MIG a.c.n. 059 457 279 limited

So MIG is to return $AUS 1.75B to its long suffering unit...

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    So MIG is to return $AUS 1.75B to its long suffering unit holders. The current number of shares in MIG is 1.9B. This gives potentially 92C per stapled security to investors. The CEO Mr Allen is on record say that will be paid out to investors most likely in the next financial year.
    So how has this come about? Ever since 2001 (around September 11) MIG has entered into a partnership with FERROVIAL (Spanish construction and services company Ferrovial SA (FER.MC) to jointly own and run CINTRA. The ownership breakdown is 60% Ferrovial and 40% MIG.
    The partnership has extensive interests in about 20 Toll roads in Canada , Spain, Portugal, and South America.
    It now appears that MIG is not happy with the current arrangements and want Cintra reconstituted.
    One of the reasons for this outcome has been that MIG has had no access to the Cintra cash flow and so MIG’s dividend for the past three years has been a paltry 7.5c.
    UBS and JBWGS have pointed out that MIG has underperformed the ASX/S&P All Accumulation Index by 23% and is trading at a discount of some 12% to its NTA of $3.6.
    The net effect of this is that MIG is unable to go to the market to get funds for further aquistions. This is most likely the reason it did not pitch for the Frankston project in Victoria.
    So now post IPO the investors are to get $AUS 1.75B. Two questions remain
    1. What is the timeframe?
    2. In what form
    a. Special div
    b. Sharebuyback
    3. There is a vigorous debate about the
 
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