ConnectEast

From Wikipedia, the free encyclopedia
Jump to: navigation, search
ConnectEast
Type Public (ASX: CEU)
Industry Transportation
Founded Mount Waverley, VIC, Australia 2002
Headquarters Ringwood, VIC, Australia
Key people Tony Shepherd, Chairman
Dennis Cliche, Managing Director
Products EastLink Tollway
Revenue Unknown (2005)
Employees approx. 300 (2009)
Website www.connecteast.com.au

ConnectEast ASXCEU is an Australian limited corporation responsible for the finance, design, construction and operation of Melbourne's EastLink tollway project.

Listed in the Australian Stock Exchange as The ConnectEast Group ( stock symbol: CEU), it won the tender in 2004 to finance, design, construct, operate and maintain the 39 km Mitcham-Frankston project motorway, which links the Eastern Freeway in the eastern suburbs of Melbourne to the Frankston Freeway in Melbourne's south-east. This tollway, called EastLink was constructed through a joint-venture between Thiess and John Holland and completed 5 months ahead of schedule with the tollway opening in June 2008.

As a public listed company in the stock exchange, it is also one of the few infrastructural stocks that is restricted to a single asset.

In an announcement to the Australian Stock Exchange (ASX) on 31 October, 2007 ConnectEast Group announced the distribution of 3.25 cents per stapled unit payable on 1 November, 2007.

ConnectEast provides for a program of reinvestment of the dividends called the DRP (Dividend Reinvestment Plan) where unitholders participating in this plan will be issued with units at $1.585, which represents a 5% discount to the daily volume-weighted average price for 20 trading days from 20 September to 18 October 2007. This DRP was subscribed by over 68% of the unitholders, who are of the opinion that there is a lot of "leg-room" for the share price to move up.

References[edit]