Forum Archive Index - October 2001

["G Stolwyk" <stolwyk@wave.co.nz>]

MIG: Did quite well while the markets were down in Sept.

 

Current Price: $ A 3.30 ( No change).  Current status of AX :down 41 points or 1.3%.

 

The stock was recommended on May 16, 2001, @ $ 2.67 and it has just completed a large 1:1.7 cash issue @ $ 2.85 with a chance of acquiring additional shares at the same price.

The Allotment will be made on 12 Oct. 2001.

 

MIG holders have done well; a  5 cent dividend was paid  out not long ago.

 

MIG will have some 1.5 Bill. shares and already belongs to the MSCI Index.

 

The cash issue will be used to buy 40% of Cintra for about $ A 1.4 Bill. and some working capital.

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MIG is now a massive roading infrastructure trust.

 

It is possible that some holders sold units for $ 3.25 to pay for the $ 2.85 new units. It is probable that some of the new units may be sold as well.

 

Hence, the market has been / will be flooded with scrip till an equilibrium sets in. That should not present a problem to the longer term holder!

 

Further out, much will depend on future projects and how the acquisition is perceived by the market! 

 

MIG's web site:

http://www.macquarie.com.au/mig/mighome.htm

 

( Some of the text needs updating as the effect of the massive cash issue and the acquisition has not been fully taken into account ).

 

Gerry

Has allocated a heavy weighting to his MIG holding.