Macquarie Intl   

MIIF

Just scan thro share investment mag. px was 1.XX in june and dividend 41.2 per lot.,if u still hold the share you lose all your dividend plus some money.

So hopefully u bought recently and the px hold or bettew still soar,otherwise ...

Look at Thai V and Ossia,post those guy was very happy with the handout by the way they post here,but end up paying dividend to the stock,and this fact,.If just for the dividend u will alway turn out dissapointed...good luck.

Invest not with ego,egoism the greatest disaster.If a stock is very good on paper and in fact even it is, if it cannot make you money it is still a lousy stock to us...even be it Keppel or even Capitaland...so what.

 

Previous half dividend the share px was a dollar plus.,now 885.your previous dividend gone.

 

Normally, when XD, the share price will fall accordingly to the dividend given, but not always.

If it really falls, this may give even better price for the script dividend scheme.

Final Dividend 4.25 Singapore cents per ordinary share

Ex-dividend Date 11 March 2008

Books Closure Date 13 March 2008

Date Payable 5 May 2008

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_CD2CC2CA47D81482482573FB004B4379/$file/MIIFFinalDiv2H2007.pdf?openelement

 

Somebody(could be BBs) are very determine to keep this one below $0.90. WHO IS IT???

 

Logically,the dividend look atractive,but when XD the share px usually head south.You got to take this into your calculation.Correct me if i am wrong.This what i observe with Ossia and recent Thai Village.I might be wrong abt trust.

 

I think the SDS has become a drag on divs payment date. Last year was on 31 Mar 07 now has become 5 May 08. So its current share price should maintain range bound until then.

 

I want to buy into this one. Right now no cash and can not buy with CPF. SP Ausnet and cityspring also can not. Wonder why?

 

That right! Nav = $1.28(company), FyEps = 29cts this counter must be undervalue. However, in order for the 1st SAS to be attractive or success, current trading price range will be maintain in the short term.

I may opt for the cash! 

 

If you see the value and future in this counter, you can always opt for the script dividend scheme, which offered at 5% discount of the average 15 market days price following book closure.

I think its a good scheme for the market now because with the current NAV of $1.31 (as at 31 Dec 2007), the share price is already at a discount. So its discount on discount!!!

But if you are looking at the spread of the divided over the inflation, that is a different story.

 

Yes this is definitedly a good dividend share.

But not many people seems to notice the high dividend.

 

2H 2007 Results just out this morning on SGX website.

Final Dvidend payout is 4.25 Singapore cents                                 Dividend Ex-date: 11 Mar 2008
For 1H 2007 dividend paid out in Sept 2007 was 4.15 cents.
So total dividend payouts for financial  year 2007 will be 8.4 cents.  
Annualised Dividend Yield equals 9.438% (based on yesterday's closing price $0.890)

Can consider keeping this stock for long term  as retirement income or not ?

 

Who's going for the meeting later on?

 

Macquarie International Infrastructure Fund Ltd bought an 81 per cent stake in the Hua Nan Expressway in China for about four billion yuan (S$773.8 million), its first toll road investment in the world's fastest-growing major economy. The fund, managed by Sydney-based Macquarie Group Ltd, will finance the purchase from the sale of stakes in Brussels Airport and oil operator TanQuid, along with existing debt facilities, it told the Singapore stock exchange yesterday. Managing director Gavin Kerr is selling non-Asian assets so he can focus on acquisitions in countries such as China, where vehicle sales rose almost 25 per cent in the first nine months of this year. The 31-kilometre Hua Nan Expressway runs through the centre of Guangzhou, the capital of Guangdong province and China's thirdmost populous metropolitan area, the fund said. 'Toll roads are cash generators and with low operating risk,' said James Chua, who helps manage US$400 million of assets for Philip Capital Management in Singapore. 'They are a good proxy for anybody who wants exposure to China's infrastructure.' The acquisition allows the fund to profit from Hua Nan Expressway's tolling rights until 2026, and 13 per cent annual growth in traffic on the road since 2004, it said.

