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Infratil (ASX:IFT) looks to raise NZ$300M

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ASX:IFT      MCAP $8.309B
09 June 2020 16:30 (AEST)
Infratil (ASX:IFT) - Outgoing CEO, Marko Bogoievski

Source: NZ Herald

Infrastructure company Infratil (IFT) is looking to raise NZ$300 million (roughly A$281.46 million) to fund its growth.

This money will be raised through a NZ$250 million (roughly A$234.55 million) placement and a NZ$50 million (approximately A$46.91 million) share purchase plan.

Placement

Under the placement, a total of 52.5 million shares will be issued to institutional investors at a price of NZ$4.76 (about A$4.50) per share.

A trading halt has been put in place by both the ASX and NZX (New Zealand Exchange) to smooth the process of the placement.

Share Purchase Plan

The remaining NZ$50 million will be raised through a share purchase plan where eligible shareholders will be able to purchase up to NZ$50,000 (approximately A$47,000) worth of shares.

If needed Infratil may accept oversubscriptions and scale backs will be applied.

While the exact price of the shares isn’t known as of yet they will be lower than the placement price or have a 2.5 per cent discount to the five-day volume-weighted average price.

The share purchase plan will open on Jun 12, close on June 25, and shares will be allocated on July 2.

They will then begin trading on the NZX on July 2 and the ASX on July 3.

Once the placement and share purchase plan are both completed, Infratil will have NZ$514 million (roughly A$482.23 million) in total liquidity.

The company says it is continuing to maintain a strong pipeline of growth opportunities across its portfolio and it is continuing to evaluate more opportunities in key areas.

Infratil is steady on the market and shares are trading for $4.81 each just before market close.

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