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- Release Date: 21/08/13 11:45
- Summary: FORECAST: IFT: Infratil Sale of 30% of Z Energy
- Price Sensitive: No
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IFT
21/08/2013 09:45
FORECAST
REL: 0945 HRS Infratil Limited
FORECAST: IFT: Infratil Sale of 30% of Z Energy
Infratil today announced the unconditional sale of 30% of Z Energy for gross
proceeds of $420 million. Infratil expects its net cash proceeds from the
sale of its 30% interest to amount to approximately $396 million, while the
value of its remaining 20% interest in Z Energy was $280 million at the final
issue price of $3.50 per share. These amounts compare to the previous
carrying value of its 50% interest in Z Energy reported in the March 2013
financial statements of $324 million.
Infratil provides the following updated guidance for the financial year
ending 31 March 2014 to reflect the partial sale of Z Energy shares. The
guidance update assumes no other major changes in the Infratil portfolio. The
operating cash flow includes Infratil's share of the $50 million special
dividend paid by Z Energy prior to the IPO.
End CA:00239972 For:IFT Type:FORECAST Time:2013-08-21 09:45:19
