Ann: STAND: IFT: On-market buyback in Infratil Li

• Release Date: 28/11/13 10:59
• Summary: STAND: IFT: On-market buyback in Infratil Limited ("IFT")
• Price Sensitive: No
• Download Document  3.74KB

					IFT
28/11/2013 08:59
STAND

REL: 0859 HRS Infratil Limited

STAND: IFT: On-market buyback in Infratil Limited ("IFT")

MEMORANDUM

To: Market Participants
From:  NZX Client and Market Services
Date:  28 November 2013
Subject:     Stand in the Market  - On-market buyback in Infratil Limited
("IFT") ordinary shares

Message:
Following the announcement made by Infratil Limited ("IFT") on 15/11/2013,
NZX Regulation ("NZXR") advises that First NZ Capital Securities Limited
("FNZW") has received instruction to conduct a stand in the market to acquire
up to 24.8 million ordinary shares in IFT at a price of up to NZ$2.60 per
share  on behalf of IFT.

The Special Order Facility will be provided to FNZW under Rule 13.7.4(r) of
the NZX Participant Rules in order to undertake the acquisition. A separate
market will be made available under the code IFTX.

This stand in the market will commence at 12.00pm on 5 December 2013. The
settlement code will be IFTX. All sell orders must be submitted after 12.00pm
and before 2.00pm on 5 December 2013.
IFTX will be in Enquiry until 12.00pm. At 12.00pm IFTX will be placed in
Pre-open and sell orders may be submitted until a random time around 2.00pm
when IFTX will be placed in Enquiry.

No bids will be accepted in IFTX other than by FNZW on behalf of IFT.

Subject to no termination by IFT, as soon as practicable after 2.00pm FNZW
will enter a purchase order for ordinary shares on behalf of IFT as follows:

o If fewer than 24.8 million shares have been offered at prices equal to or
less than $2.60 per share, FNZW will enter a purchase order equal to that
volume of offered shares. All matched offers will receive the final price
(being the highest price offered, but no more than $2.60 per share).

o If more than 24.8 million shares have been offered at prices equal to or
less than $2.60 per share, FNZW will enter a purchase order equal to the
volume of all shares offered at or below the final price (being the lowest
price at which IFT can purchase 24.8 million shares, but no more than $2.60
per share). All offers matched below the final price will receive the final
price and be accepted in full. All offers matched at the final price will
also receive the final price, but will be scaled on a pro-rata basis in
proportion to the number of shares offered at that price. Fractions will be
rounded down.

The following conditions apply to this bid:
(a) IFT reserves the right to change the maximum price per share by market
announcement any time before 10.00am on 5 December 2013;

(b) IFT reserves the right to terminate the stand at any time before the
entry of IFT's buy order;

(c) FNZW reserves the right to enter sell orders on behalf of its own
clients;

(d)  In accordance with NZX Participant Rule 11.11.3, undisclosed orders are
not permitted;

(e) There are no price escalation terms or any other form of consideration
payable;

(f) NZX participants can amend and withdraw offers submitted by them until
IFTX is placed in Enquiry around 2.00pm, but after that time offers are
irrevocable;

(g) IFT shareholders may tender shares at a range of prices;

(h) IFT shareholders wishing to participate in the buyback should contact an
NZX
firm; and

(i) IFT shareholders who participate in the buyback may be charged brokerage
fees by the sell-side NZX firm.

NZX will conduct post-trade processing to convert trades in IFTX to IFT.
Trades will be settled on a T+3 basis (i.e. on 10 December 2013).
Trading in IFT ordinary shares on the NZX Main Board will be halted from
12.00pm on 5 December until after the announcement of the final price by IFT,
at which time normal trading will resume.

Please contact Client and Market Services on +64 4 496 2853 or email
[email protected] with any queries.

ENDS
End CA:00244412 For:IFT    Type:STAND      Time:2013-11-28 08:59:12