Challenger Infrastructure Fund
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Last month, we highlighted the unfortunate and last minute intervention by the Australian Tax Office in the Challenger Infrastructure Fund unwinding. The originally planned initial payment was chopped from $1.29 to $1.16 (and should already be in your bank account) as a result. The $0.13 difference is being held over in case of a negative outcome. This matter probably won’t be resolved for some time, unfortunately.
But the fund, which delisted a few weeks ago, released some good news on another front yesterday. The so-called contingent payment—the one that was never assured, being reliant on the now-sold Inexus successfully refinancing its debts—has now been paid to CIF by Brookfield. So there will be another capital distribution of 11 cents to be paid to all unitholders on 27 November.
There’s nothing to do for now other than hope that the tax matter is resolved in CIF’s favour, allowing for the payment of the better part of 13 additional cents at some stage down the track. But nothing is assured and it's likely to be a wait anyhow. HOLD.
Note: The model Income and Growth portfolios own Challenger Infrastructure Fund securities.
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