MIG - Macquarie Infrastructure Group

[profithunter]

MIG has had a great run, but maybe is running out of steam. Does anyone know whats going on with regards to the toll road court action in Canada?

[Joe Blow]

It has certainly had a good run since the end of April!

[profithunter]

I was lookiing at buying in at $2.90 but didn't have any spare capital :'(

I still think its a good thing and am waiting to buy in on a dip.

[still_in_school]

Hi Guys,

MIG the other day went ex-dividend + also return some capital to its share holders, currently ive gone long after its ex-dividend fall, but also, there are now early indications of the share price recovering and moving up north again...

currently trading this position via CFD's (though could possiblily be traded via warrants and margin lending, though too much outlay for minimal profit)

Cheers,
sis

[still_in_school]

Strong Major Support Levels both indicated in the Chart and Buyers and Sellers Depth.

[still_in_school]

MIG up today 5-6%

Good luck to those who caught it on its dividend recovery...

Cheer,
sis

[markrmau]

MIG is heading in the right direction after a big sell off yesterday, so I bought some.

On the other hand mbl has it's grubby hands in the till in a fairly big way. Cheers.

[el_ninj0]

Anyone know why all the other Maquarie group companies are doing so well, as compared to this one which appears to have been on the slide for many years now?

[It's Snake Pliskin]

What's hammering this one?

Anyone holding? Care to share your reasons.

[brisvegas]

I'd say earnings forecast for 06 has something to do with it

.............. Pete

[RodC]

What's hammering this one?

Anyone holding? Care to share your reasons.

Not holding anymore, I got out when my stops were hit.

Rod.

[38lulu]

Is it worth buying now@3.48? :sly:

[michael_selway]

Is it worth buying now@3.48? :sly:

good question, anyone with any thoughts? thanks

[Kauri]

Might be interesting to see if there is any reaction to the 7.30 report on ABC last night.... Or maybe that partially explains the drop so far. :(

[It's Snake Pliskin]

Might be interesting to see if there is any reaction to the 7.30 report on ABC last night.... Or maybe that partially explains the drop so far. :(

What was the report about?

[brisvegas]

http://www.abc.net.au/7.30/content/2005/s1487129.htm


.............. pete

[38lulu]

Hey guys,
Just wondering if anyone know what's happening with MIG this week?
The volume was/is quite large but the price is still running sideways @ about 3.56-3.58.
Any ideas or opinions?

happy trading,

lulu

[38lulu]

I was thinking of buying BSL and MIG yesterday at 7.22 and 3.58, but i was a bit scared coz i am still new to the shares...LOOK AT THEM TODAY!!!!
BSL atm is 7.35 and still going up....
MIG atm has already hit 3.63.....
...as you can imagine, i am banging my head against the wall..... :banghead: :banghead: :banghead:
AARRRRRHHHHH`~~!!!!!

[TheAnalyst]

Any one got any good analysis or experience on this stock?? Noticed the P/E is 6.

Like to hear from anyone.

[michael_selway]

Any one got any good analysis or experience on this stock?? Noticed the P/E is 6.

Like to hear from anyone.

in terms of entry price its pretty good atrm

btw where did u get a PE ratio of 6 from? on Comsec i got

FORECAST EARNINGS Last Analyst Update 20 December, 2005
EPS(c) PE Growth
Year Ending 30-06-06 5.9 59.3 -86.5%
Year Ending 30-06-07 28.6 12.2 384.7%

Thanks

[TheAnalyst]

comsec is know to be out or not updated a fair bit so i wouldnt trust their figures

[Scratch]

Can anyone tell me why MIG fell outta bed to the tune of 13c yesterday?? And future directions??

Scratch :confused:

[TheAnalyst]

I had a look at the asx website under dividends as it seems more accurate than any othe the other sites even the company websites themselves.

http://www.asx.com.au/asx/markets/DividendSearchResults.jsp?method=get&template=F1001&ASXCodes=mig&view=all

I am confident that it had something to do with the franking credit as it is much lower than previous times...

I have been watching mig due to the low p/e and i think somewhere down the track they will stand to profit from the federal governments plan to spend big on infrastructure and the government is slow to move on it due to lack of skilled labour for the task that is why they are already implementing the ground work for recognition of overseas qualifications and huge training programs and many other initiatives.

Presently i have my eye on the installment warrants migizk and migimg.

