Transurban Group Announces The Change In CEO’s Holding

  • Apr 01, 2019 AEDT
  • Team Kalkine
Transurban Group Announces The Change In CEO’s Holding

Transurban Group (ASX: TCL) announced the change in the interest of its CEO, who had a direct and indirect interest in the company, offloaded his indirect stakes via on-market sale to fund the impeding tax and financial obligations.

Prior to change, Mr. Louis Scott Charlton, Chief Executive of the company, had 2,008,941 number of stapled securities (indirect), 924,834 number of performance awards (unlisted), and 236,414 number of STI deferred securities (unvested). He has disposed 500,000 number of stapled securities (indirect) at $12.94 average price per security. Post development, his stapled securities (indirect) now stands at 1,508,941. This has been considered as an on-market sale of stapled securities to fund impending tax and financial obligations.

In a previous update, the company announced Transurban Queensland, a subsidiary of Transurban Group, where it has 62.5% interest, priced around A$875 million senior secured notes in the US private placement market. It will be issued in three tranches of around A$235 million for 10 years, A$345 million for 12 years, and A$295 million for 15 years. Under the process, all US dollar proceeds will be swapped into Australian dollars, along with the interest rate exposure fully hedged for the term of the Notes. The primary objective behind this placement was to repay existing bank debt and general corporate purposes. The settlement date is expected to be in the mid of May 2019. As per the company CFO, Mr. Adam Watson, this issuance would be the company’s third issuance in the US private placement market, which will further extend the average debt maturity profile, and priced inside the average cost of debt, for both Transurban Queensland and the group.

In another update, the company announced about the CityLink Concession Deed Amendments for the West Gate Tunnel (Truck Bans and Traffic Management) Project, which have received the necessary parliamentary consents, consistent with what was advised at the contract close in December 2017. The amendment has provided a concession end date for CityLink of January 13, 2045. The final contractual processes are expected to be completed in April 2019. The project bill for 2019 has passed both the houses of the Victorian parliament.

In its half-yearly report, TCL highlighted 376,000 hours of average workday travel-time savings. Its average daily traffic (ADT) grew by 2.7%. It reported a statutory profit of $145 million. Its toll revenue increased by 9.3% to $1,286 million. Its proportional EBITDA increased by 9.8% to $1,001 million, and its free cash flow was reported at $715 million. It paid a distribution of 29 cps on February 15, 2019. The company has reaffirmed its distribution guidance of 59.0 cps for FY19.

At the time of writing (on April 1, 2019, AEST: 02:36 PM), the stock of Transurban Group was trading at $13.100, down 0.758% with the market capitalisation of ~$35.31 billion. Its current PE multiple is at 111.86x, and its last EPS was noted at 0.118 AUD. Its annual dividend yield has been noted at 4.32%. Today, it made day’s high at $13.22 and day’s low at $13.05 with average volume of 2,181,247. Its 52 weeks high was at $13.27 and 52 weeks low at $10.62 with an average volume of 5,167,986. Its absolute return for five years, one year and three months are 88.94%, 17.42%, and 13.30%, respectively.


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