Macquarie Intl   

On uptrend

Investment Overview 

-Potential recurring synergies arise through operational benefits and a more efficient capital expenditure programme related to co-ordinating NGW and Arqiva?s efforts in undertaking digital switchover (which also significantly reduces the execution risk of that project)

- Timing of the achievement of the identified synergies, in order of £25-30m per annum (S$75-90m), will be subject to completion of any review by the UK competition regulator (as discussed below) but are expected to be realised by 2009/10.

- NGW has contracted revenues of circa £2.3bn (S$6.9bn) to 2014 and beyond from predominantly blue-chip clients including the BBC. Combined with Arqiva?s order book contracted revenue totals circa £5.1bn (S$15.3bn)

- Arqiva?s percentage of Retail Price Index-linked revenue increases from 35% to 62%

- The acquisition of the licences to one-third of available DTT spectrum with 12-year terms carrying the right to renew for a further 12-year term. DTT will be the default digital free-to-air television platform in the UK once switchover is completed between 2008-2012 =====================================================

 

ARQIVA ACQUIRES 100% OF NATIONAL GRID WIRELESS Singapore, 4 April 2007 - Macquarie International Infrastructure Fund (MIIF) confirmed today that Macquarie UK Broadcast Ventures Limited, the parent company of Arqiva Limited, (together "Arqiva"), in which it has an 8.7% stake, had acquired 100% of National Grid Wireless (NGW) for £2.5bn (S$7.5bn)1. The acquisition has the support of Arqiva?s existing shareholders, as reflected in their strong participation in the Arqiva rights issue. MIIF has committed to take up its share of the Arqiva rights issue for £87m (S$261m). MIIF does not anticipate a capital raising at this time to fund this acquisition. MIIF will fund the acquisition by utilising its existing committed debt facilities which have terms that range from one to three years. Following this acquisition, MIIF?s borrowings at the fund level will amount to S$287m or 18% of its total assets. This brings MIIF?s investment in Arqiva to £163.1m2 (S$489.3m). NGW is a leading provider of broadcast transmission services and independent wireless sites and owns licences for Digital Terrestrial Television (DTT) spectrum in the United Kingdom (UK). Combined, Arqiva/NGW will be the leading broadcast transmission infrastructure and independent mobile site leasing provider in the UK and will own onethird of available DTT channels across the country. As complementary businesses, there are significant opportunities to realise recurring operational synergies, anticipated to be in the order of £25m-to-£30m per annum (A$62-74m) when fully realised in 2009/103. Mr Gavin Kerr, the Managing Director of MIIF?s manager, said: ?NGW is a logical acquisition for Arqiva and represents a unique opportunity to grow Arqiva?s existing core businesses. Arqiva is a business we know well and it has been a very strong performing asset in the MIIF portfolio. We believe that this acquisition further de-risks the Arqiva business, which together with NGW?s strong growth outlook is expected to create significant value for MIIF shareholders. ?The acquisition is forecast to be value and yield accretive to MIIF and is an excellent opportunity for Arqiva to accelerate the growth of its businesses and sustain that growth over time. MIIF?s commitment to Arqiva is consistent with its stated intention of supporting acquisitions by its existing investments where those opportunities are anticipated to be accretive to MIIF.? ===================================================== N=All currency conversions done on the basis of £1:00 : S$3.00= O=Comprises of MIIF?s valuation of Arqiva as at 31 December 2006 plus MIIF?s commitment to take up its share of the Arqiva rights issue of £87m= 3 May be impacted by potential regulatory review, see page 3 of this release

 

this one is definitely stg to rely on. good yield and not also not shakened...

 

Hulumus,



Oh dear, I hope not (Sgd 0.11)........that will be disasterous.



You do mean S$1.10?? or S$1.11?

 

Dear Readers,



Be ready to let the price protuding above Sgd. 0.11 soon!!!

 

final dividend this march is 0.04.

last one was 0.039.

 

if one is bullish on local Cityspring, then why miss out on this Global Infrastructure ? 

 

Looks to be on gradual uptrend. But it may fall a little in the next few days then rise again.

 

Dear Entrapment,

Yes, me too. It is in fact one of the stock that can be left running on for good!!!

 

it is already above ipo price, agreed it ios a dividend stock. i m keeping for long term

 

Livermore,

This is a divident play, defensive stock. Prices do not go on roller coaster rides. Even at yesterday's closing of 1.06, the FY06 divident yield is 7.5%.

Forecast FY06 final divident  is 4.0cts ...tax exempt. Watch out for it.

 

Hi Gurus,

Is it on uptrend or downdtrend? Can it clear $1.10 by next week?

 

Traffic jam at 1.07....wonder when the jam can be cleared?

 

2006 div yield was 10%. so 2007 even better?

 

I think its more than that..at current price current div yield is ard 7 plus percent..upcoming 07 div guidance will be in region 8 plus percent at current price according to analysts and looking at companys strong cashflow and payouts from assets which are doing very well..

 

Yeah...likely to be above >5% on annualised basis.

 

year end results upcoming in march..may indicate upcoming dividend guidance..have a strong feeling guidance will go up in tandem with price..just have a good feeling regarding this counter..even at this price dividend yield is very attractive.. :)

 

haha..its testing 1.08 alredi with strong support at 1.07..all looks good at the moment..

 

Novocaine, our share hits 1.07 already:)

 

been vested since early last year..not very la..so so only..but happy to see it moving up with more conviction at last..