Challenger Infrastructure Fund

A 31-page ‘Notice of Meeting and Explanatory Memorandum’ will land in the letterboxes of Challenger Infrastructure Fund securityholders soon. A meeting is scheduled for 15 August to decide on the fund’s future. You’re being asked to vote on a ‘sale of the main undertaking’, which means the sale of Inexus and consequent winding up of CIF with all net proceeds returned to securityholders. We outlined the sale and wind up in greater detail in CIF: Inexus sale boost of 26 Jun 12 (Hold – $1.29). Management and the board have done an excellent job extracting value for owners—reflected by...

A 31-page ‘Notice of Meeting and Explanatory Memorandum’ will land in the letterboxes of Challenger Infrastructure Fund securityholders soon. A meeting is scheduled for 15 August to decide on the fund’s future. You’re being asked to vote on a ‘sale of the main undertaking’, which means the sale of Inexus and consequent winding up of CIF with all net proceeds returned to securityholders. We outlined the sale and wind up in greater detail in CIF: Inexus sale boost of 26 Jun 12 (Hold – $1.29). Management and the board have done an excellent job extracting value for owners—reflected by total shareholder returns approaching 50% over the past year versus negative returns from the broader market—and the proposal is in the best interest of owners. So we suggest you vote in favour. For those wishing to vote online or via post, proxy forms must be received by 11am on 13 August.

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