That's how I read it - converting $10.15 NZD to AUD right now...

That's how I read it - converting $10.15 NZD to AUD right now gives you $9.34 AUD based on google's exchange rate.

Given Infratil closed today on the ASX at $10.26 AUD this presents around a 10% discount if buying in through the placement.

Not advice, but I am personally sitting on the sidelines waiting until we get closer to the closing date of the placement to see what the share price does on market, and then working out the potential upside available from there. Not all capital raises result in the company trading at above its equity raise price, but based on the current market reaction it has been looked upon positively which is good news for existing shareholders.

We still have about two weeks until you need to make a call on it, a lot can happen to markets in that time.