[mikeg]

Not sure if there were any announcements, but from a Technical point of view it hit the 200D EMA and bounced off again. Chart below.

[markrmau]

Volume up after big turn around yesterday. Big buyer coming in and replenishing in 250k share lots.

Rumors of major shareholders getting ready to kick MBL fee structure.

Coming up as 2nd most popular sell on commsec.

BUY BUY BUY (albeit after you seek appropriate financial advice)

[michael_selway]

Volume up after big turn around yesterday. Big buyer coming in and replenishing in 250k share lots.

Rumors of major shareholders getting ready to kick MBL fee structure.

Coming up as 2nd most popular sell on commsec.

BUY BUY BUY (albeit after you seek appropriate financial advice)

Hm on Comsec, seems like decreasing EPS forecasted, but DPS increasing? so maybe higher and higher debt?

Eg in 2008 they pay out more they can earn?

Earnings and Dividends Forecast (cents per share)
2005 2006 2007 2008
EPS 43.8 27.6 24.9 12.4
DPS 77.5 21.0 23.0 25.0

thx

MS

[mikeg]

Looks as if things are finally looking up. A lot of volume lately, and has broken through resistance.

[scsl]

geez, did anyone notice MIG shares today?? down 11.4% (36 cents) to $2.79!

there was no company announcements or news in commsec. a check at tradingroom.com.au also showed nothing. but a quick search on google came up with these few lines found in a market report:


The toll road company Macquarie Infrastructure Group fell around 11 per cent amid investor concern that it's currently trading without the right to some key toll road assets which have been spun off into a separate company.
i'm a MIG investor and have a bit of an idea about the Sydney Roads Group demerger and issue of shares but am a little confused... especially because in a letter from MIG, it said that 17 july was the date on which MIG stapled securities would trade without the entitlement to SRG stapled securities (through the in-specie distribution). so shouldn't MIG shares have fallen heavily around the 17th instead of monday 24th? :confused:

[BSD]

The stock went ex the SRG entitlement.

$1.15 / 3

The graphs need a new basis.


Today's action was a reaction to the Cintra results last night

[scsl]

Does anyone else think that MIG is overbought and about to reverse to below $3?

[canaussieuck]

I think you'll see sellers move in soon that were left haning back on the 16th. There is a GAP to fill around the 2.97 mark. However being infrastructure it could benefit from some safe haven seeking investors. One to watch.

[scsl]

I think this week's RBA decision could also influence where the sp is headed, seeing as MIG has traditionally been volatile after interest rate announcements.

Perhaps the buyback that will commence in early October will put a floor under the sp?

[scsl]

I shorted some CFDs on Tuesday (5/9). MIG could go the way I want tomorrow because at this moment, the British market is down over 1 percent and the Dow looks as though it is headed that way pretty soon!

To be honest, this is my first short trade in CFDs. Hopefully it turns out good for me! :D

[Ken]

will a drop in petrol prices increase MIGS profits, due to motorist being more inclined to drive!


MIG looks to be on a BULL run, currently at $3.19. Where do people see it heading.

there has been a pretty big revamp of operations according to an article in the financial review.

[swingstar]

Nick, nice surprise to see an EW count! If you don't mind sharing, what's your current verdict?

I'm leaning towards a change of trend. Bearish RSI divergence and it's arguably broken its recent uptrend. It's also coming up to the top of the large channel.

[Nick Radge]

swingstar,
I do EW analysis across most top stocks. With MIG, I see we're completing a small 5-wave higher so we should correct back toward the major support line circa $3.00.


http://img242.imageshack.us/img242/3209/migag6.png

[swingstar]

Thanks Nick. BTW, subscribing to The Chartist is something I'm keen on, but if I did so now I'd probably become complacent if all the counts for my watchlist stocks were done. Will get some practice in first before subscribing.

Cheers

[GreatPig]

The current uptrend has also just started turning on the 50% fib level.

GP

[mrlava]

hi there, what software do you use for your graphs? thanks!

[GreatPig]

I use AmiBroker.

GP

[michael_selway]

I use AmiBroker.

GP

do you own mig?

thx

MS

[Fab]

hi,

I am wondering if someone could give me some insight about this stock it sounds like a good play as infrastructure should benefits from the current commodity boom going into 2007

[SuperJohn]

Anyone got any thoughts on MIG?