 

From Business Times - Published September 20, 2007

By CONRAD TAN

THE managers and directors of Macquarie International Infrastructure Fund (MIIF) will have to tread cautiously in the next few months.

Their recent decisions to sell a substantial portion of the fund's portfolio to other parts of the Macquarie Bank group merit close scrutiny by the fund's shareholders and the wider investing public.

The most obvious questions that shareholders in the fund need to ask the managers and directors are: Would the assets fetch a higher price if they were sold to a buyer outside the group? Has the fund tried to sell the assets to other buyers? If not, why not?

Earlier this week, MIIF said it had agreed to sell its German oil and chemicals storage business for some 89 million euros (S$187.3 million) to another Macquarie fund, the LODH Macquarie Infrastructure Fund.

And last month, MIIF said it would sell its 3.2 per cent stake in Brussels Airport for some 52.8 million euros to Macquarie Airports Ltd, which is also managed by a wholly owned subsidiary of Macquarie Bank.

Together, the two assets comprise about 16 per cent of MIIF's portfolio by value as at June 30.

MIIF has said it would meet its shareholders to seek their approval for both sales in November. Shareholders should ask their questions then, if not before.

In the case of the sale of the German asset, MIIF has also said that its audit committee is 'obtaining an opinion from an independent financial adviser confirming whether the proposed transaction is on normal commercial terms and not prejudicial to MIIF and its minority shareholders'.

It must go further. The board should publish not just a summary of the independent financial adviser's findings, but details of how it arrived at its recommendations, including the method used for determining the value of the assets. It should also address the question of whether the asset being sold would fetch a higher price in other hands.

This may seem a heavy burden, but it is the price for taking money from retail investors.

Investment vehicles listing on the stock exchange here are becoming increasingly complex, both in their legal structure and their target investments. Many, like MIIF, have large parent groups and are domiciled offshore - in Bermuda, for example.

The often remote nature of the assets they invest in, and the fact that many of the transactions take place between interested parties means that small shareholders in these vehicles must rely heavily on the recommendations of their independent directors to safeguard their interests.

By their very nature, these investment vehicles - ranging from simple property trusts to funds that invest in exotic structured financial assets - are riddled with potential conflicts of interest, as they often start out at the time of listing by raising money from outside investors to buy assets spun off from their parent group. In return, they offer ordinary people the chance to invest in assets that are not typically within easy reach.

The proposed asset sales by MIIF - and the unhappiness of some of its shareholders over the transaction terms - is a useful reminder of the potential conflicts of interest that are inherent in such investment structures.

Such conflicts of interest are difficult to avoid, but it is right that they should be subjected to robust examination by shareholders whenever they arise.

One suggestion that has been made is for MIIF to put the assets up for auction and to hire an independent party to manage the sales.

A close reading of MIIF's listing prospectus suggests that the burden of ensuring that such transactions are conducted properly falls to its audit and risk committee, which comprises three independent directors and is chaired by Heng Chiang Meng, who also sits on the board of property developer Keppel Land. Among other things, the document states that 'only MIIF's independent directors will make decisions about transactions which involve Macquarie Bank group entities as counterparties'.

Shareholders should therefore hold MIIF's board - particularly its independent directors - responsible for the decisions they make on these transactions.

 

Macquarie International Infrastructure Fund Limited (MIIF) wants to sell its 100 per cent interest in its wholly owned subsidiary, Macquarie Storage Holdings Limited (MSHL), the holding company of TanQuid GmbH & Co KG to LODH Macquarie Infrastructure Fund (LMIF) for ?89.0 million (S$184.5 million1) subject to adjustments as announced. LMIF is a fund to which a subsidiary of Macquarie Bank Limited (MBL) (being an associate of Macquarie Infrastructure Management (Asia) Pty Limited (MIMAL), the manager of MIIF) has been appointed as investment manager, and is hence an interested person.As the proposed transaction is an interested person transaction and its value represents more than 5 per cent of MIIF's latest audited NTA2 of S$1.34 billion as at 31 December 2006, shareholders? approval is required.

