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Infratil sells stake in Aust Energy Developments for A$140 mln

Monday 11th January 2010

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Infratil Ltd, the infrastructure investment company, has sold its 32% stake in Brisbane-based Energy Developments for some A$140 million.

The company set up by Lloyd Morrison first flagged its interest in selling its holding in June after it received an unsolicited and incomplete proposal from a group of private equity investors, and threw its weight behind the Greenspark Power Holdings offer in November.

Greenspark paid A$2.75 a share at a total cost of A$139.9 million.  

“We intend to increase our investment in the Australian energy sector over time and are actively looking for new opportunities,” said Infratil chief executive Marko Bogoievski in a statement.  

Infratil began its review of Energy Developments in 2008 and said the company had struggled to meet expectations to boost shareholder value. The Brisbane-based renewable energy company was valued at between A$3.17 and A$4.09 a share by an independent expert report from Lonergan Edwards & Associates in November.  

The investment company has sold more than $391 million of assets and raised over $98 million of new capital since March 31 last year, and said the sale will result in a gain of some $94 million in its 2010 full-year statement.  

Greenspark is owned by entities advised by Pacific Equity Partners and made an unconditional bid to takeover Energy Developments at a cash price of A$2.75 a share on Friday. The offer will close on Jan. 22. It now holds some 49% of the company.  

 

Businesswire.co.nz

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Get quotes for Infratil Limited Ordinary Shares (IFT)
NZX Annoucements for IFT
11 Mar 2010 ALLOT: IFT: Exercise of Warrants
11 Mar 2010 ADDRESS: IFT: Infratil Investor Day
4 Mar 2010 ALLOT: IFT: Exercise of Warrants
1 Mar 2010 MONTHLY: IFT: Infratil Monthly Operational Update
1 Mar 2010 BUYBACK: IFTHA: Pertpetual Infratil Infrastructure Bonds (PIIBs)
1 Mar 2010 APPNDX7: IFT060: Appendix 7 - Interest Payment (IFT060)
10 Feb 2010 ALLOT: IFT: Exercise Of Warrants
1 Feb 2010 APPNDX7: IFTHA: Appendix 7 - Interest Payment (IFTHA)
1 Feb 2010 APPNDX7: IFT110: Appendix 7 - Interest Payment (IFT110)
1 Feb 2010 APPNDX7: IFT090: Appendix 7 - Interest Payment (IFT090)
1 Feb 2010 APPNDX7: IFT130: Appendix 7 - Interest Payment (IFT130)
1 Feb 2010 APPNDX7: IFT070: Appendix 7 - Interest Payment (IFT070)
1 Feb 2010 APPNDX7: IFT140: Appendix 7 - Interest Payment (IFT140)
1 Feb 2010 APPNDX7: IFT040: Appendix 7 - Interest Payment (IFT040)
1 Feb 2010 MONTHLY: IFT: Infratil Monthly Operational Report
11 Jan 2010 ASSET: IFT: Infratil announces sale of Energy Developments

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