They have a strong forecast for this year, in their reports their tolls seem to be making good money and increased profit, their buying back shares, low pe and peg ratio. Seemed to have bounced back a bit today aswell.

[reece55]

Anyone got any thoughts on MIG?

They have a strong forecast for this year, in their reports their tolls seem to be making good money and increased profit, their buying back shares, low pe and peg ratio. Seemed to have bounced back a bit today aswell.

Super John
I think you should read through a MIG financial report to understand what the financial wizards at MBL are doing...

MIG makes nothing but real losses, both cash and P&L wise, if you get rid of the rubbish theoretical revaluations.

Essentially, as most of MIG's investments are equity instruments where they have less than a 50% interest, they may apply a mark to market model to their investments. Now those of you who may have a little accounting knowledge may be asking yourself, but hold on a second, if they hold less than 50 but more than 20, then thats and associate, and they should equity account. Ah, those little Mac bankers are smarter than you think - when A-IFRS was introduced, so to was an exemption in the investment in associates standard that allowed an alternative way of accounting for such an investment, based on the financial instruments standard.

So, in summary, the reason why they have such a great profit is because, for intensive purposes, in accordance with our accounting standards, MIG's profits can be whatever Macbank say they are.

MIG is a giant disaster waiting to happen - if you think that Sub prime RMBS are illiquid, what about bonds and notes in trusts for road tolls? MIG is a vehicle that is dependent on either refinancing or asset recycling for distributions. Add to that, MBL ride the fund for a nice little management fee, although at least they have forced MBL to take it in scrip. Do some research on what the actual gearing of the fund is, because I think you would be surprised at just how geared this entity is, if you account for MIG"s share of it's equity investments gearing.

These guys are so dodgy accounting wise, they don't even disclose Stephen Allen's salary because apparently they get around the related parties disclosure due to the fact that he gets paid by the Bermudan trust that doesn't have to comply with accounting standards.

All in all, I think MIG is just a giant joke to superannuation - the vehicle is designed to generate a fee for MBL, plain and simple. I fail to see how their financial's give a true and fair view in accordance with Corporations Act, but hey, who I am to say!!! I think if you want exposure to road tolls, buy some Transurban - at least they are honest about what's going on.

Cheers

[Ken]

MIG $3.06 bought 3000 shares today had to be done.

My broker tells me it is undervalued.

MIG is a very choppy stock.

The yield is 6.6% at current price.

I believe the stock is now good value.

I will justify my purchase when I sell at $3.80-$4.20

This is my plan with MIG.

[Rainmaker2000]

I got to say I'm right with Reese55 on MIG, it is a trainwreck......an accountants paradise.....if anyone on this website can tell me how much debt MIG is carrying then I'll stand and applaud......cause its not on its balance sheet, its not on Mac Banks balance sheet.....its somewhere in Bemuda apparently attached to individual assets........since when can you attach debt to assets and then bring the assets onto a balance sheet and put debt on them again....people were wrong when they said Mac Bank is the next Enron....they are wrong because Mac Bank does not carrry the debt......MIG carries it, MAP carries it......Don't believe it, check out everybody's favourite article at the moment from fortune magazine....this is the bell ringing on the 'Mac Bank model'

http://money.cnn.com/2007/09/17/news/international/macquarie_infrastructure_funds.fortune/index.htm?postversion=2007091810

[reece55]

I got to say I'm right with Reese55 on MIG, it is a trainwreck......an accountants paradise.....if anyone on this website can tell me how much debt MIG is carrying then I'll stand and applaud......cause its not on its balance sheet, its not on Mac Banks balance sheet.....its somewhere in Bemuda apparently attached to individual assets........since when can you attach debt to assets and then bring the assets onto a balance sheet and put debt on them again....people were wrong when they said Mac Bank is the next Enron....they are wrong because Mac Bank does not carrry the debt......MIG carries it, MAP carries it......Don't believe it, check out everybody's favourite article at the moment from fortune magazine....this is the bell ringing on the 'Mac Bank model'

http://money.cnn.com/2007/09/17/news/international/macquarie_infrastructure_funds.fortune/index.htm?postversion=2007091810

Thanks for the links rainmaker, it was a good read.....

Bethany McLean incidentally was the author of one of the few articles back in 2000 that criticised Enron's model and asked the question of whether it was overvalued (the stock)....... It's funny though, because every time this kind of question comes up (about the sustainability of the infrastructure model and their unique conflicts of interest), somehow it eventually dies down and MBL are on their way........ But I think my previous post really summed up my feelings on this one!!

