Stocks to watch: Infratil, NZ Refining, Windflow

Tuesday 10th November 2009

The following stocks may be active on the New Zealand exchange after developments since the close of trading yesterday.

Themes of the day:

Infratil Ltd (NZX: IFT ): Infratil chief executive Marko Bogoievski said the infrastructure assets business has sold its 3.875 (47.4 million) shares in Auckland International Airport Ltd. for $1.84 per share. The institutional placement raised a total of $87.25 million, part of Infratil’s divestment of $215 million since March. Its shares traded at $1.60 yesterday. IFT is undertaking due diligence with the New Zealand Superannuation Fund on the downstream assets of Shell New Zealand at present.

New Zealand Refining (NZX: NZR ): The nation’s only oil refinery declared a taxable bonus issue of 78.5 cents per share, amounting to $188.4 million, to use up imputation credits that could be lost were Shell Group to sell its 17% holding in the company. The bonus share issue price will be $4.71 per share, resulting in a one-for-six bonus issue, it said. The shares jumped about 5% to $5.30 yesterday.

PGG Wrightson (NZX: PGW ): New Zealand’s biggest rural services company gained 1.6% to 63 cents yesterday, after Fonterra lifted its forecast pay-out to farmers by 19%, citing a recovery in global prices. Investors are awaiting details of Wrightson’s capital-raising, with Morningstar analyst Nachi Moghe predicting a rights issue of about $120 million.

Seeka Kiwifruit Industries (NZX: SEK ): The company has signed a formal agreement for the purchase of Te Awanui Huka Pak Ltd. The agreement remains conditional on a number of matters until Nov. 23 and provides for the purchase to take effect on Dec. 4, it said yesterday. The shares were unchanged at $2.75.

Windflow Technologies Ltd (NZX: WTL ): Windflow’s chief executive Geoff Henderson expects to present its June 2009 accounts to NZX today after being suspended from trading yesterday. Windflow is also in dispute with former subsidiary NZ Windfarms (NWF) over a progress payment for $3.5 million of turbines. Presentation of the accounts would allow share trading to begin again, which were at $1.20 last Friday.

Businesswire.co.nz

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