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Re: Re: [sharechat] Infratil

From:	"Gary Rountree" <gary.rountree@xtra.co.nz>
Date:	Thu, 19 Jul 2001 22:42:27 +1200

I wouldn't describe IFT as an asset trader. Yes some of their profits in the last two years have been a result of asset sales as they have sold some positions in the last two years due to special circumstances ie the sale of energy assets due to the industry reforms. The sale of their Natural Gas holding was only because of difference of opinion as to the foray into Transalta (for which IFT have proved to have the correct judgement).

Their core earnings from dividend streams from their investments have been fairly strong in their history, although this has been sacrificed to a certain extent, with the addition of the Prestwick investment as a low current yield but high growth prospects.

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