Infratil looks for more offshore investment

By Phil Boeyen, ShareChat Business News Editor

Monday 16th July 2001

Infrastructure and utilities investor Infratil (NZSE: IFT) is keeping an eye out for further overseas purchases following investor support for its investment in Glasgow Prestwick airport.

Chairman, Kevin O'Connor, told shareholders at the company's AGM on Monday that the support for the investment in Scotland has given the company confidence to continue to look offshore, with a focus on the European airport sector and Australia.

"We are also continuing to progress investigation of the technology side of the utility industry.

"A year ago we were talking of an investment into UK air traffic control with Airways Corporation. This has not occurred, but we remain committed to technology, and to only making investments when we are very comfortable as to the merits of the transaction."

Mr O'Connor says a key ingredient of the development of the company's existing investments and the development of new opportunities is Infratil's managers, Morrison & Co.

"I should like to take this opportunity to congratulate them on delivering another very good year of management for the Company, with particular reference to the outcome of the dispute with NGC."

Mr O'Connor describes the company's investment in Natural Gas as the disappointment of the year, although he says since balance date that disappointment has been somewhat mitigated by Infratil being awarded a claim against NGC of slightly over $10 million.

"NGC has an opportunity to appeal this until the end of September and we also expect to be paid interest and costs."

Highlights of the year for the investment company included Infratil's investment in Glasgow Prestwick International Airport, the improving performance of Wellington International Airport and the continuing good results of Port of Tauranga.

Looking forward, Infratil says its efforts are focussed on enhancing the operational performance of its investments, which includes its stake in Tauranga-based energy company, TrustPower.

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