Macquarie International Infrastructure Fund

[Louhan]

This is because the payments have not been received by MIIF.

anyone know why the latest result released on 12 Nov, indicated zero income from HNE ?

The operating expense + director fees + management fee is S$1.888 mil.

The 3 month Revenue ended 30 Sep 14 indicating RMB 159.8 mil, but zero distribution goes to MIIF.

Even last year's same period reap RMB 139.2 mil, there are RMB 12.1 mil went to MIIF distribution.

Last year EBITDA was RMB 111.4 mil - only 10.86% went to MIIF distribution.

where was the rest of 89.14 % went to ?

currently, with one asset remaining, the number of directors remain to be 6 and the directors fees exceeded last year's to almost double ! !

[Nick]

anyone know why the latest result released on 12 Nov, indicated zero income from HNE ?

The operating expense + director fees + management fee is S$1.888 mil.

The 3 month Revenue ended 30 Sep 14 indicating RMB 159.8 mil, but zero distribution goes to MIIF.

Even last year's same period reap RMB 139.2 mil, there are RMB 12.1 mil went to MIIF distribution.

Last year EBITDA was RMB 111.4 mil - only 10.86% went to MIIF distribution.

where was the rest of 89.14 % went to ?

currently, with one asset remaining, the number of directors remain to be 6 and the directors fees exceeded last year's to almost double ! !

And to add on to the previous post, EBITDA doesn't equate to distributable income. There is still debt to be repaid, interest payment and tax expenses. Moreover, MIIF stake is 81% so some dividend will be paid to the minority interest.

The press release mentioned they have received some offers. Let's see how they intend to sell it to (assuming the price is right).

(Not Vested)

[sgpunter]

The distribution from HNE to MIID for 2013 - Was it RMB 12.1m or S$12.1m?? I got the impression it was S$12.1m based on the presentation slides, no?

EBITDA for 9m 2014 is already higher than 9m 2013 and it is highly unlikely the distribution from HNE for 2014 should be less than S$12.1m.

Now, conservatively, if we assume another S$12.1m distribution from HNE to MIIF is maintained and this S$12.1m was fully declared as dividend, that would equate to S$0.0105 per share. Based on the last MIIF price of $0.093, the yield is a whopping 11.3%!!

Of course, there may be miscellaneous costs here and there but ultimately, I think MIIF is trading at a yield of around 10% based on current price.

[Nick]

The distribution from HNE to MIID for 2013 - Was it RMB 12.1m or S$12.1m?? I got the impression it was S$12.1m based on the presentation slides, no?

EBITDA for 9m 2014 is already higher than 9m 2013 and it is highly unlikely the distribution from HNE for 2014 should be less than S$12.1m.

Now, conservatively, if we assume another S$12.1m distribution from HNE to MIIF is maintained and this S$12.1m was fully declared as dividend, that would equate to S$0.0105 per share. Based on the last MIIF price of $0.093, the yield is a whopping 11.3%!!

Of course, there may be miscellaneous costs here and there but ultimately, I think MIIF is trading at a yield of around 10% based on current price.

If I recalled correctly, distributions paid by HNE reflects the financial performance of the previous year. So this year distributions are based on FY 2013 performance. I am not too sure if they have changed this policy since they started liquidating their assets.

[Nick]

MIIF has agreed to sell its existing 81% stake in HNE for $110 million

http://infopub.sgx.com/FileOpen/MIIFHNES...eID=350149

This mark the exit from one of the worst performing investment MIIF made in its life time. The acquiror was one of the original vendor who sold its stake to MIIF in 2007 and retained a 9% stake in HNE. The under performance was caused by the toll rate cuts in 2012 which substantially reduced its revenue.

Acquisition Price: $295.7 million (in 2007)
Distributions Received: $127.3 million
Sale Proceeds: $110 million (in 2015)
Net Loss: $58.4 million

MIIF unitholders will receive net proceeds of approximately 8.25 cents (after payment of a success fee to MIMAL) and MIIF will be delisted after a decade of listing.

(Not Vested)

[asphodeli]

So delisting price is 8.25 cents?

[CCUV]

MIIF has agreed to sell its existing 81% stake in HNE for $110 million

http://infopub.sgx.com/FileOpen/MIIFHNES...eID=350149

This mark the exit from one of the worst performing investment MIIF made in its life time. The acquiror was one of the original vendor who sold its stake to MIIF in 2007 and retained a 9% stake in HNE. The under performance was caused by the toll rate cuts in 2012 which substantially reduced its revenue.

Acquisition Price: $295.7 million (in 2007)
Distributions Received: $127.3 million
Sale Proceeds: $110 million (in 2015)
Net Loss: $58.4 million

MIIF unitholders will receive net proceeds of approximately 8.25 cents (after payment of a success fee to MIMAL) and MIIF will be delisted after a decade of listing.

(Not Vested)

The management want the fees fast,since anything above 70m sale of HNE will qualified them the performance fees, they can even sell it at 71m if they want too. 110m better or 71m better?

[Nick]

Using the Asset Book 2011, I estimate that HNE still holds on to RMB 2.2 billion debt at asset level. This gives rise to Enterprise Value of 573 (100% equity) + 2225 ~ RMB 2.8 billion. FY 2014 EBITDA was RMB 0.46 billion hence the EV / EBITDA for this deal works out to 6.1 times.

Haha selling it at $71 million will leave bad taste in shareholders and openly wreck their track record and goodwill. Considering that they are managing another business trust in SGX, it makes no sense to utterly ravage their track record blatantly.

Toll roads would have many suitors ranging from private equity funds to listed toll road players. There should be plenty of offers but taking note that the concession expires in 2026 and the potential competition from neighbouring roads as well as the large debt, it might not be easy selling it at a high price.

[mm63]

"MIIF’s net asset value (“NAV”) as at 31 March 2015 was $95.0 million (or approximately 8.25 Singapore cents per share) compared to $136.2 million (or 11.8Singapore cents per share) as at 31 December 2014."

That's a huge drop in 1 quarter!

[ghchua]

The drop is due to the consideration for HNE divestment being lower than its book value, estimated transaction costs for the divestment and also accruals of the estimated success fee to be paid to MIMAL.