Infratil will continue share buyback programme, raises price

By Tina Morrison

Aug. 21 (BusinessDesk) - Infratil, which invests in energy, transport and social infrastructure, will continue a buyback programme for its New Zealand-listed stock and has raised the ceiling on the price it will pay.

The company decided at its annual meeting in Wellington today to continue its existing buyback of as much as 50 million ordinary shares, representing about 8.9 percent of its outstanding ordinary shares.

Infratil's board believed a buyback would maximise shareholder value and be an efficient use of capital, it said.

It said no shares had been bought under its buyback programme since its last annual meeting and it raised the limit on the maximum price it would pay for shares off-market to $3.60, from a previous limit of $3.25, although any offer would be at the prevailing market price.

Infratil shares rose 0.5 percent to $3.23, and have gained 43 percent in the past year.

(BusinessDesk)

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