Macquarie International Infrastructure Fund

Im voting for the new directors cos I think Heng Chiang Meng is a lousy person anyway. We should fire all the macquarie representatives there.

http://info.sgx.com/webcorannc.nsf/Annou...endocument

Lifted from the requisitioning shareholder's letter,
"We highlight that since the Fund was launched in 2005 at S$1 per share, Directors remuneration has increased by 45%, despite the fact that the market capitalisation of the Fund has fallen significantly over the period." --> isnt this a reason good enough to vote for the new directors, at the very least, the new directors have interests aligned to yours

I had already suspected it, but today's SGX announcements show fairly clearly (to my mind) that the strategic review was authorized by MIMAL as a defensive measure. i.e. they want it on record that they are doing something.

This drama has little downside (additional director fees notwithstanding) and possible upside for shareholders.

LIM has increased their stake from 6.92 to 7.2% while Asset Value Investors has increased their stake from 8.999% to 9.116%.

Can the Board (assuming LIM wins) slash MIMAL's Management fees or replace it with a new team or will it require another SGM for that ? Quite curious on how much power the Board can have !

(Not Vested)

Quote:LIM has increased their stake from 6.92 to 7.2% while Asset Value Investors has increased their stake from 8.999% to 9.116%.

Seems that they are putting their money where their mouths are?
There should be something good brewing for us "KACHIAM PUTAY" investors.

(27-11-2012, 11:42 AM)Temperament Wrote:

Quote:LIM has increased their stake from 6.92 to 7.2% while Asset Value Investors has increased their stake from 8.999% to 9.116%.

Seems that they are putting their money where their mouths are?
There should be something good brewing for us "KACHIAM PUTAY" investors.

AssetValue Investors hold the key to swinging the advantage to either MIMAL or LIM. Let's see...if they are with MIMAL (who is the biggest holder of the trio), there is no need to increase their stake. So, one possible logical explanation for doing so, would be that the 2 smaller holders are in cahoots against the big brother.....Nice.

(20-03-2011, 06:10 PM)Nick Wrote: MIIF's Divestment P&L Record

Novena Macquarie Renewable Energy (2005 - 2006)

Acquired: $64 million
Sale Proceeds: $91 million
Dividend Income: $11.6 million
Profits: $38.6 million
Total Return: 60.0%

Macquarie Infrastructure Company (2005 - 2007)

Acquired: S$25.9 million
Sale Proceeds: $37.6 million
Dividend Income: $4.6 million
Profit: $16.4 million
Total Return: 63.3%

DUET Group (2005 - 2007)

Acquired: S$55.2 million
Sale Proceeds: $84.9 million
Dividend Income: $12.4 million
Profit: $40.6 million
Total Return: 73.3%

Macquarie Communications Infrastructure Group (2005 - 2007)

Acquired: S$163.5 million
Sale Proceeds: $149.3 million
Dividend Income: $22.2 million
Profit: $8.0 million
Total Return: 4.9%

Brussels Airport Company (2005 - 2007)

Acquired: S$71.7 million
Sale Proceeds: $109.6 million
Dividend Income: $46.2 million
Profit: $84.1 million
Total Return: 117%

TanQuid (2005 - 2007)

Acquired: S$114.4 million
Sale Proceeds: $183.1 million
Dividend Income: $36.9 million
Profit: $105.6 million
Total Return: 92.3%

Macquarie Airport Group (2005 - 2008)

Acquired: S$154.5 million
Sale Proceeds: $154.3 million
Dividend Income: $33.5 million
Profit: $33.3 million
Total Return: 21.6%

Macquarie European Infrastructure Fund (2005 - 2009)

Acquired: S$139.5 million
Sale Proceeds: $132.0 million
Dividend Income: $35.3 million
Profit: $27.8 million
Total Return: 19.9%

Canadian Aged Care (2005 - 2010)

Acquired: S$164.9 million
Sale Proceeds: $92.5 million
Dividend Income: $66.7 million
Loss: $5.7 million
Total Return: -3.5%

Arqiva (2005 - 2010)

Acquired: S$434.8 million (includes add-on acquisition of NGW)
Sale Proceeds: $240.1 million
Dividend Income: $111.0 million
Loss: $83.7 million
Total Return: -19.3%

I hope this data will serve any prospective MIIF investor well. I am not vested in this Trust. Just quite intrigued by the idea of a listed mutual fund and how it could function to increase shareholder value. Please correct me if I made any mistakes or incorrect assumptions. This is not a buy or sell call !

(Not Vested)

Changshu Xinghua Port (CXP) (2005 - present)

Acquired: $112.3 million (38% stake)
30 Sept 2012 Valuation: $101.6 million
Dividend Income: $31.2 million
Total Loss: $20.5 million (includes paper losses)
Total Return: 18.3%

Hua Nan Expressway (HNE) (2007 - present)

Acquired: $295.7 million (81% stake)
30 Sept 2012 Valuation: $140.2 million
Dividend Income: $103.0 million
Total Losses: $52.5 million (includes paper losses)
Total Return: -17.8%

Miaoli Wind (2008 - present)

Acquired: $30.8 million (100% stake)
30 Sept 2012 Valuation: $0 million
Dividend Income: $0.4 million
Total Loss: $30.4million (includes paper losses)
Total Return: -98.7%

Taiwan Broadband Communications (TBC) (2007 - present)

Acquired: $479.2 million (47.5% stake acquired in 2007 and 2011)
30 Sept 2012 Valuation: $492.8 million
Dividend Income: $121.6 million
Total Profit: $135.2 million (includes paper gains)
Total Return: 28.2%

I copied this from page 1 of the thread. Please review the figures as I may have made errors and if so, feel free to point it out.

