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- Release Date: 27/09/13 11:54
- Summary: FORECAST: IFT: Infratil Market Update and Share Buyback
- Price Sensitive: No
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IFT
27/09/2013 09:54
FORECAST
REL: 0954 HRS Infratil Limited
FORECAST: IFT: Infratil Market Update and Share Buyback
Attached is a Market Update for Infratil dated 27 September 2013. In summary:
-Following the recent partial sale of Z Energy, Infratil has significant
capital flexibility and a strong capital structure. Given the significance of
the changes, Infratil is providing an interim update of its outlook and
capital position. The update includes confirmation of a significant share
buyback and expectations of higher future dividends.
-Infratil believes a buyback of Infratil shares provides compelling value for
remaining shareholders. Infratil therefore intends to commence an on-market
buyback of up to 24.8 million shares through a tender offer at a maximum
share price of $2.60 per share on 22 October 2013.
-Infratil also intends to ensure that shareholders benefit from the Company's
robust cash flow and funding position via higher dividends. Over the last
five years dividends have risen from 6.25cps to 9.25cps (last year the uplift
was 1.25cps) and this rate of growth is expected to be maintained. The
interim dividend for the current year will be announced on 12 November.
End CA:00241674 For:IFT Type:FORECAST Time:2013-09-27 09:54:07
