Infratil to sell Prestwick and Manston

Date added: 18 November, 2009

18.11.2009 (NZX)

… part of a long article about Infratil ….

………….. Analysts said that was a clear signal that Infratil would focus
on building energy assets in New Zealand and Australia and that non-energy assets,
with the exception of Wellington Airport, could be sold.

Forsyth Barr head of research Rob Mercer said he expected Infratil’s two problematic
British airports, Glasgow Prestwick and Kent, would be sold within 12 months.

Infratil sold its German airport back to the City of Lubeck this month at a near
break-even price.

Infratil’s shares were trading at about a 30% discount to net asset value of
$2.25, indicating that the market had lost confidence in the company’s ability
to grow net tangible assets over the next 12 months.

The shares closed yesterday at $1.51, down 3c.

The discount was equal to $480m, representing the combined value of the British
airports, New Zealand Bus and 32 per cent owned Energy Development.

Infratil posted an operating profit after tax of $70.4m for the half year to
September 30, up from $67m a year at the same time last year.

Non-cash charges of $80m for asset and financial instrument revaluation, partially
offset by $26.2m of cash gains on sale of investments, led to a net loss of $31.4m,
compared with a net profit of $7.3m.

Infratil forecast a full year profit before interest, tax, depreciation, amortisation
and financial instruments of between $355m and $370m, compared with $356m a year
earlier.

http://www.nzx.com/home/3072699/Infratils-Shell-bid-a-done-deal

Infratil to sell Prestwick and Manston

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