MIIF

MIIF: APTT launched its preliminary prospectus late last wk. APTT intends to offer up to 1.44b units. Sias notes approx 1.142b APTT units are allocated for the settlement of the acquisition of MIIF's 47.5% stake in TBC. Sias assumes APTT's listing price range of $0.92-1.00, which translates to net proceeds to MIIF of around $499m - 542m. Estimates that for MIIF sh/h who intend ot opt for cash instead of shares, the distributable amount will range from $0.434 - 0.47 per MIIF share. Sias reckons there may be upside surprise as the trust is offering an attractive FY14 yield of 8.25% based on an issuance price of $1. Maintains its Invest rating on MIIF with TP $0.68.