Cheers
Reece

[austek]

Mig has broken thru the $3.22 resistance this morning on unimpressive volume. Not sure whether I trust it enough to take a posiiotn here, or wait for a possible push thru $3.32.

Any ideas?

[tronic72]

Mig has broken thru the $3.22 resistance this morning on unimpressive volume. Not sure whether I trust it enough to take a posiiotn here, or wait for a possible push thru $3.32.

Any ideas?

I'm up 12% on MIG. I purchased at 2.95 for on the 23rd of November. I'd say it's simply institutional buying of a share the Market considered over sold or under priced.

[reece55]

Anyone pick up on the huge spike in MIG today, the share got all the way to 3.90 before cooling down....... Is it a short squeeze or something else, either way very interesting price action today....

Cheers

[tronic72]

I saw that and thought it was a mistake!

I can't even guess why a stock would shoot up so high and plummet back down. Maybe the MAC boys are playing "funny-buggers" with the stock??? MIG seems to be one of those stocks that no one "gets". I took a 8 day, 15% ride and got off so I'm happy. :)

Weird.:confused:

[reece55]

Anyone listen to MIG's last earnings call...... very interesting stuff........

Maple Abbott Brown put some very important question to John Hughes, the new CEO in charge (3 months in the job)... It went something like this....

"How is the potential internalisation of MIG coming along" MAB
John Hughes, a bit stunned, asked if he meant privitisation of MIG, which the MAB rep replied yes. John dodged the question by stating that at present, it was business as usual and his role was to add value for shareholders..
Then:
"Well then how do you plan on lifting the share price, because you have executed a buy back that did nothing and never before has MIG traded at such a discount to its supposed net asset backing?" MAB
Once again, John was stuck for words, but scrambled together that MIG had outperformed the market in light of recent volatility (never mind the stock is the same place it was 2.5 years ago and yields less than a bank account)

Then, my favorite:
"How many shares does Macquarie own in MIG?" MAB
John stated around 11%
"No, get rid of the funds management arm, I mean as principal"
John states he didn't know...

Fairly forward questions put out there by the Maple Abbot Brown and I guess gives you the picture of the discontent with this fund by insto's. The fund booked like a 12% gain on their investments for the half, once again with lowering of risk rates due to "Macquarie's confidence surrounding the certainty of their cash flow forecasts" (to quote their seemingly inocent pommy CFO)..... The reality is that the market has now completely turned off to MacBanks artistic accounting and no one around is buying the stock except for MacBank itself (and it's plowing it's FUM into it) and utilizing a buy back. MacBank are all to keen to retain the management rights to this beast because it's reliable income management wise and then they can take a swag on refinancing/asset acquisitions.

How's the conflict of interest with MacBank keeping the stock valuation afloat with their super money to ensure their managers fee is maintained at a certain level???????????

Link here (http://www.brr.com.au/asx/MIG) if you are interested.....

[reece55]

MIG's Net Asset Backing is looking awfully silly now....

The stock is now retesting it's August 2006 lows and bar that has not been this low since December 2004......

$2.67 market value versus $4.59 MacBank super valuation model value.....

Still, I guess it has faired better than BBI infrastructure, which has halved compared with MIG's 34% decline (although they have different classes of assets, with toll roads having a lower perceived risk).

Cheers

[reece55]

MacBank announced today they have bought another 26.8 Mil shares in MIG, raising there stake to almost 13%..... Are they the only fund manager in town buying this stock??? Slight conflict of interest, as usual.......

Cheers

[Mc Gusto]

Hi

I was wondering whether anyone had any further information on this stock. based on their current performance and price I see there could be some potential value but don't know much about them.

I have heard a bit of talk and a few whispers here and there but would like some more concrete information.

Thanks

Gusto

[Mc Gusto]

It looks as though the dogs are running on the MIG's today but i cant see a reason as to why.

whispers in the sky perhaps? anyways as per my original am interested in peoples position on these

fyi i now hold mig

thanks

gusto

[Mc Gusto]

Ok so i am the 3rd reply to myself on this thread but i will keep it going!! Really interested in peoples thoughts on the fundamentals of this stock. I hold and have been quietly appreciating...today though they seem to be on the run.

