Not vested. From SIAS:-
Macquarie International Infrastructure Fund Ltd (“MIIFâ€) announced its FY10 annual results on 23rd February 2011.
MIIF had recently divested out of two major investments: CAC and Arqiva. Top and bottom numbers were negatively affected by it, resulting in MIIF posting a 30.1% and 33.9% decline respectively.
MIIF had cash of S$485.1m as of end Dec 2010 (S$169.9m as of end Dec 2009). We do not see why MIIF would sit on this cash for too long and we just have to be patient. The fact that no special dividends were
declared suggests that there are plans in place.
We maintain our Invest rating and downgrade our intrinsic value to S$0.640 representing a 17.4% upside over its last traded price of S$0.545.