HASTINGS DIVERSIFIED UTILITIES FUND

HASTINGS DIVERSIFIED UTILITIES FUND

Previous company name

Name change date

Company Overview
Hastings Diversified Utilities Fund (HDF) is a publicly quoted company that invests in a range of utility infrastructure assets within Australia and overseas. The company has its registered office located in Melbourne, Australia. It was founded in December of 2004. The company is publicly traded on the Australian Stock Exchange under the trading symbol HDF.
HDF invests in infrastructure projects and operates from one geographic location. The company’s target investments include: gas transmission and distribution assets; electricity generation, transmission and distribution assets; water and other essential utilities; hydro and wind power generation assets; regulated and unregulated assets; and Australian and offshore assets (OECD). It holds unlisted securities that derive income from the United Kingdom. In October 2006, HDF and Utilities Trust of Australia acquired the British water utility, South East Water. In September 2006, the company sold its 100% ownership interest in HDF International Holdings 2 Pty Limited to HDF International Holdings 1 Pty Limited.
HDF aims to develop a portfolio of utility infrastructure investments that have an appropriate balance of regular cash yield and prospects for long term capital growth.
Business Summary
The Company’s principal activity is to target utility investments including gas transmission and distribution, electricity generation, transmission and distribution, hydro and wind power generation assets and water utilities.
Description and history
Hastings Diversified Utilities Fund (ASX: HDF) was established in December 2004 to invest in utility infrastructure assets with a moderate risk profile and which offer predictable cash flows. Managed by Hastings Funds Management, HDUF target investments include:
– gas transmission and distribution assets
– electricity generation, transmission and distribution assets
– water and other essential utilities
– hydro and wind power generation assets
– regulated and unregulated assets
– Australian and offshore assets (OECD)

HDF aims to develop a balanced portfolio of assests that maintains an appropriate balance between a regular cash yield to HDF security holders and prospects for long term capital growth. HDF will hold investments for the medium to long term. HDF has three investments
1) 100% of Epic Energy Holdings in Australia.
2) 50% of Mid Kent Water (MKW) in the UK.
3) 50% of South East Water (SEW) in the UK.

The acquisition of MKW was financed through the issue of TAPS.

The Fund is listed on the Australian Stock Exchange on December 13, 2004.

To target utility investments including gas transmission and distribution, electricity generation, transmission and distribution, hydro and wind power generation assets and water utilities. The Fund acquired a 100 per cent interest in Epic Energy Holdings as its initial investment. HDF has a market capitalisation of $385 million.

STAPLED GROUP
The stapled securities of HDF (the staple group), consisting of one unit in each of the HDUF Epic Trust, the HDUF Finance Trust and the HDUF Further Investments Trust are listed on the ASX.

Business Line
Invests in a range of utility infrastructure assets within Australia and overseas
Subsidiary
AUSTRALIAN INFRASTRUCTURE SECURITIES PTY LIMITED
Advisor
PRICEWATERHOUSE COOPERS
IPO date
12/13/2004
US SIC Code
4932
Company Address
Level 15
90, Collins Street
City province or state postal code
3000, MELBOURNE, VIC
Phone: +61 3 9654 4477
Fax: +61 3 9650 6555
Country address: AUSTRALIA
Website url: www.hfm.com.au