FGX 1.20% $1.27 future generation investment company limited


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    This morning's announcement by AIX effectively values Vodafone Australia at $2.3B, a far cry from the >$5B in inferred value which was being touted in the market 12+ months ago.

    This morning, AIX confirmed that its Hastings Funds Management business had yesterday sold its 4.5% stake in Vodafone Australia effectively for $105m.

    As a result of this sale taking place, Vodafone Pacific is now 100% controlled by Vodafone PLC. Such a move (ie: in cleaning up its equity structure, etc), now positions Vodafone for the next step in industry rationalisation.

    Such a step may well comprise one or more of the following:
    exit from Australia through a sale to another party (ie: HTA);
    a merger with another party in order to provide a more comprehensive level of coverage and service (ie: HTA and /or TEL/AAPT); and /or
    an infrastructure sharing arrangement /equity commitment in support of its 3G aspirations (ie: through a tie-up with Hutchison, as the most advanced developer of 3G services in Australia).
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