Macquarie International Infrastructure Fund

[Nick]

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.

And $10.3 million dividends paid to shareholders for FY 2014 in 1Q 2015.

2 mutual funds remain listed in SGX - GIL and AIMS Fund.

(Not Vested)

[mm63]

"The movement in the NAV incorporates: (i) the adjustment of HNE’s valuation to be in line with the Proposed Divestment offer price, (ii) the estimated transaction costs expected to be incurred for the Proposed Divestment and (iii) the estimated success fee payable to MIMAL."

The success fee seems disproportionately high ($17 mil!) compared to the HNE sale price of $110 mil but that's because the success fee also takes account of the previous sale of TBC, CXP and MiaoLi Wind.

I'm disappointed that the overall return to shareholders is actually lower the market price of the stock (which was already battered since Mar)

[greengiraffe]

MIIF is disposing HNE and appears that 8.25 cents if the final distribution for the co:

http://infopub.sgx.com/Apps?A=COW_CorpAn...ly2015.pdf

Odd Lots
Certificate Vested
GG

[butcher]

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.

And $10.3 million dividends paid to shareholders for FY 2014 in 1Q 2015.

2 mutual funds remain listed in SGX - GIL and AIMS Fund.

(Not Vested)

Hi Nick,

mind sharing the exact name of the 2 funds? As I am interested to read up more on them. Thank you.

[Nick]

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.

And $10.3 million dividends paid to shareholders for FY 2014 in 1Q 2015.

2 mutual funds remain listed in SGX - GIL and AIMS Fund.

(Not Vested)

Hi Nick,

mind sharing the exact name of the 2 funds? As I am interested to read up more on them. Thank you.

Global Investments Limited - http://www.globalinvestmentslimited.com/

AIMS Properties Securities Fund - http://www.macarthurcook.com.au/mck/en/I...tegoryId=2

(Not Vested)

[touzi]

Global Investments Limited - http://www.globalinvestmentslimited.com/

AIMS Properties Securities Fund - http://www.macarthurcook.com.au/mck/en/I...tegoryId=2

(Not Vested)

What's the difference between these 2 and companies like TIH and K1? Aren't all of them in fund management?

[d.o.g.]

Global Investments Limited - http://www.globalinvestmentslimited.com/

AIMS Properties Securities Fund - http://www.macarthurcook.com.au/mck/en/I...tegoryId=2

(Not Vested)

What's the difference between these 2 and companies like TIH and K1? Aren't all of them in fund management?

Global Investments is a closed end fund. It can buy anything except direct ownership in real estate and commodities. So it can own a stake in a developer or landlord but not actual land and buildings, and it can own a commodities trading company but not a pile of coal or steel. It is managed by a subsidiary of Temasek.

AIMS Property Securities Fund is a closed end fund focusing on property related funds, both listed and unlisted. It is managed by the AIMS Financial Group.

TIH is a closed end fund. It does not appear to have any investment restrictions. It owns the investment manager i.e. it is internally managed.

k1 is a closed end private equity fund. It is currently in de facto liquidation as the Board has decided not to make any new investments, but to sell existing holdings and return the proceeds to shareholders. It is managed by Steven Green.

[Nick]

http://infopub.sgx.com/FileOpen/MIIFNoti...eID=370745

Final distribution of 8.2714 cents. This marks the end MIIF though its successor lives on in the form of APTT.

Just for academic purposes, I am going to do a rough computation of shareholders' return since it listed in 2005.

IPO: $1.00
Dividends Per Share: $0.513
Capital Returns Per Share: $0.633414

Net Gains: $0.146414

Hardly an adequate return over the past 10 years. Annualized returns is likely to be around 1% p.a. It pays to understand why any investment is trading at a high yield. Often, it comes with risky assets, unstable cash-flow or high leverage. Be mindful of the risk.

(Not Vested)

[asphodeli]

http://infopub.sgx.com/FileOpen/MIIFNoti...eID=370745

Final distribution of 8.2714 cents. This marks the end MIIF though its successor lives on in the form of APTT.

Just for academic purposes, I am going to do a rough computation of shareholders' return since it listed in 2005.

IPO: $1.00
Dividends Per Share: $0.513
Capital Returns Per Share: $0.633414

Net Gains: $0.146414

Hardly an adequate return over the past 10 years. Annualized returns is likely to be around 1% p.a. It pays to understand why any investment is trading at a high yield. Often, it comes with risky assets, unstable cash-flow or high leverage. Be mindful of the risk.

(Not Vested)

Does your calculation include the APTV Trust cash offer?

Well, at least it wasn't negative. For me, my returns are calculated to be about 7% per year, since I bought during the 2008/2009 lows, and added a little more after the APTV Trust listing.

[Nick]

http://infopub.sgx.com/FileOpen/MIIFNoti...eID=370745

Final distribution of 8.2714 cents. This marks the end MIIF though its successor lives on in the form of APTT.

Just for academic purposes, I am going to do a rough computation of shareholders' return since it listed in 2005.

IPO: $1.00
Dividends Per Share: $0.513
Capital Returns Per Share: $0.633414

Net Gains: $0.146414

Hardly an adequate return over the past 10 years. Annualized returns is likely to be around 1% p.a. It pays to understand why any investment is trading at a high yield. Often, it comes with risky assets, unstable cash-flow or high leverage. Be mindful of the risk.

(Not Vested)

Does your calculation include the APTV Trust cash offer?

Well, at least it wasn't negative. For me, my returns are calculated to be about 7% per year, since I bought during the 2008/2009 lows, and added a little more after the APTV Trust listing.

Yes it does includes the cash offer.

Well, since you added around 30 cents, it is going to be 1% returns p.a. That is based on IPO pricing.