Thanks

Gusto

[jono1887]

Ok so i am the 3rd reply to myself on this thread but i will keep it going!! Really interested in peoples thoughts on the fundamentals of this stock. I hold and have been quietly appreciating...today though they seem to be on the run.

Thanks

Gusto

They've fallen considerably today ~5% on the day before ex-dividend which is 10c (7%) so why has it fallen so much on the day before ex-div?? :confused:

I'm thinking about buying for the dividend, but im worried about its movement today...

[nulla nulla]

I hold and I'm not a happy investor. I accumulated a parcel averaging $1.432 in the lead up to the share going exdiv with a dividend of $0.10. I anticipated that when the dividend would be announced there would be a surge in the share price like MAP etc.

Problem is when they announced the div, they snuck in a line that this was the final div where the surplus funds would be used for dividend purposes. In other words, like many other infrastructure funds, they would only pay future dividends from surplus operating income after expenses. Surplus funds will on hand and or from the proceeds of sales (hopefully) would be used to pay down debt or continue with their share buy back.

The dividends announcement was followed by a surge in the share price which faltered as the future aspects of dividends was taken on board. Today the share fell, following on from the fall in the dow overnight offset partially by buyers comming in for the $0.10 div.

What happens next is anyones guess. The share backing, in excess of $3.00 per share on valuations as at 31/12/08 is expected to fall due to downward revaluation as at 30/06/09, however I was told by the Investor relations that my guesstimate of $2.70 asset backing per share was below their expectations. This means at $1.405 the share price would be almost half of the revised(?) asset backing per share.

The value of infrastructure and reit's was driven down by hedge fund shorting in the peak of the global financial crisis to the point that many of the stocks were trading well below their asset backing. Many of the reit's have recapitalised and reduced their gearing and are now solid investments going forward. MIG, in my opinion, does not appear to be in need of recapitalising, having been buying shares back on market. They can hardly justify going back to the market now to raise capital having spent so many millions buying shares back with surplus funds.

Yield predominantly determined interest in mig in the past. The $0.20 distribution per annum was a steady income. Capital gain was a bonus, which was underlined by a capital return a year or two ago.

There is huge foreign interest in Infrastructure at the moment. The CIC has taken a stake in Goodman and the Canadians have bought out Macquarie Communications. Asset backing; long term value, with capital gains as the world economies recover; and the prospects of a take over or buy out, would seem to be the hope for future gains in the mig share price. My only hope is that mig remembers that they have many small investors they need to keep in mind, not just investors at the big end of town.

[nulla nulla]

On 24 June 2009, mig went exdiv and closed at $1.305 (down 10c from the previous day) on turnover of 8 million. Today, 25 June 2009, mig bounced back to close at $1.39 with volume of 20 million (of which 8.1 million turned over between 3:00pm and 4:00pm with a further 3.5million turned over in the closing auction). There was a big surge in buying from 3:00pm onward pushing the price up from $1.36. Does some-one know something?

[bucket183]

What happened to MIG this morning??

[skyQuake]

DJ MARKET TALK: MIG Down 5.5% After Large Holder Sells At A$1.40

0014 GMT [Dow Jones] Macquarie Infrastructure (MIG.AU) down 8.5 cents or 5.5% at
A$1.455 after its second largest shareholder behind Macquarie Group (MQG.AU),
Canada's Ontario Teachers' Pension Plan Board sells its stake according to a
number of traders, as 244.7 million securities, representing 10.8% of issued capital,
crossed at A$1.40 each before trading Friday. Traders say JPMorgan ran institutional
bookbuild with floor price of A$1.40 but sale by OTPP, a major investor in Australian
infrastructure which also holds 12.2% of Transurban (TCL.AU) and last month agreed to buy
35.5% of Bristol Airport from MAp (MAP.AU), may suggest Canada's largest private
pension fund not happy with expected proposal to split assets into 2 companies, or could
reflect satisfaction with AUD at 15 month high against CAD.(WEL)

[communique]

Anyone have any thoughts on the MIG restructure proposal? What do you think about INTOLL and MQA? Is this a good or bad thing for the share price?

[nulla nulla]

Anyone have any thoughts on the MIG restructure proposal? What do you think about INTOLL and MQA? Is this a good or bad thing for the share price?

