Macquarie International Infrastructure Fund

Macquarie International Infrastructure Fund

Postby iam802 » Tue May 27, 2008 6:55 pm

From SIASResearch
===

21 May 2008
Adjusted Net Income jumped 98.4% YoY to S$9.2m in 1Q08 on the back of a 143% rise in investment revenue to about S$14.5m. Investment income this quarter came from Canadian Aged Care and Taiwan Broadband Communications. Investment revenue, hence adjusted net income, was much higher in 4Q07 due to divestment gains of $109m. The gains have since been reinvested.
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Re: Macquarie International Infrastructure Fund

Postby winston » Tue May 27, 2008 8:30 pm

Vested.

Hi 802,

The following are some notes that I've on the company:-
1) Dividends are payable twice a year around Aug 21 and Mar 10
2) DBS has been buying while Macquarie has been selling; Please check SGX website on the latest transactions
3) NAV 1.28 ( DB )

Target Price:-
a) Kim Eng 1.26 Mar 18 from 1.25 Jun 21
b) DBS 1.22
c) JPM 1.4
d) CLSA 1.24 Sep 17
e) ABN 1.22 Nov 16

Take care,
Winston
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Re: Macquarie International Infrastructure Fund

Postby winston » Sat Aug 23, 2008 8:40 am

Vested.

INTERIM DIVIDEND OF S$0.0425 PER ORDINARY SHARE (TAX NOT APPLICABLE) FOR THE SIX MONTHS ENDED 30 JUNE 2008

Record Date * 28-08-2008

Record Time * 17:00

Date Paid/Payable (if applicable) 15-10-2008
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Re: Macquarie International Infrastructure Fund

Postby iam802 » Fri Aug 29, 2008 11:46 am

MIIF ANNOUNCES COMMENCEMENT OF ISSUE PRICE DETERMINATION PERIOD

http://info.sgx.com/webcoranncatth.nsf/ ... penelement

----
Can someone share with me how does this 'scrip dividend scheme' works? I am really lost with this term and its impact.

Thanks.
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2. The trend will END but I don't know WHEN.

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Re: Macquarie International Infrastructure Fund

Postby la papillion » Fri Aug 29, 2008 12:48 pm

Let me try :)

There are two ways that companies can distribute cash - one is through cash (the normal route) and the other is through scrips dividends. I have the fortune of investing in two companies that offer scrips dividends, so I have a little bit of experience dealing with both.

Scrips dividends works like this basically:

1. Pays you the dividend in cash, but instead of you taking the cash, they buy more shares for you using the cash distributed to you from the dividends. The formula works like this:

New scrips obtained = (number of shares held at book closure date x amount of dividend distributed per share)/Issue price

2. To buy the shares using the dividends distributed, they have to use an issue price to buy. For the case of MIIF, the issue price is the arithmetic average of the daily volume weighted average price of a MIIF share during the pricing period of 5 market days from 29th Aug to 4th Sept inclusive. You do not have to do the calculation yourself, as they will issue another statement of the actual issue price on 5pm, 4th sept.

For some companies, in order to entice shareholders to subscribe to scrips dividends, they will offer a discount to this issue price. But for MIIF, there is no such discount.

To illustrate, let's say you are given a dividend per share of 0.20 cts per share. You held 10 lots at book closure and the issue price is $1.15.

No.of scrips obtained = (10,000 x 0.20)/1.15 =1739.13

Since the scrips are usually rounded down, you'll get 1739 new shares, making your total share holdings at 11 lots 739 odd shares.

(for hsbc, the rounding is carried forward to the next interim. So, the 0.13 not 'used' will be added to the next round of scrips dividends. I doubt MIIF practise that as it's a major admin problem)

3. You can opt to take part cash dividend and part scrips dividends, by putting in the amount in the form that they will send you.


Possible impact

1. As they offer scrips dividend, they will have to dilute their shares outstanding slightly by issuing more shares. If you didn't subscribe, your ownership of the comany dilutes a little. If you subscribe to the scrips, then there is no change to your ownership.

2. Subscribing it will subject you to having odd lots. Might make it harder to divest your shares as the odd lots have to be sold in unit share market or through broker only. For long term investor on the company, it is not a problem.

3. Subscribing will compound your returns on the company better than if you reinvest the dividends yourself from open market purchase and there are no brokerage costs incurred. However, in open market purchase, you can decide the price and time (and amount) to invest, whereas for scrips, they will determine everything but you do not have to pay for brokerage.

For more reference, you can refer to musicwhiz's blog on pac andes, as they are also issuing new scrips soon.
http://sgmusicwhiz.blogspot.com/search/ ... ic%20Andes

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Re: Macquarie International Infrastructure Fund

Postby iam802 » Fri Aug 29, 2008 12:55 pm

Thanks LP.

And many thanks to MusicWhiz as well for his blog on the scrip dividends on Pac Andes.
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Re: Macquarie International Infrastructure Fund

Postby winston » Fri Sep 19, 2008 1:31 pm

Just in case you were selling funds managed by MacQ...

========================================

Macquarie shares rally 50pc as confidence returns

Shares in Australia's biggest investment bank, Macquarie Group made a stunning comeback on the country's bourse rallying 50 percent, after telling investors it was not the racy, risk-taking bank they thought it was.

