Infratil Warrants
Introduction
Infratil has two series of Warrants on issue.
The first series, IFTWB, were issued without cost in July 2004 with an initial Exercise Price of $3.50. Subsequent to a share split and bonus issue of new warrants (IFTWC) in June 2007 and a 1 for 5 rights issue in September 2007, the Exercise Price was adjusted to $1.62, effective 3 September 2007.
The exercise period for IFTWB Warrants remains the same. IFTWB Warrants can be exercised up to (and including) 10 July 2009.
On 11 June 2007, Infratil issued a second series of Warrants, IFTWC. These were issued without cost on a 1 for 10 basis to all shareholders and IFTWB Warrantholders on the record at 5pm on 8 June 2007.
The initial Exercise Price for the IFTWC Warrants was $4.25. Subsequent to the 1 for 5 rights issue in September 2007, the Exercise Price was adjusted to $4.12, effective 3 September 2007. The IFTWC Warrants can be exercised up to (and including) 29 June 2012.
What are the Warrants?
Each IFTWB Warrant entitles the holder to buy one Infratil share for $1.62. You can exercise your warrants (i.e buy Infratil shares) on any business day up to (and including) 10 July 2009. The Warrants do not give you voting rights or dividend rights - only a right to buy an Infratil share for $1.62.
Each IFTWC Warrant entitles the holder to buy one Infratil share for $4.12. You can exercise your warrants (i.e buy Infratil shares) on any business day up to (and including) 29 June 2012. The Warrants do not give you voting rights or dividend rights - only a right to buy an Infratil share for $4.12.Who received the Warrants?
All shareholders as at 5pm Friday 2 July 2004 automatically received one IFTWB Warrant for every five shares held. There was no payment required.
All shareholders and IFTWB warrantholders as at 5pm Friday 8 June 2007 automatically received one IFTWC Warrant for every ten shares and/or IFTWB Warrants held. That is, if you held 1,000 shares and 200 IFTWB Warrants on that date you received 120 IFTWC Warrants. There was no payment required.How do I exercise my Warrants?
You must complete the Warrant Exercise Form for the relevant series of Warrants and post this to Infratil's Share Registrar with your cheque for $1.62 for each IFTWB Warrant and $4.12 for each IFTWC Warrant you are exercising. The IFTWB Warrant Exercise Form can be downloaded here (pdf 113KB). The IFTWC Warrant Exercise Form can be downloaded here (pdf 113KB). The Warrant Exercise Forms can also be requested by calling Infratil's Share Registrar on 0800 377 388 or emailing This e-mail address is being protected from spam bots, you need JavaScript enabled to view it Shares will be issued to you on the 5th business day after receipt of the Warrant Exercise Form and cheque.Can I sell my Warrants?
Yes. You can sell both your IFTWB and IFTWC Warrants at any time through the New Zealand Exchange (NZX). The Warrants are traded on the NZX under codes "IFTWB" and "IFTWC". You can sell your Warrants and keep your shares or vice versa. Recent market prices for both Warrants are shown in the financial section of major New Zealand daily newspapers or you can click here IFTWB or click here IFTWC for the current price information from the New Zealand Exchange. Contact your sharebroker for advice on selling your Warrants.Can I buy more Warrants?
Yes. Contact your sharebroker for advice on buying more Warrants of either or both series.What happens if I don't exercise my Warrants?
IFTWB Warrants will cease to have any value if they are not exercised by 5pm Friday 10 July 2009. If you are not going to exercise your Warrants, then you should sell them through the NZX. The last day for trading your IFTWB is Tuesday 7 July 2009.
IFTWC Warrants will cease to have any value if they are not exercised by 5pm Friday 29 June 2012. If you are not going to exercise your Warrants, then you should sell them through the NZX. The last day for trading your IFTWC is Tuesday 26 June 2012.How do I get more information about the Warrants?
In respect of IFTWB warrants all shareholders as at 2 July 2004 received a copy of the Investment Statement that gives a comprehensive description of the Warrants. A copy of the Investment Statement can be downloaded (pdf 129KB) or requested by writing to the Company Secretary of Infratil or emailing This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
A copy of the prospectus can also (pdf 106KB) be downloaded.
In respect of IFTWC Warrants all shareholders and IFTWB Warrantholders as at 8 June 2007 received a copy of the Investment Statement that gives a comprehensive description of the Warrants. A copy of the Investment Statement can be downloaded (pdf 193KB) or requested by writing to the Company Secretary of Infratil or emailing This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
A copy of the prospectus can also (pdf 171KB) be downloaded.What was the Warrants Small Holding Plan announced in June 2007?
Please note Infratil Warrants Small Holdings Plan closed Friday 6 July 2007.
Because some share and IFTWB Warrantholders received small allocations of the new IFTWC Warrants (these IFTWC Warrants were issued without cost on a 1 for 10 basis to all share and IFTWB Warrantholders on the record at 5pm on 7 June 2007), Infratil with the assistance of ABN AMRO Craigs, offered those holders who initially received less than 1,000 IFTWC Warrants the opportunity to sell their allocation without brokerage or acquire up to $500 more IFTWC Warrants without brokerage. This facility was only offered to New Zealand residents and was not offered to holders who initially received 1,000 or more IFTWC Warrants.This facility was primarily offered because Infratil recognised that for small holdings the minimum brokerage cost can be disproportionately high relative to the value of the IFTWC Warrants.
This facility only applied to IFTWC Warrants (not the shares or the IFTWB Warrants) and participation in the facility was entirely voluntary. IFTWC Warrantholders who did not wish to buy or sell needed to do nothing. Copies of the documents sent to IFTWC Warrantholders can be downloaded by clicking on the links below.
Letter to Warrantholders with less than 1000 new Warrants (pdf 80KB).
Letter to non-New Zealand Resident Warrantholders and Holders of more than 1000 IFTWC Warrants (pdf 52KB) .
Buy Application Form (pdf 57KB).
Sell Application Form (pdf 55KB).
Warrants Small Holding Plan Terms and Conditions (pdf 46KB).
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