Infratil Seeks Buyer for Energy Developments Stake
[2008-7-8]
Tag: CNG generator
Infratil Ltd., a New Zealand investor in airports and power companies, said it may sell its A$104 million ($100 million) stake in Australian electricity generator Energy Developments Ltd.
The company has agreed not to sell its 30 percent holding before Aug. 18, by which time Energy Developments should have completed a planned strategic review, Infratil Chief Executive Officer Lloyd Morrison said in an interview today. He wouldn't say if it has been approached by a potential buyer. Shares in the Australian company jumped the most since December 2002.
Brisbane-based Energy Developments runs power generators using gas from landfills and coal seams, and also develops small-scale projects for remote locations. Its shares have halved in value the past year because of losses at its U.S. unit and as costs increased for a project in Western Australia.
``The business has got on top of its areas of concern'' and should be attractive to buyers, Morrison said. ``There's a lot of interest in renewables and the space that Energy Developments occupies.''
Infratil rose 6 cents, or 3.4 percent, to NZ$1.83 at the close of trading in Wellington. Energy Developments rose 30 cents to A$2.60 at the close of Sydney trading.
Energy Developments has 64 generation projects in Australia, France, Greece, the U.K. and the U.S. with total capacity of 485 megawatts, according to the company's Web site. Profit jumped 41 percent to A$14.5 million in the six months ended Dec. 31 after the company booked a A$5.1 million gain on the sale of gas rights in the U.S.
Strategic Review
The strategic review was started following ``feedback'' from the company's major shareholders, Energy Developments said in an earlier statement. It will seek expressions of interest from third parties and review other value-enhancing strategies in a process that may take three to six months.
Infratil hadn't demanded the review, which Energy Developments should be able to complete in six weeks, Morrison said. Its timing reflects the ``huge'' sums being raised internationally to invest in infrastructure, and the position of the business, he said.
The West Kimberley project in Western Australia has been completed and returns in the U.S. are improving as older, less- profitable power contracts expire, he said.
O'Sullivan Partners and law firm Freehills will advise on the review, and Infratil has agreed to refer any approaches regarding its stake to the company, Energy Developments said.
Infratil Ltd., a New Zealand investor in airports and power companies, said it may sell its A$104 million ($100 million) stake in Australian electricity generator Energy Developments Ltd.
The company has agreed not to sell its 30 percent holding before Aug. 18, by which time Energy Developments should have completed a planned strategic review, Infratil Chief Executive Officer Lloyd Morrison said in an interview today. He wouldn't say if it has been approached by a potential buyer. Shares in the Australian company jumped the most since December 2002.
Brisbane-based Energy Developments runs power generators using gas from landfills and coal seams, and also develops small-scale projects for remote locations. Its shares have halved in value the past year because of losses at its U.S. unit and as costs increased for a project in Western Australia.
``The business has got on top of its areas of concern'' and should be attractive to buyers, Morrison said. ``There's a lot of interest in renewables and the space that Energy Developments occupies.''
Infratil rose 6 cents, or 3.4 percent, to NZ$1.83 at the close of trading in Wellington. Energy Developments rose 30 cents to A$2.60 at the close of Sydney trading.
Energy Developments has 64 generation projects in Australia, France, Greece, the U.K. and the U.S. with total capacity of 485 megawatts, according to the company's Web site. Profit jumped 41 percent to A$14.5 million in the six months ended Dec. 31 after the company booked a A$5.1 million gain on the sale of gas rights in the U.S.
Strategic Review
The strategic review was started following ``feedback'' from the company's major shareholders, Energy Developments said in an earlier statement. It will seek expressions of interest from third parties and review other value-enhancing strategies in a process that may take three to six months.
Infratil hadn't demanded the review, which Energy Developments should be able to complete in six weeks, Morrison said. Its timing reflects the ``huge'' sums being raised internationally to invest in infrastructure, and the position of the business, he said.
The West Kimberley project in Western Australia has been completed and returns in the U.S. are improving as older, less- profitable power contracts expire, he said.
O'Sullivan Partners and law firm Freehills will advise on the review, and Infratil has agreed to refer any approaches regarding its stake to the company, Energy Developments said.
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