Ann: Infratil announces NZ$1,150 million equity raising, page-9

Including the retail offer (at $150m) in addition to the placement, page 19 of the presentation suggests that 113.3m new shares issued will be equivalent to c. 13.5% of the current issued share capital. Assuming the retail offer delivers $150m, then apply for 135 shares (NZ$1,370.25) for each 1,000 shares held to avoid dilution. IFT are aiming to deliver this level of allocation, with the danger that they need to raise more than $150m to expand the available shares (as was the case with last years offer) which means you could apply for slightly more to be safe. Assuming share price holds up when the trading halt comes off, little point in applying for shares in addition to this level.