In today’s briefing:
- Infratil (IFT NZ): NZ$850m Placement & Index Implications
- CR Power (836 HK): Upside From Clean Energy Spin-Off
Infratil (IFT NZ): NZ$850m Placement & Index Implications
- Infratil Ltd (IFT NZ) is acquiring Brookfield Asset Management Lt (BAM US)‘s 49.95% stake in One NZ for NZ$1.8bn. This will be partly funded through a NZ$850m placement.
- There will be a NZ$750m underwritten placement at NZ$9.2/share (an 8.9% discount to the last close) and a retail offering of NZ$100m.
- There will be passive buying from index trackers post the completion of the placement and the settlement of the shares and that will remove some of the overhang.
CR Power (836 HK): Upside From Clean Energy Spin-Off
- Late March, SOE-backed power play China Resources Power Holdings Co Ltd. (836 HK) announced it intends to spin off its energy unit via an A-share listing.
- Shares gained 4.9% on the news – gains which were promptly given back over the ensuing fortnight.
- Renewable energy profits have been the driving force behind CRP’s bottom line strength the last two years. But how best to assign a value to the remaining loss-making thermal ops?
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