SIAS Supports MIIF’s Proposed Divestment Of TBC

Date: April 15, 2013

SIAS today met with representatives of Macquarie International Infrastructure Fund Limited (“MIIF” or the “Company”), during which MIIF provided a comprehensive briefing on the Company’s proposed divestment of its 47.5% interest in Taiwan Broadband Communications (“TBC”), through an initial public offering, into a new business trust to be known as Asian Pay Television Trust (“APTT”). APTT will be listed on the Singapore Exchange Securities Trading Limited.

SIAS notes that the MIIF Board believes, after taking into consideration current capital market conditions and unsolicited indicative trade sale offers provided by third parties to acquire TBC, that an initial public offering may deliver maximum value for MIIF shareholders. Consequently, MIIF Board is seeking shareholder approval to pursue the proposed divestment of TBC, should the consideration for the proposed divestment to be distributed to MIIF shareholders be at or above a minimum valuation of S$469.5 million or S$0.408 per share[1].

SIAS is advised that the proposed divestment of TBC through an IPO at or above the minimum valuation may provide MIIF shareholders with consideration at an attractive valuation. Consideration from the proposed divestment at the minimum valuation would represent a 30.4% premium to the value of TBC implied by MIIF’s share price, prior to the announcement of the MIIF’s strategic review on 10 October 2012.

SIAS notes that the proposed divestment and proposed distribution to shareholders in the form of units in APTT or cash provides flexibility for shareholders. Ultimately, shareholders who wish to remain invested in TBC can do so through receiving units in APTT without the need for any cash outlay and shareholders who wish to exit their investment in TBC can do so by electing for cash.

In view of the above, SIAS hopes that MIIF shareholders will vote in favour of the resolutions including the proposed divestment of MIIF’s 47.5% interest in TBC to be considered at the Company’s upcoming Special General Meeting on 30 April 2013 as the resolutions appear to be in their interest.

Today’s briefing by MIIF follows earlier meetings held in December 2012 and February 2013 between the Company and SIAS regarding MIIF’s revised strategy. SIAS acknowledges the commitment demonstrated by MIIF in executing the initiatives its Board has decided to undertake to maximise and return value to shareholders.

David Gerald
President / CEO

[1] based on 1,149,857,154 Shares in issue as at 12 April 2013