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Dividend Reinvestment Plan
28 Apr 2010
The Infratil board has decided to institute a dividend reinvestment plan which will be in effect for the payment of Infratil’s next dividend.
The Plan will give shareholders the option of receiving some or all of their dividends as shares. Any shareholder who does not apply to be included in the Plan will receive their normal cash dividend.
A document describing the Plan and an application form will be mailed to shareholders over the next month.Key Features of the Plan
- Shareholders are free to opt-in or opt-out of the Plan at any time.
- The tax status of the dividend will not change. It is anticipated that Infratil’s dividends will continue to be fully imputed, whether they are received as cash or as shares.
- When a dividend is declared by Infratil it will be announced whether the Plan will apply to that dividend payment (ie. Infratil can revert to paying only cash dividends) and if there is to be a discount in the price of the shares issued.
- The price of the shares issued under the Plan will be the weighted average price recorded on the NZX for Infratil shares over the 5 trading days after the relevant record date. The proposed timing of the issue of the shares requires an NZX waiver. NZX are currently considering Infratil’s waiver application.
- Shares issued under the Plan may be either newly issued or purchased by Infratil on the market.
- Shares issued under the Plan will rank equally in all respects with existing Infratil shares.
- All Shareholders in Infratil with registered addresses in New Zealand or Australia will be eligible to participate in the Plan. Infratil may, in its absolute discretion, elect to offer participation under the Plan to Shareholders whose address is outside New Zealand if the Board considers that to do so would not risk breaching the laws of places outside New Zealand and Australia.