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Infratil Monthly Operational Report

7 Mar 2012

Infratil Monthly Operational Report March 2012 is available here.

February saw the passing of Infratil founder Lloyd Morrison. Lloyd had tremendous creative energy with a remarkable ability to inspire performance and individual achievement. Infratil Chairman David Newman's announcement is available here.

Infratil closed its issue of November 2017 bonds with the offer fully subscribed. Over FY11-12 Infratil repaid $132 million of maturing bonds and issued $229 million of bonds to maturities in FY17 and FY18. All the bonds, those issued and those repaid, carried coupons of either 8.0%pa. or 8.5%pa.

In December Infratil paid an interim dividend of 3cps. 27% of shareholders chose to accept shares under the dividend reinvestment programme and 1,447,643 shares were issued at a price of $1.79. Shares issued in lieu of cash dividends are purchased on market.

A review of Infratil’s 82% interest in Perth Energy has been instigated. Infratil made its first investment in this company in 2007 and has subsequently backed its growth programme, including the construction of the 120MW Kwinana power station. The remainder of Infratil’s Australian generation and retailing activities operate in the National Electricity Market states. The review is expected to take a number of months and will identify Infratil’s options with an investment which contributed $5 million EBITDAF in the six months to 30 September 2011 on a net book value of approximately A$64 million. Infratil has also been reviewing its ownership of Glasgow Prestwick and Kent airports, which have a combined book value of approximately $100 million. The aviation market has been challenging in recent times for the UK’s regional airports.

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