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Hi TA gurus.
Any take on this one. Hope it is building a good base infrastructure for its price to take off soon;)). Fundamentally, of course, its infrastructure is solid.;))
This defensive stock will soon be announcing its FY2006 results and confirm the final 4.00 cts div (tax exempt - mid year paid 3.95 cts - TE) .
It will be interesting to see what their forecast 2007 div will be. If it can improve to 10.0 cts(11.7% incease from 2006), then we can expect a proportionate upward revision on the average share price.
Macquarie International Infrastructure Fund Limited (MIIF)
MIIF SELLS STAKE IN NOVERA MACQUARIE RENEWABLE ENERGY (NMRE)
Singapore ? 21 December 2006: Macquarie International Infrastructure Fund Limited
announced today a conditional agreement to sell its 50 per cent interest in NMRE, which
owns and operates renewable energy assets in the UK and Europe.
The opportunistic sale is in line with MIIF?s commitment to maximise value for security
holders and, over time, to progressively move its portfolio of assets to be more focused on
Asian infrastructure.
Novera Energy Limited (Novera) will acquire MIIF?s stake for a cash consideration of £30m
(S$91m1), less transaction related costs. MIIF will also be entitled to receive an additional
sum, being 50% of the net proceeds of an outstanding indemnity claim, which a subsidiary
of NMRE is currently pursuing. Novera has undertaken to place £750,000 in escrow at the
completion of this transaction, pending the outcome of the claim.
MIIF acquired its interest in NMRE at the time of MIIF?s listing on the Main Board of the
Singapore Exchange Securities Trading Limited on 27 May 2005. It expects to make a gain
of £9m (S$27m1) upon disposal of the holding against an acquisition cost of £21m
(S$64m). The sale price, negotiated on an arm?s length commercial basis, approximates
MIIF?s 30 September 2006 valuation of NMRE of S$89m.
Mr Gavin Kerr, Managing Director of MIIF?s manager, said: ?To sell our NMRE stake after
just 18 months of ownership and earn an internal rate of return of approximately 37 per
cent per annum is a very good result.?
MIIF will use the sale proceeds to repay the drawn balance on its debt facilities, which
have been used to fund capital calls from Macquarie European Infrastructure Fund and to
acquire the Petroplus assets that form part of the TanQuid business.
sum, being 50% of the net proceeds of an outstanding indemnity claim, which a subsidiary
of NMRE is currently pursuing. Novera has undertaken to place £750,000 in escrow at the
completion of this transaction, pending the outcome of the claim.
MIIF acquired its interest in NMRE at the time of MIIF?s listing on the Main Board of the
Singapore Exchange Securities Trading Limited on 27 May 2005. It expects to make a gain
of £9m (S$27m1) upon disposal of the holding against an acquisition cost of £21m
(S$64m). The sale price, negotiated on an arm?s length commercial basis, approximates
MIIF?s 30 September 2006 valuation of NMRE of S$89m.
Mr Gavin Kerr, Managing Director of MIIF?s manager, said: ?To sell our NMRE stake after
just 18 months of ownership and earn an internal rate of return of approximately 37 per
cent per annum is a very good result.?
MIIF will use the sale proceeds to repay the drawn balance on its debt facilities, which
have been used to fund capital calls from Macquarie European Infrastructure Fund and to
acquire the Petroplus assets that form part of the TanQuid business.
(S$64m). The sale price, negotiated on an arm?s length commercial basis, approximates
MIIF?s 30 September 2006 valuation of NMRE of S$89m.
Mr Gavin Kerr, Managing Director of MIIF?s manager, said: ?To sell our NMRE stake after
just 18 months of ownership and earn an internal rate of return of approximately 37 per
cent per annum is a very good result.?
MIIF will use the sale proceeds to repay the drawn balance on its debt facilities, which
have been used to fund capital calls from Macquarie European Infrastructure Fund and to
acquire the Petroplus assets that form part of the TanQuid business.
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N=Based on the £/S$ exchange rate of 3.0371 as at 20 December 2006=
=Based on the £/S$ exchange rate of 3.0371 as at 20 December 2006=P=Based on the closing share price of S$0.985 as at 20 December 2006=
=
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Macquarie International Infrastructure Fund Limited =
=tpW=QPURQO|N=
Mr Kerr said that going forward MIIF would focus increasingly on investments in Asian
infrastructure.
?We are pleased with the opportunities for infrastructure investment in Asia and, through
divestment of assets like NMRE we are able to begin rebalancing the MIIF portfolio to
reflect our increasing Asian focus,? he said.
The sale is subject to parties satisfying the conditions set out in the sale and purchase
agreement.
For the half year ending 31 December 2006, Mr Kerr said MIIF expects to pay dividends of
4.00 cents per share as guided on 8 June 2006, implying a current annualised trading yield
of 8.1 per cent3.
None of the directors of MIIF have any interest, direct or indirect in the above transaction.
None of the directors of MIIF have any interest, direct or indirect in the above transaction.
For further information, please contact:
INVESTOR ENQUIRIES MEDIA ENQUIRIES
Wei Cheong Kathryn Hanes
Investor Relations, Singapore Corporate Communications, Singapore
Tel: (65) 6231 2766 Tel: (65) 6231 2827
Email: wei.cheong@macquarie.com= Email: kathryn.hanes@macquarie.com=
= Email: kathryn.hanes@macquarie.com=