reading through the numbers... quick glance shows the liabilities to be
Is this normal in a port operator?
found this in HWZ. take with a pinch of salt as I am not sure of its providence.
End Place brokerage : 1% payable by all investors in the placement
Distribution Yield :
5.5% - 6.5% (FY2011) and 6.1% - 7.2% (FY2012) ;
based on the minimum and maximum offering prices
Cornerstone Investors :
Ally Holding Limited, Aranda Investments Pte. Ltd.,
Capital Research and Management Company,
Cathay Life Insurance Co. Ltd.,
Lone Pine Capital LLC (on behalf of investment funds),
Metropolitan Financial Services Ltd,
Paulson & Co. Inc. and Seacrest FIR Incorporated.
(Aggregate subscription amount equal to US$1.62 billion)
Gross Proceeds (Including Cornerstone) :
US$4,913,553,900 - US$5,831,470,800 (pre-Over-Allotment)
US$5,404,909,310 - US$6,414,617,880 (post-Over-Allotment)
Market Capitalisation : US$7,925,088,080 - US$9,405,599,040
Lock-up :
Sponsor and Trsutee-Manager - 6 months after the listing date
Cornerstone investors - No lock-up
Cornerstone Units = between 1,500,000,000 Units to 1,780,000,000 Units (depending on the final price).
The Business portfolio of HPH Trust comprises:
HPH Trust’s interest in the operators of the Portfolio Container Terminals which consists of:
(i) Hongkong International Terminals Limited, the owner and operator of Terminals 4, 6, 7 and two berths in Terminal 9 at Kwai Tsing, Hong Kong (“ HIT â€);
(ii) 50% interest in COSCO-HIT Terminals (Hong Kong) Limited, the owner and operator of Terminal 8 East at Kwai Tsing, Hong Kong (“ COSCO-HIT â€);
Together, HIT and COSCO-HIT had approximately 60% of the market share of Kwai Tsing Port, Hong Kong, by throughput in 2009 and operate 14 of the 24 deep-water berths in Kwai Tsing Port, Hong Kong;
(iii) 56% interest in Yantian International Container Terminals Limited, the operator of Yantian International Container Terminals Phases I and II;
(iv) 50% interest in Yantian International Container Terminals (Phase III) Limited, the operator of Yantian International Container Terminals Phase III and its expansion project, which is being developed; and
(v) 50% interest in Shenzhen Yantian West Port Terminals Limited, the operator of Shenzhen Yantian West Port Terminals Phase I and Shenzhen Yantian West Port Terminals Phase II, which is being developed.
Yantian (which comprises Yantian Phases I & II, Yantian Phase III, Yantian Phase III Expansion, West Port Phase I and West Port Phase II) is the leading privately owned and operated deep-water container port in East Shenzhen, and the overall market leader in Shenzhen with a market share of approximately 47% by throughput in 2009.
All of the River Ports Economic Benefits attributable to the businesses of:
(i) Jiangmen International Container Terminals;
(ii) Nanhai International Container Terminals; and Zhuhai International Container Terminals (Jiuzhou), whose operations complement that of the Portfolio Container Terminals.
The following providers of ancillary services:
(i) Asia Port Services Limited, which is mainly engaged in providing port ancillary services, including mid-stream services (which are vessel-handling services in the harbour involving the lifting and discharging of containers from barges alongside the vessel);
(ii) HPH Trust E.Commerce Limited, which provides logistics services; and
(iii) Shenzhen Hutchison Inland Container Depots Co., Limited, which operates the inland container depot and warehouse in Shenzhen
Total Units :
Between 3,619,290,000 Units and 3,899,510,000 Units offered under the Public Offer and the Placement (which includes the Preferential Offer to HWL shareholders and the Public Offering Without Listing in Japan), excluding the Cornerstone Units of between 1,500,000,000 Units to 1,780,000,000 Units (depending on the final price).