What do forummers think of MIMAL historical performance based on this figures or is this inconclusive ? The NAV has been suffering since all its investments but TBC are sitting on paper losses and the distributions are paid out to shareholders and MIMAL (in the form of fees). So I guess a discount to NAV isn't surprising ? I think the asset trading days of 2005 - 2008 are truly over in light of the poor economic conditions ?

I think retail shareholders will play a big role in the upcoming SGM since there the substantial shareholders control only 30% of the votes. It may also bring some interest in the listed funds sector - MPSF, GIL, MIIF - which have been ignored for some time.

(Not Vested)

Price of MIIF dropped this afternoon, affected by the decisions at EGM today.

(27-11-2012, 02:09 PM)Nick Wrote:

(20-03-2011, 06:10 PM)Nick Wrote: MIIF's Divestment P&L Record

Novena Macquarie Renewable Energy (2005 - 2006)

Acquired: $64 million
Sale Proceeds: $91 million
Dividend Income: $11.6 million
Profits: $38.6 million
Total Return: 60.0%

Macquarie Infrastructure Company (2005 - 2007)

Acquired: S$25.9 million
Sale Proceeds: $37.6 million
Dividend Income: $4.6 million
Profit: $16.4 million
Total Return: 63.3%

DUET Group (2005 - 2007)

Acquired: S$55.2 million
Sale Proceeds: $84.9 million
Dividend Income: $12.4 million
Profit: $40.6 million
Total Return: 73.3%

Macquarie Communications Infrastructure Group (2005 - 2007)

Acquired: S$163.5 million
Sale Proceeds: $149.3 million
Dividend Income: $22.2 million
Profit: $8.0 million
Total Return: 4.9%

Brussels Airport Company (2005 - 2007)

Acquired: S$71.7 million
Sale Proceeds: $109.6 million
Dividend Income: $46.2 million
Profit: $84.1 million
Total Return: 117%

TanQuid (2005 - 2007)

Acquired: S$114.4 million
Sale Proceeds: $183.1 million
Dividend Income: $36.9 million
Profit: $105.6 million
Total Return: 92.3%

Macquarie Airport Group (2005 - 2008)

Acquired: S$154.5 million
Sale Proceeds: $154.3 million
Dividend Income: $33.5 million
Profit: $33.3 million
Total Return: 21.6%

Macquarie European Infrastructure Fund (2005 - 2009)

Acquired: S$139.5 million
Sale Proceeds: $132.0 million
Dividend Income: $35.3 million
Profit: $27.8 million
Total Return: 19.9%

Canadian Aged Care (2005 - 2010)

Acquired: S$164.9 million
Sale Proceeds: $92.5 million
Dividend Income: $66.7 million
Loss: $5.7 million
Total Return: -3.5%

Arqiva (2005 - 2010)

Acquired: S$434.8 million (includes add-on acquisition of NGW)
Sale Proceeds: $240.1 million
Dividend Income: $111.0 million
Loss: $83.7 million
Total Return: -19.3%

I hope this data will serve any prospective MIIF investor well. I am not vested in this Trust. Just quite intrigued by the idea of a listed mutual fund and how it could function to increase shareholder value. Please correct me if I made any mistakes or incorrect assumptions. This is not a buy or sell call !

(Not Vested)

Changshu Xinghua Port (CXP) (2005 - present)

Acquired: $112.3 million (38% stake)
30 Sept 2012 Valuation: $101.6 million
Dividend Income: $31.2 million
Total Loss: $20.5 million (includes paper losses)
Total Return: 18.3%

Hua Nan Expressway (HNE) (2007 - present)

Acquired: $295.7 million (81% stake)
30 Sept 2012 Valuation: $140.2 million
Dividend Income: $103.0 million
Total Losses: $52.5 million (includes paper losses)
Total Return: -17.8%

Miaoli Wind (2008 - present)

Acquired: $30.8 million (100% stake)
30 Sept 2012 Valuation: $0 million
Dividend Income: $0.4 million
Total Loss: $30.4million (includes paper losses)
Total Return: -98.7%

Taiwan Broadband Communications (TBC) (2007 - present)

Acquired: $479.2 million (47.5% stake acquired in 2007 and 2011)
30 Sept 2012 Valuation: $492.8 million
Dividend Income: $121.6 million
Total Profit: $135.2 million (includes paper gains)
Total Return: 28.2%

I copied this from page 1 of the thread. Please review the figures as I may have made errors and if so, feel free to point it out.

What do forummers think of MIMAL historical performance based on this figures or is this inconclusive ? The NAV has been suffering since all its investments but TBC are sitting on paper losses and the distributions are paid out to shareholders and MIMAL (in the form of fees). So I guess a discount to NAV isn't surprising ? I think the asset trading days of 2005 - 2008 are truly over in light of the poor economic conditions ?

I think retail shareholders will play a big role in the upcoming SGM since there the substantial shareholders control only 30% of the votes. It may also bring some interest in the listed funds sector - MPSF, GIL, MIIF - which have been ignored for some time.

(Not Vested)

Who won ?

Only Resolution 1 was passed. The other 3 resolutions on the 3 new directors were not passed. So it can be considered the original board of directors won.

(05-12-2012, 05:11 PM)Nick Wrote: Who won ?

---

The details of the EGM have been announced in SGX website now.

(05-12-2012, 07:29 PM)Louhan Wrote: Only Resolution 1 was passed. The other 3 resolutions on the 3 new directors were not passed. So it can be considered the original board of directors won.

(05-12-2012, 05:11 PM)Nick Wrote: Who won ?