AUSTRALIA

Alinta to close AIH IPO early

DUE to overwhelming demand for the Alinta Infrastructure Holdings (AIH) initial public offering, ...

Alinta to close AIH IPO early

The original closure date was Friday 23 September.

AIH chief executive officer John Cahill said the IPO had received a “fantastic” response from Alinta’s shareholders, customers and employees.

“We have made the decision to close the offer early in order to minimise the amount of scale-back in the allocations applicants will be granted,” said Cahill.

In August this year, Alinta said it expected to receive A$711 million for the initial public offering.

The company expects to receive net proceeds of $711 million after fees and before taxes, up from the previously expected $688 million.

It also expects to report a one-off pre-tax profit of $200 million on the sale of the assets in the second half of 2005, up from the previously forecast $150 million.

The IPO includes at least 10 pipeline and power assets, including the Eastern Gas Pipeline and Port Hedland Power Station.

While AIH will be floated as a new entity, significant linkages with Alinta would remain, with the company continuing to hold a stake of at least 20%, chief executive Bob Browning said.

Applications must be received at the Perth or Sydney offices of Computershare Investor Services by 5pm EST on 20 September.

The offer document and application forms are available to Alinta’s shareholders, customers and employees on line at www.aih.net.au.

Final allocations will be announced on October 4 with trading due to commence on a conditional and deferred settlement basis on the ASX on that day.

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