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Me vested in CS, MIIF and AITrust.
So all are good news to me.
Macquarie International Infrastructure Fund (MIIF) announced today that Arqiva, which makes up more than a quarter of its portfolio, has signed a longterm contract with SDN Ltd to design, build and operate a new high-power national digital terrestrial TV network in preparation for digital switchover.
The contract with SDN, which is a wholly-owned subsidiary of ITV plc, is estimated to be worth approximately £500 million (S$1,534 million
SDN currently broadcasts a range of popular free-to-air channels including Five, S4C and QVC together with pay-channels via Top Up TV. The switchover to digital will give SDN coverage of 90 per cent of the UK population via the UK?s 81 key transmission sites.
The switch over to digital will occur in the UK between 2008 and 2012 when the old analogue television signal will be switched off, TV-region by TV-region, and viewers will need to convert or upgrade their TV equipment to receive digital signals.
Digital terrestrial TV is broadcasted in multiplexes ? a multiplex is a group of channels that are broadcasted entirely on the same frequency. There are six multiplexes in the UK that carry all of the digital TV channels and radio stations.
Arqiva has now signed long-term contracts for the construction and transmission of three of the six digital multiplexes.
This latest contract is in addition to the appointment of Arqiva as the digital transmission supplier to the BBC (two multiplexes). Arqiva has also been appointed as the preferred digital transmission supplier to Digital 3 and 4 Ltd. These three Public Service Broadcasting (PSB) multiplexes will use the nationwide infrastructure of 1,154 sites to provide full-service coverage.
MIIF owns an 8.7 per cent interest in Arqiva and this interest forms approximately 29 per cent of MIIF?s portfolio by value.
) and will run until 2034.
MIIF acquired Och-Ziff?s stake in TBC for an approximate acquisition price (including transaction costs) of US$178 million (S$272 million
Macquarie Media Group (MMG), a Macquarie managed investment vehicle, has a 60 per cent economic interest in TBC, with the remaining 20 per cent currently held by Macquarie Bank Limited (MBL) through a wholly-owned subsidiary.
MIIF was advised by the Corporate Finance division of Macquarie Bank Limited. None of the directors or controlling shareholders of MIIF have a material interest, direct or indirect in the above transaction.
Macquarie International Infrastructure Fund today reached financial close with affiliated investment funds of Och-Ziff Capital Management Group (Och-Ziff) for the sale of their aggregate 20 per cent economic interest in Cable TV SA, the ultimate holding company of Taiwan Broadband Communications group of companies (TBC). TBC is one of Taiwan?s largest CATV (cable television) infrastructure owners and operators.). The acquisition price, negotiated on an arm?s length commercial basis, was evaluated using a valuation of the asset based on established valuation techniques.Can someone share JP Morgan's report about MIIF TP $1.40?
Thanks
Anyone knows how much DPU (distribution per unit) has been forecast for MIIF for FY07? Can't find it anywhere.
In FY06, they forecast and paid 7.95 c .....(3.95 c interim and 4.0 c final). This forecast was made early in 2006.
Technically MIIF is very strong support at 1.12 and also supported by ~6-7% yearly yield. Current price is above 15days average, price starts to trend up.
Fundermentally, MIIF well diversify in infrastructure investment, stable growth with good future.
For those long term investor, can consider MIIF, but don't expect very quick return in short time.
CIMB Report:
Macquarie International Infrastructure Fund
(MIIF) acquires a 20% interest in Taiwan Broadband Communications (TBC) for approximately US$178 million (S$272 million). TBC is one of Taiwan?s largest CATV (cable television) infrastructure owners and leading cable television operators. The purchase price represents an EV/EBITDA multiple of 12.2 times for the 12 months ended 31 December 2006. MIIF will fund the acquisition through its existing committed debt facilities with terms ranging from one to three years. TBC is a leading cable network operator in Taiwan and is the sole licensee and provider of cable television services in each of the five franchise areas in which it operates. Over 85% of homes in Taiwan receive communications services via hybrid fibre co-axial (HFC) cable, which is the core of TBC?s infrastructure. As at 31 March 2007, TBC had approximately 670,000 basic cable television, 95,000 high speed internet, 17,000 digital television and 14,000 cable telephony or voice over internet protocol (VoIP) subscribers.
MIIF is pleased to announce that The Brussels Airport Company (Brussels Airport) has successfully agreed a refinancing of its debt facilities and established capital expenditure facilities to fund the future growth and expansion of the airport.
The refinancing was completed entirely in the bank debt market with improved margins over the previous bank debt pricing. A total of ?1,636m (S$3,299.5m) in bank debt facilities has been established, including term debt and facilities for capital expenditure and working capital purposes.
Of the total debt, ?1,170m (S$2,359.6m) is due to be drawn by 30 June 2007. This will include an approximate ?180m (S$363.0m) distribution to equity holders. A further drawdown and distribution to equity holders of ?130m (S$262.2m) will be made in September 2007, subject to Brussels Airport exceeding an agreed earnings before interest, tax, depreciation and amortisation (EBITDA) benchmark for the 12 months to 30 June 2007.
Financial close is expected to take place on 22 June 2007. Macquarie Bank acted as financial adviser to Brussels Airport.
Mr Gavin Kerr, the Managing Director of Macquarie Infrastructure Management (Asia) Pty Limited, MIIF?s manager said, ?This is a good result for Brussels Airport and its shareholders, including MIIF. The strong support that Brussels Airport has received from the bank market reflects the outstanding performance of Brussels Airport under the active management of Macquarie Group. We anticipate Brussels Airport will continue its strong performances in the future.?
MIIF's direct interest in Brussels Airport is 3.2% which comprises 7.1% of MIIF's high quality, diversified portfolio of infrastructure investments.