Infratil delays buyback as it eyes ‘potential transactions'
Infratil delays share buyback as it looks at ‘potential transactions’
By Paul McBeth
Oct. 18 (BusinessDesk) - Infratil, the listed infrastructure investor, has delayed a planned $65 million share buyback as it runs the ruler over “potential transactions.”
The Wellington-based company planned to embark on the buyback from Oct. 22 to help lift the share price to what it sees as more appropriate value, but has put that on ice while it investigates a potential new deal. Infratil has been looking at investment opportunities in wind farms, water and irrigation, and has previously said it had an initial public-private partnership investment under investigation.
“Infratil is investigating potential transactions that may be announced shortly and considers that it is better to defer the buyback until Infratil’s position in respect of these potential transactions is clear,” it said in a statement published after the close of trading.
The company will make a further announcement on the scheme when it announces its first-half result on Nov. 12.
The shares slipped 0.2 percent to $2.53 in trading today, before the announcement was made.