manawa Energy (NZX: MNW), of which Infratil owns 51%, released an update in relation to their EBITDA guidance for the full year to 31 March 2025.
 
 The announcement saw Manawa Energy revise their EBITDAF guidance from NZ$130 – $150 million to NZ$95 – $115 million.
 
 A copy of the Manawa Energy announcement can be found here
 https://www.nzx.com/announcements/435802
 
 As Infratil prepares EBITDAF guidance on a proportional basis, Infratil's Proportionate operational EBITDAF guidance has been updated to reflect this change.
 
 Infratil's adjusted FY2025 Proportionate Operational EBITDAF guidance range is now NZ$962 – $1,012 million (previously NZ$980 – $1,030 million).
 

[Basil]

IFT have held up well in the recent tech rout on the US markets with many tech and A.I. stocks down 20-30%.
Pleased KFL have a good sized allocation.