I hold so I may be biased. In fact I cashed out 500 nab shares in my smsf today to purchase 10,000 mig at $1.335. If the restructure goes ahead i will retain 10,000 Intoll and 2000 MQA and I will receive $0.10 per mig share ($1,000.00) as a special div. Personaly I reckon this would be better as a capital return rather than a taxable div.

Intoll has an alleged nta in excess of $1.60 and MQA has an alleged nta in excess of $3.50 (amazing for a share with current value of $1.335 particularly considering holders will receive a special div of $0.10 per mig share).

MQG will receive a break fee for relinquishing management contol of Intoll but will continue to receive management fees for MQA. Sounds like a win win for MQG. If MAP is any indication of where the share price can go after MQG is paid off, it also has the potential to be a win win for MIG share holders as well.

Intoll should experience growth in the share price. It will have a low leveraged level of debt, cash reserves and a steady income stream indexed to inflation for a considerble period of time. MQA, while having a high level of nta, will also have a high leveraged level of debt. This isn't good but this is the division that will continue under MQG management. They have an incentive/obligation to perform and ensure added shareholder value to justify their ongoing management fees. These fellows are smart, the debt per asset of MQA is normally isolated to the respective asset. If one asset fails to perform and needs to be cut loose it normally has no recourse over the other assets (this is evident in the mof assets as well).

As usual, you should do your own research and your own risk assessment. No responsibility accepted etc etc.

[nulla nulla]

I hold so I may be biased. In fact I cashed out 500 nab shares in my smsf today to purchase 10,000 mig at $1.335. If the restructure goes ahead i will retain 10,000 Intoll and 2000 MQA and I will receive $0.10 per mig share ($1,000.00) as a special div. Personaly I reckon this would be better as a capital return rather than a taxable div.

Intoll has an alleged nta in excess of $1.60 and MQA has an alleged nta in excess of $3.50 (amazing for a share with current value of $1.335 particularly considering holders will receive a special div of $0.10 per mig share).

MQG will receive a break fee for relinquishing management contol of Intoll but will continue to receive management fees for MQA. Sounds like a win win for MQG. If MAP is any indication of where the share price can go after MQG is paid off, it also has the potential to be a win win for MIG share holders as well.

Intoll should experience growth in the share price. It will have a low leveraged level of debt, cash reserves and a steady income stream indexed to inflation for a considerble period of time. MQA, while having a high level of nta, will also have a high leveraged level of debt. This isn't good but this is the division that will continue under MQG management. They have an incentive/obligation to perform and ensure added shareholder value to justify their ongoing management fees. These fellows are smart, the debt per asset of MQA is normally isolated to the respective asset. If one asset fails to perform and needs to be cut loose it normally has no recourse over the other assets (this is evident in the mof assets as well).

As usual, you should do your own research and your own risk assessment. No responsibility accepted etc etc.

Well doesn't time fly when you are having fun. The share previously known as mig is now renamed ito and holders received a bonus(?) issue of 2 mqa for every mig held at the time of restructure. The Macquarie expectation of market calue for the new structure did not eventuate. ITO opened at $1.21 traded up to $1.30 over a few days and has steadily worked it's way down to $1.11 since. MQA opened at $0.51 worked it's way up $1.00 as some of the investment companies took up significant positions then collapsed back to $0.70 - $0.74.
Overall the restructure doesn't appear to have freed up good mig from bad mig in any manner that would enhance the share value. If anything it has gone backwards substatially.

[nulla nulla]

Well doesn't time fly when you are having fun. The share previously known as mig is now renamed ito and holders received a bonus(?) issue of 2 mqa for every mig held at the time of restructure. The Macquarie expectation of market calue for the new structure did not eventuate. ITO opened at $1.21 traded up to $1.30 over a few days and has steadily worked it's way down to $1.11 since. MQA opened at $0.51 worked it's way up $1.00 as some of the investment companies took up significant positions then collapsed back to $0.70 - $0.74.
Overall the restructure doesn't appear to have freed up good mig from bad mig in any manner that would enhance the share value. If anything it has gone backwards substatially.

The above should read mig holders received a bonus (?) issue of 2 mqa shares for every 5 mig shares held at the time of the restructure.

Subsequent to the above post ito dropped to $1.07 before lifting back to $1.11 and mqa surged to $0.88 before retreating to $0.825.
Interestingly there has been a bit of positioning by 4 of the biggest share holders in mqa to lock in 40% of the shares on issue at the present price levels, which is allegedly at more than 70% discount to net tangible assets per share.