Infratil Instalment Shares
Introduction
Please note this page appears for historical purposes only.
In early August 2007, Infratil announced that it was undertaking a renounceable rights issue of up to 100,000,000 instalment shares with a record date of 31 August 2007. Rights to the instalment shares traded on the NZX market throughout September 2007 with the closing date to apply for the Instalment Shares being Wednesday, 3 October 2007. The Rights commenced trading on the NZSX market on 3 September 2007 under the code IFTRC. Trading in the Rights ceased on 1 October 2007.
The instalment shares were allotted and commenced quotation on the NZX market on 8 October 2007 under the code IFTCB, there were approximately 88 million shares on issue. The instalment shares ceased trading on 25 July 2008.
Frequently Asked Questions
What were the Instalment Shares?
The instalment shares were partly paid ordinary shares of Infratil. Upon subscription, the first instalment of 1.00 per instalment share was paid. When the second instalment of $1.00 per instalment share was paid to Infratil, an instalment share became an ordinary share and ranked equally in all respects with all other Infratil ordinary shares on issue.Prior to the second instalment being paid, an instalment share conferred on its holder half of the voting and dividend rights that an ordinary share conferred. For example, if a dividend of 6 cents per ordinary share was declared, then a dividend of 3 cents per instalment share is also declared.
Do I have to pay the Second Instalment?
Yes. The holder of an instalment share has a legal obligation to pay the second instalment during the second instalment payment period (14 July 2008 until 8 August 2008) irrespective of Infratil's prevailing operational performance or financial position.A person who holds instalment shares at the conclusion of the payment period and has not paid the second instalment will have their voting and distribution rights on the instalment shares immediately cease and can be liable to pay interest on the second instalment. Infratil may deduct the amounts owing in respect of the instalment shares from distributions declared on that person's ordinary shares and/or require the forfeiture of their instalment shares.
How do I pay the Second Instalment?
Instalment holders may pay the second instalment on and from 14 July 2008 (but not before). The second instalment must be paid on or before 8 August 2008.
See attached letter that was sent to all instalment holders to explain the payment and exercise process. Instalment holders needed to complete the attached exercise form and attach payment of $1.00 per instalment share held and send this to Infratil's share registrar in accordance with the instructions on the form. Payment may be made by direct credit.Can I sell my Instalment Shares?
No, after 25 July 2008 the Instalment Shares ceased trading on the NZX.
If the second instalment was not paid by 8 August 2008 it was overdue and any instalment shares on issue become non-transferable.
When the second instalment is paid you no longer hold instalment shares, but then hold ordinary shares which can be traded in the same manner as all other ordinary shares on issue.Can I buy more Instalment Shares?
No, after 25 July 2008 the Instalment Shares ceased trading on the NZX.How do I get more information about the Instalment Shares?
All shareholders as at 31 August 2007 received a copy of the Investment Statement that gives a comprehensive description of the instalment shares. A copy of the Investment Statement can be downloaded here 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 itA copy of the short-form Prospectus for the instalment shares can be downloaded here. The 2007 annual report of Infratil that is referred to in the Prospectus can be downloaded here.
Click here for a copy of the Entitlement Acceptance Form for this offer.
What are the dividends?
The Instalment Shares received 50% of Infratil's final dividend for financial year ended 31 March 2008. Shareholders could not pay the Second Instalment until after the Record Date for this dividend.
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