HDUF is to list on ASX approx 14/12/04 (deferred Settlement) as Stapled Security investing in a diversity of Oz and O/s utility infrastucture assets, and expects to have predictable cash flows, moderate risk profile and generally not available for direct investment by retail investors. Does anyone know more than this? ie who are Hastings, what track record in utilitiy fields/infrastructure do they have and at $2.56 per Stapled unit are they a consideration for an SMSF?
We seem to be inundated with "offers" from all quarters lately, and sorting the gold from the dross is a must.
Cheers, Suzy

I picked up a few shares for the SMSF and myself through Comsec, as you get priority allocation.

Floats Monday the 13th Decemeber according to the ASX site. Anyone have information as to the allocation for Comsec memebers or the General Public?

HDF opened today -

Float price $2.56

days range of sales $2.52 to 2.58

closed at $2.54 with 5,661,000 shares changing hands (with26 buyers and 52 sellers in there at 4.07pm


Nothing in it for the stags. Probably be a boring steady payer, until or if the pipeline market consolidates (GAS is tipped to be absorbed by a infrastructure trust; this one is a pretty obvious candidate for same fate)

Float was oversubscribed and nothing allocated to the general public, in the end no stag. Could this be a sign of a softening market?
Be interesting to see how the other floats go, this late in December.

APA has increased its holding in HDF to 14.9% = consolidation in the pipeline sector?

Assets consist of :-
Epic Energy (Epic) consists of three major natural gas transmission pipeline systems. These pipelines are strategically well located, servicing major participants in the Australian gas and energy sectors.

1) Moomba To Adelaide Pipeline System (MAPS) is one of Australia’s largest pipelines, featuring a 1,184 kilometre pipeline (including laterals). The pipeline is currently configured to deliver a compressed maximum capacity of approximately 250 terajoules per day. In 2005/2006 Epic mothballed three mainline compressor stations on the MAPS. The option remains to reinstate those compressor stations at relatively low capital cost, whereupon Epic would have the ability to contract, on a firm basis, up to 350 terajoules per day compared with the current 250 terajoules per day configuration.
2) South West Queensland Pipeline - The SWQP was originally constructed to connect gas producers in the Cooper Basin at Ballera with Wallumbilla. At Wallumbilla, the SWQP connects with separate pipelines to Gladstone and Brisbane. The SWQP has a major eastern haul take-or-pay transportation contract which extends through until mid 2012. However in September 2007 the flow on the SWQP was reversed to allow coal seam gas to be delivered under separate western haul contracts from Wallumbilla to Ballera.
3) Pilbara Pipeline System - assorted Pilbara trunk lines

+ South East Water (incorporating Mid Kent Water) is a regulated, water-only utility located in the south east of England.

SE Water is a drag but the Moomba to Adelaide Pipeline is unregulated, and the jewel, and SWQ pipeline has ability to piggyback on expanding CSG development in QLD.

----------------------------

APA has higher debt and is the pushy one?

------------------

price ran from $1.20 to $1.37 yesterday ahead of the announcement today. Sounds like the information pipeline 'sprang a leak'.

something in the Fin today about some Canadians - ATCO - looking at EPIC

HDF notes the comments in today's Australian Financial Review. As previously announced, HDF is in the process of implementing its strategic review. As would be expected, in any strategic review, HDF has had contact from a number of parties. HDF will update the market on the findings of the strategic review at its half year results on 27 August 2010.

APA have 16.8% so that makes it a deal -maker

Net cash flows from operating activities...... Up 21.1%
Income from ordinary activities ................Up 12.5%
EBITDA .............................................Up 10.2%
EBIT................................................ Up 10.3%
(Total finance costs.............................. Up 9.5% )
Net profit before tax............................. Up 11.2%
Net profit for the period attributable to securityholders........ Up 3.0%

APA has 19.77% now, and is set to pounce only a matter of time, pays a 12c div on a s/p of $1.68,

buying for the takeover.

On second thought, WBC is skimming the cream off this in management fees, $22m last half, and won't let this go.
Better to buy the bank.

pounced -> APA

effective $2.00 a share (maybe)

HDF securityholders will receive 0.326 APA securities and $0.50 cash for each HDF security.

The Offer implies a value of $2.00 for each HDF security based on the closing price of APA securities on 13 December 2011 of $4.60.

APA debt has always been high, so ... they are flogging off 80% ofAllgas - a Qld gas network, releasing $477mill; and this share/ cash offer, keeps the lenders happy.

HDF - still rejecting APA overtures.

• Excellent business with growth underpinned by contracted revenues
• Well positioned to benefit from growing gas demand in Australia and global markets
• Enabled with capital resources to continue to grow the business • Organic growth opportunities are highly prospective

Distribution guidance
• Distributions to be paid from free operating cash flow on a sustainable basis
• Annual distribution guidance of 10 cps for FY2012 paid quarterly
• Distributions are expected to rise 1-2 cps in FY2013

HDF now trading up to $2.22 and APA over $5.08 after a silly spurt yesterday.
- as the APA offer is conditional, and with a scrip component, as APA rises, so does HDF.
- and as HDF rises for 'other resons' (a sound, simple, growing business), so the likelihood of APA having to come in again at a substantially higher price to take out HDF increases. I have seen $2.50 bandied about, and suspect it is quite likely to be around there. The perils of a low ball first bid