This article is from the Australian Property Journal archive
MIRVAC has written off its indirect investment in the Connector Motorways.
The news saw Mirvac’s share price close 13 cents lower to $3.70 yesterday.
Mirvac said yesterday its interest was held through JF Infrastructure Pty Limited, which is 50% owned with Leighton Holdings.
In addition, Mirvac owns an indirect stake of 9.5% of Connector Motorways, which was held at $57.5 million, as at December 31 2007.
And Mirvac, through JF Infrastructure, holds 13.3 million units in Rivercity Motorway Group, representing 3.4% of the issued capital. As at December 31 this indirect investment was marked to market based on a trading price of $0.78.
Based on yesterday’s valuation of Rivercity Motorway Group, the carrying value of Mirvac’s indirect investment is $6.9 million compared to $10.4 million at December 31.
Australian Property Journal
