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Infratil Warrants

Introduction

Infratil has two series of Warrants on issue. Warrants in each series entitle the holder to buy one fully paid Infratil share.

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. Further subsequently on 25 June 2009, IFTWB Warrantholders approved an amendment to terms of the IFTWB Warrants to provide for an instalment payment option described below under IFTWB Exercise Options.

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.

IFTWB Exercise Option

Subsequent to the special meeting of IFTWB Warrantholders held on 25 June 2009 (click here for the Notice of Special Meeting and here for the letter sent to IFT Warrantholders on 25 June 2009), IFTWB Holders had two separate options for the exercise of their IFTWB Warrants.

Firstly, they could exercise by making payment of $1.62 per Warrant by 5pm Friday 10 July 2009. Upon receipt of payment the IFTWB Holder received one fully paid ordinary share in Infratil.

Secondly, they could make an Instalment Payment of 55 cents by 5pm Friday 10 July 2009. This extended the exercise period for the relevant IFTWB Warrants.

The second payment of $1.12 is due by 5pm Friday 21 May 2010. The Instalment Payment of 55 cents is non-refundable and the IFTWB Warrants will lapse if the second payment of $1.12 is not made by 5pm Friday 21 May 2010. Subsequent to payment of the 55 cents, payment of the $1.12 can be made at any time and, upon receipt, IFTWB Holder will receive one fully paid ordinary share in Infratil.

If no payment is made by 5pm Friday 10 July 2009, then the IFTWB Warrants will lapse and have no value.

To exercise the IFTWB Warrants you must complete the IFTWB Warrant Exercise Form (click here) and post with your cheque for $1.12 for each IFTWB Warrant you are exercising to Infratil’s Share Registrar. Contact details are provided on the relevant forms, otherwise call the Share Registrar on 0800 377 388.

IFTWC Exercise Options

IFTWC Warrantholders may exercise by making payment of $4.12 per Warrant by 5 pm Friday 29 June 2012. Upon receipt the IFTWC Holder will receive one fully paid ordinary share in Infratil.

The amendments made on 25 June 2009 have no application to the IFTWC Warrants.

If the payment of $4.12 is not made by 5pm Friday 29 June 2012, then the IFTWC Warrants will lapse and have no value.

To exercise the IFTWC Warrants you must complete the IFTWC Warrant Exercise Form (click here) and post with your cheque for $4.12 for each IFTWC Warrant you are exercising to Infratil’s Share Registrar. Contact details are provided on the relevant forms, or otherwise call the Share Registrar on 0800 377 388.

Quotation and trading of the Warrants?

The IFTWB Warrants are quoted and can be traded through the New Zealand Exchange (NZX). The IFTWB Warrants will trade up to Tuesday 7 July 2009 on the basis that neither the $1.62 exercise price or the 55 cents Instalment Payment has been made. The IFTWB Warrants were suspended from trading from Wednesday 8 July to Friday 10 July 2009. They recommenced quotation and trading on Monday 13 July on the basis that the 55 cent Instalment Payment has been made.

The IFTWC Warrants are quoted and can be traded through NZX until Tuesday 26 June 2012.

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 NZX. Contact your sharebroker for advice on selling your Warrants.

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.

What rights do the Warrants have?

Neither the IFTWB Warrants nor the IFTWC Warrants give you voting rights or dividend rights - only a right to buy an Infratil share.

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 ceased to have any value if either they were not exercised by 5pm Friday 10 July 2009 or the Instalment Payment of 55 cents was not paid at that time.

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) 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) 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) 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) be downloaded.

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