Macquarie International Infrastructure Fund

[Louhan]

Finally the Board of Directors are doing something to prop up the share price.

OUTCOME OF STRATEGIC REVIEW

As a result, the Board has decided to undertake the following initiatives:

- Distribute existing excess cash to shareholders as a one-off special dividend;
- Commence a joint process with Macquarie Korea Opportunities Fund (MKOF), MIIF’s TBC co-shareholder, to realise maximum value for their investment in TBC;
- Pursue the orderly divestments of MIIF’s interests in HNE, CXP and Miaoli Wind;
- Distribute proceeds from any divestment to shareholders as soon as practicable; and
- Allow MIIF’s corporate-level debt facility to lapse upon maturity.

These initiatives have been formulated with a focus on maximising and returning value to MIIF shareholders. The Board will endeavour to execute these initiatives in a timely manner; however, these initiatives involve complex processes which will require active management and prudent actions to safeguard the interests of MIIF shareholders.

http://info.sgx.com/webcoranncatth.nsf/V...7005F51B0/$file/MIIFOutcomeStrategicReview181212.pdf?openelement [SGX Announcement]

Fairly surprised that they intend to liquidate the fund steadily and return capital to shareholders. It will not be easy divesting some of the assets quickly due to its size and regulatory control. The Management fees will also be structured. Shareholders seems to like this outcome and the share price has surged to 62.0 cents.

(Not Vested)