Infratil’s Shares Go On A Trading Halt On ASX

Infratil Limited (ASX: IFT) is an infrastructure investment company, headquartered in New Zealand. The company invests in the businesses which have the capacity to invest in their facilities and services and chooses sectors that offer patient investors exceptional returns.

In an announcement today (17 May 2019) on the Australian Securities Exchange (ASX), the company notified that the securities of Infratil will be placed under the trading halt, pending release of an announcement. The company requested to apply trading halt on the company’s ordinary shares under ASX Listing Rule 17.1. The trading of securities will commence on 22nd May 2019.

The company provides the following reasons for the implementation of trading halt:

  • To enable IFT to complete the Placement and determine the allocation of the Placement shares on 17th and 18th May 2019.
  • To conduct the institutional bookbuild on 20th and 21st May 2019.
  • To prevent Placement and Bookbuild activity from affecting a fair, orderly and transparent market.
  • As the details of Placement and Bookbuild to be released by the company will be price sensitive.
  • As the Underwriter is subject to confidentiality.

On 14th May 2019, a consortium comprising Infratil Limited and Brookfield Asset Management Inc. notified that a conditional agreement to acquire Vodafone New Zealand Limited from Vodafone Group Plc has been executed for a value of NZ$3.4 billion.

It was decided that a 1,029 million NZ dollars equity contribution each from Infratil and Brookfield will be used to finance the acquisition value. The remaining balance will be financed from:

  • Vodafone New Zealand level debt.
  • Part of equity reserved for the executive team of Vodafone New Zealand.
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Also, the company released an update on 17th May 2019 stating the acquisition of Vodafone New Zealand will be partially funded by NZ$400 million equity raising. The company informed that Infratil’s equity contribution would be partially funded by:

  • A fully underwritten NZ$100 million institutional placement (Placement).
  • A fully underwritten NZ$300 million, 1 for 7.46 accelerated rights entitlement offer (Rights Offer).

Infratil reported that UBS New Zealand Limited would work as Sole Lead Manager and Underwriter. According to the company, any entitlements not taken up under the Rights Offer will be sold under an institutional and retail shortfall bookbuild that would be undertaken by the UBS New Zealand Limited.

Further, the company announced its annual results for the year ending on 31st March 2019 today. The company reported Underlying EBITDAF before incentive fees of $580.1 million and Underlying EBITDAF of $539.5 million for the year ending 31st March 2019. Reinvestment of $679 million into Infratil’s existing businesses was undertaken during the year.

 

Infratil’s stock last traded flat at AUD 4.250 on 16th May 2019, after which the shares have been on a trading halt.

Besides, the securities of another company Millennium Minerals Limited (ASX: MOY) have also been placed under a trading halt today, pending finalisation of additional funding and release of an announcement regarding this funding. The company anticipates the commencement of normal trading on Tuesday, 21st May 2019. The MOY’s stock last traded flat at AUD 4.250 on 16th May 2019.


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