The slide came despite stock-exchange denials that it had any financial problems and, according to local media, finally forced Macquarie's senior management to call a hastily arranged lunchtime meeting on Thursday with major shareholders.

A day later, as the major investors digested the bank's message, Macquarie roared back, rebounding more than 50 percent at one stage. In afternoon trade, the stock was up 34.7 percent at A$35.10 (HK$217.82), though still down about 20 percent on the week.

REUTERS
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Re: Macquarie International Infrastructure Fund

Postby winston » Mon Oct 13, 2008 11:09 am

Singapore – 13 October 2008: Macquarie International Infrastructure Fund (MIIF) will announce its third quarter financial results for the period ended 30 September 2008 before the start of market trading on Wednesday, 12 November 2008.
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Re: Macquarie International Infrastructure Fund

Postby winston » Wed Oct 22, 2008 1:12 pm

GENERAL FINANCIAL AND OPERATIONAL UPDATE

Singapore, 22 October 2008 – Macquarie International Infrastructure Fund Limited (MIIF) is scheduled to announce its third quarter financial results for the period ended 30 September 2008 on 12 November 2008. In anticipation of the release of its third quarter results, MIIF wishes to provide an update of its current financial and operational position.

Operational Summary

The infrastructure businesses in which MIIF is invested continue to perform solidly and in line with Management’s expectations. Consequently, MIIF is well positioned to receive income for 2008, which is anticipated to be comparable to the record amount received in 2007. This, in combination with the anticipated reduction in MIIF’s operating expenses for 2008, due to significantly lower management fees and transaction costs relative to 2007, positions MIIF well to fully cash fund its dividend for the second half of the year.

It is pleasing to note that, whilst the recent economic slowdown in China and higher fuel prices has impacted traffic volumes at Hua Nan Expressway (HNE), this has not been material to date. Further, the anticipated opening of a substantial feeder road to HNE in the first quarter of 2009 is expected to drive significant traffic growth next year. HNE also has very limited exposure to the current crisis in international debt markets, following the finalisation earlier this year of a 14-year committed term debt facility.

Despite the slowdown in steel exports in China in the first half of 2008, Changshu Xinghua Port has remained profitable due to the growth in container and forestry cargoes and port management’s successful diversification to new cargoes. With a remaining debt term of six years and a gearing1 level of less than 25 per cent, the port also has very limited exposure
to current debt market conditions.

Further, Miaoli Wind (formerly InfraVest) and Taiwan Broadband Communications together with MIIF’s other businesses continue to perform well despite current conditions.

Management continues to actively monitor the performance of its businesses and the environment in which they operate. MIIF will continue to maintain a prudent approach to its balance sheet and treasury management. It has no bilateral dealings with known troubled financial institutions. Borrowings held by the underlying businesses are non-recourse to MIIF, have substantial remaining tenors of between three and 14 years, with the earliest maturing in 2011. The majority of interest rate exposures are hedged for the medium to long term.

Management believes that MIIF’s current market capitalisation is well below the underlying value of its businesses. MIIF’s value is well supported by both the quality and sound funding positions of its businesses and their anticipated contribution to MIIF’s long term cash flows.

Other
Macquarie Group is one of MIIF’s largest shareholders and holds a principal interest of 106,776,610 shares through Macquarie Infrastructure Management (Asia) Pty Limited (MIMAL), the manager of MIIF. To date, MIMAL has not sold any MIIF shares and its direct interest has remained unchanged since MIMAL applied performance fees earned for the three months ended 30 June 2007 to a subscription for new MIIF shares on 31 August 2007.

MIIF will announce its third quarter financial results for the period ended 30 September 2008 before the start of market trading on Wednesday, 12 November 2008.
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Re: Macquarie International Infrastructure Fund

Postby winston » Thu Nov 13, 2008 4:07 pm

From Kim Eng:-

Macquarie International Infrastructure Fund (MIIF) will cut its dividend and use any surplus cash to repay its debts completely by end-2009 in a bid to shore up its battered share price, its fund manager said yesterday. From now on, MIIF will exclude gains on investment disposals from its twice-yearly ordinary dividend, which will be paid only out of regular operating income from its businesses.

Any extra cash will be used to repay unsecured debt, which is expected to reach $60 million next year, MIIF said. This will remove any refinancing risk associated with its corporate debt. MIIF's shares have plunged 61.4 per cent this year, dragged down by worries over its level of debt. They traded at 38 cents apiece yesterday.

MIIF's manager said the fund's unsecured corporate borrowings stood at $27.5 million at end-September and are expected to reach $60 million next year as it draws further on loan facilities to fund investment and working capital needs. The facilities expire in 2011. 'While MIIF's corporate facilities have a remaining tenor of three years, we consider the early repayment of corporate borrowings a prudent course of action in the current market,' said Gavin Kerr, managing director of MIIF's manager.

As a group, including portfolio companies, MIIF had borrowings of $123.2 million at end-September, including $89.1 million of long-term debt. The fund reported a net loss of $91.4 million for the three months to end-September, plunging deep into the red due to $80.7 million in losses on the fair value of its financial assets during the quarter.

A year earlier, MIIF made a net profit of $64.8 million, boosted by fair-value gains of $77.1 million. Net income adjusted to show the earnings out of which future dividends will be paid grew to $51.2 million for the quarter, from $17.4 million a year earlier
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