 

MIIF AGREES TO SELL GERMAN OIL AND CHEMICALS STORAGE BUSINESS ???

Surely, this type of news doesn't warrant a trading Halt isn't it? Let's wait for the details... 

 

With this latest acquisition, Taiwan's portion of the investment increases to 11.1% of the total portfolio. Let's hope the mother natural will be lenient to this country and shareholder can continue to enjoy high dividend yield in many years to come. Cheers!

 

MIIF ACQUIRES OPERATING WIND FARMS IN TAIWAN

Macquarie International Infrastructure Fund (MIIF) announced today that it would acquire infraVest Wind Power Co. Ltd (the Company) for an acquisition price (including transaction costs) of ?13.3 million (c.S$28.0 million1) from Asia Wind Co. Limited and Meihui Windpark GmbH & Co KG. The acquisition is subject to regulatory approval and customary closing conditions.

The acquisition price equates to an EV/EBITDA multiple of 9.0 times2, based on a forecast EBITDA of NT$296.2 million (S$13.6 million3) for the 12 month period ended 31 December 2008 which corresponds with MIIF?s first full year of ownership. The acquisition price, negotiated on arm?s length commercial terms, was based on a value determined by established valuation techniques4. MIIF will fund the acquisition by utilising its existing committed debt facilities.

Gavin Kerr, Managing Director of MIIF?s manager, said: ?The acquisition is an excellent opportunity for MIIF to participate in the emerging and well regulated Taiwanese renewable energy market. We anticipate that the acquisition will be yield accretive to MIIF. Financial settlement is expected to occur by the end of 2007. This will provide MIIF more flexibility to maintain and grow its distributions over time.?

Mr Kerr added: ?MIIF is well positioned to make further investments in the Taiwanese renewable energy sector as further opportunities emerge.?

The Company which owns and manages operating wind farms in Miaoli County, Taiwan operates a total of 25 wind turbines with a cumulative installed capacity of 49.8MW. These wind farms which provide essential services to local communities, have a strong position in the market in which they operate and benefit from long-term power purchase agreements with Taiwan Power Company, the major state-owned utility. These features in combination with the strong regulatory support for renewable energy in Taiwan underpin the stable and sustainable cash flows of this high quality asset.

Mr Kerr said: ?MIIF recognises that there are economic and environmental benefits that wind farms, such as the Miaoli Wind Power Park, can create in harnessing wind to generate renewable energy.?

Taiwan has a population of approximately 23 million and a strong, growing economy.

Taiwan?s S&P country risk rating of AA- is on par with Hong Kong and Japan.

MIIF Portfolio

Subject to financial close, MIIF will own 100 per cent of the Company, which will make up 1.6 per cent5 of MIIF?s investment portfolio. With the addition of the Company, 17.7 per cent4 of MIIF?s portfolio will be located in Asia.

The acquisition of the Company marks the second Asian asset that MIIF has acquired in 2007. Mr Kerr said: ?MIIF continues to develop a strong pipeline of Asian investment opportunities, which it expects will lead to further investments in high-quality Asian infrastructure assets this year.?

MIIF has the option of utilising the remaining balance of its existing debt facilities and selectively divesting some of its non-Asian assets to fund future acquisitions.

None of the directors or controlling shareholders of MIIF have a material interest, direct or indirect in the above transaction.

 

Cityspring also in a selldown when there was a lost of trust in their management a couple months ago.

I do believe that CS will bounce back, just like MIIF.

I got MIIF below $0.90

Still regret that I never load more during that time.

 

Farmer,

Think the article by musicwhiz in Jul 07 is a case of crying over 'spilt milk'. This happened in 2005....almost 2 years ago.

Share investment is about the future........we may learn from the past but 90% of our decision should be our perception of the FUTURE.