Macquarie International Infrastructure Fund

[Drizzt]

so 42 mil from tbc, 20 mil from hne + 6 mil from cxp is 68 mil. yet we have not factor in managmeent fees.

[sgpunter]

Vested in this since 2006. I agree with Nick, looking at the set of results, its not bad.

One gripe I have about MIIF is the share buyback program. Seriously, how effective has it been? I would rather they just return the excess cash to shareholders!

[greengiraffe]

This is one of the last of MacBank's legacy infrastructure funds.

Honestly I dunno what is MacBank's intention on this fund. Post GFC and decimation of investment bank fee model, I really dunno where will MIIF end up.

Honestly if anyone is looking at China toll road, CM Pac will be cleanest and most direct play. TBC is possibly the odd one.

Vested (Share Certificate Holder - With Founding Director signatories)

[shanrui_91]

This is one of the last of MacBank's legacy infrastructure funds.

Honestly I dunno what is MacBank's intention on this fund. Post GFC and decimation of investment bank fee model, I really dunno where will MIIF end up.

Honestly if anyone is looking at China toll road, CM Pac will be cleanest and most direct play. TBC is possibly the odd one.

Vested (Share Certificate Holder - With Founding Director signatories)

how did u get share certificate? That must have been a long time ago, I also want 1 from Singapore company

[greengiraffe]

This is one of the last of MacBank's legacy infrastructure funds.

Honestly I dunno what is MacBank's intention on this fund. Post GFC and decimation of investment bank fee model, I really dunno where will MIIF end up.

Honestly if anyone is looking at China toll road, CM Pac will be cleanest and most direct play. TBC is possibly the odd one.

Vested (Share Certificate Holder - With Founding Director signatories)

how did u get share certificate? That must has been a long time ago, I also want 1 from Singapore company

You can go to CDP and ask for the procedure to withdraw scrips. Many years ago, the procedure is simple. However given the rampant withdrawal for excess rights purposes, CDP has tightened the manner in which scrips can be withdrawn so that the scrip register won't start to expand again.

The other way of getting scrips is via delistings (not privatisations). In addition, only most Singapore registered companies have share scrips. I tried withdrawing scrips on Fortune REIT and Shanghai Asia but failed many years ago.

Quite fun hor. Good luck

[shanrui_91]

This is one of the last of MacBank's legacy infrastructure funds.

Honestly I dunno what is MacBank's intention on this fund. Post GFC and decimation of investment bank fee model, I really dunno where will MIIF end up.

Honestly if anyone is looking at China toll road, CM Pac will be cleanest and most direct play. TBC is possibly the odd one.

Vested (Share Certificate Holder - With Founding Director signatories)

how did u get share certificate? That must has been a long time ago, I also want 1 from Singapore company

You can go to CDP and ask for the procedure to withdraw scrips. Many years ago, the procedure is simple. However given the rampant withdrawal for excess rights purposes, CDP has tightened the manner in which scrips can be withdrawn so that the scrip register won't start to expand again.

The other way of getting scrips is via delistings (not privatisations). In addition, only most Singapore registered companies have share scrips. I tried withdrawing scrips on Fortune REIT and Shanghai Asia but failed many years ago.

Quite fun hor. Good luck

Is it as nice and well-designed as those in US? The US cert gives a wonderful sense of long-term ownership of a company. And if i withdraw it, does that means that I am not allowed to do online trading of it without filing the scrip?

[greengiraffe]

This is one of the last of MacBank's legacy infrastructure funds.

Honestly I dunno what is MacBank's intention on this fund. Post GFC and decimation of investment bank fee model, I really dunno where will MIIF end up.

Honestly if anyone is looking at China toll road, CM Pac will be cleanest and most direct play. TBC is possibly the odd one.

Vested (Share Certificate Holder - With Founding Director signatories)

how did u get share certificate? That must has been a long time ago, I also want 1 from Singapore company

You can go to CDP and ask for the procedure to withdraw scrips. Many years ago, the procedure is simple. However given the rampant withdrawal for excess rights purposes, CDP has tightened the manner in which scrips can be withdrawn so that the scrip register won't start to expand again.

The other way of getting scrips is via delistings (not privatisations). In addition, only most Singapore registered companies have share scrips. I tried withdrawing scrips on Fortune REIT and Shanghai Asia but failed many years ago.

Quite fun hor. Good luck

Is it as nice and well-designed as those in US? The US cert gives a wonderful sense of long-term ownership of a company. And if i withdraw it, does that means that I am not allowed to do online trading of it without filing the scrip?

Really depends. Once out of cdp, u cant trade it till re-deposited. Other than that, all rights as a holder is preserved. If you really want to have a cert for collection - buy some prosperous odd lot like 18, 180 etc and withdraw.

I have CDL, UOB and quite a fair bit. Goodwood Park and the freebies in Standard Chartered as well. Quite nice to look at them once in a while.

[shanrui_91]

Really depends. Once out of cdp, u cant trade it till re-deposited. Other than that, all rights as a holder is preserved. If you really want to have a cert for collection - buy some prosperous odd lot like 18, 180 etc and withdraw.

I have CDL, UOB and quite a fair bit. Goodwood Park and the freebies in Standard Chartered as well. Quite nice to look at them once in a while.

can show a pic of it? it's not a bad idea since you will not be tempted to sell the stock unless the business is really going down.

[weijian]

so 42 mil from tbc, 20 mil from hne + 6 mil from cxp is 68 mil. yet we have not factor in managmeent fees.

Let me try..
- Current cash position = 67mil.
- Assume 0.60/share for sharebuyback and it uses all the 67mil, it will buy back and cancel 67mil/0.6 = 111mil shares.
- Total outstanding shares = 1183mil (current) - 111mil (if use up 67mil @60cts each) = 1072mil.
- Cash required to pay 5.5cts = 1072mil*0.055 = 59mil.
- Assume operating expenses (director fees, mgt fees etc) = 12mil/year
- MIIF needs to generate 12+59 = 71mil. This is "only" 3mil short (of the rough projection of 68mil)
- But i suspect MIIF will need to continue to dip into the cash reserves to make up the shortfall of giving out 5.5cts this year. So the above scenario i mentioned, wouldnt really pan out like that LAH.

Quote from PR below:
Mr Kwok also highlighted that: “A key contributor to the continued solid performance of MIIF’s businesses is our active involvement in their operations. MIIF has worked closely with the management teams of the businesses to pursue value enhancing initiatives such as the introduction of new customers at Changshu Xinghua and capital structure optimisation at Taiwan Broadband Communications.”

I am actually surprised at the distribution of TBC increasing by ~8-10% pcp (normalized to the same %ownership). Sounds like the financial engineering (aka 'capital structure optimization' as mentioned above) is doing some 'magic' here!

[KopiKat]

Quote from PR below:
Mr Kwok also highlighted that: “A key contributor to the continued solid performance of MIIF’s businesses is our active involvement in their operations. MIIF has worked closely with the management teams of the businesses to pursue value enhancing initiatives such as the introduction of new customers at Changshu Xinghua and capital structure optimisation at Taiwan Broadband Communications.”

I am actually surprised at the distribution of TBC increasing by ~8-10% pcp (normalized to the same %ownership). Sounds like the financial engineering (aka 'capital structure optimization' as mentioned above) is doing some 'magic' here!

The 'optimization' is described in Pg10 (Section 2.2) of this circular dated 10 Apr 11. Macquarie parent made a tidy sum arranging this