A consortium led by AE Portfolio Conservative Holding Transurban Group (ASX: TCL, OTC: TRAUF) has reached agreement to acquire Queensland Motorways for AUD7.057 billion.

Queensland Motorways has a high-quality, established portfolio of assets–with all the characteristics of the toll road operator’s existing networks in Sydney and Melbourne and the attractive demographics of the Queensland market–that fits well with Transurban’s long-term strategy and will help it support and grow distributions over time.

The consortium includes Transurban, with an equity interest of 62.5 percent; pension fund AustralianSuper, with a 25 percent interest; and Tawreed, a wholly-owned subsidiary of the Abu Dhabi Investment Authority, with a 12.5 percent interest. Transurban will operate the network on behalf of the owners.

It adds to Transurban’s collection of toll roads that generate stable, long-run returns and are protected by higher barriers to competition, particularly in highly regulated developed countries such as Australia.

Transurban now controls most of the major toll-road networks on the east coast of Australia.

Transurban has been studying Queensland Motorways for a number of years, deeming it the last significant piece of network it needed to secure its future as the leading toll-road operator in its home market. That’s the major reason it paid what many analysts consider a steep premium for the assets, basically to prevent Queensland Motorways from falling into the hands of a competitor.

Management is confident it can make operational enhancements that have enabled it to enjoy EBITDA (earnings before interest, taxation, depreciation and amortization) margins of more than 90 percent with its Melbourne toll road CityLink and more than 80 percent in the Sydney market.

Its in-house team of traffic modelers has been studying the Brisbane toll network for months, working out existing and potential traffic flows, where enhancements could occur and costs could be cut.

Transurban will have to pay approximately AUD4.4 billion for its stake. Debt financing is in place, as Transurban has commitments from its lending banks to borrow as much as AUD2.4 billion.

And Transurban announced a plan to raise AUD2.74 billion through a AUD2.34 billion fully underwritten accelerated renounceable entitlement offer and a AUD400 million placement to its bid partners AustralianSuper and Tawreed.

Under the offer investors could subscribe for 10 new shares at AUD6.75 per, a discount of 7.2 percent to Transurban’s April 22 close.

On May 1 Transurban completed the institutional component of the offer, which was announced on April 24.

The offer, which will result in the issue of approximately 264.5 million new Transurban shares, generated gross proceeds of approximately AUD1.79 billion. Transurban’s institutional shareholders ate it up, with approximately 95 percent of new securities available to them taken up.

The retail component of the offer opened on May 6 and will close on May 23, with eligible shareholders entitled to the same opportunity to participate at the same price and offer ratio as the institutional offer.

Moody’s affirmed its rating for Transurban as well, at Baa1, but revised upward its outlook from “developing” to “stable.”

Transurban also reached an in-principle agreement with the Victorian government for a major, coordinated upgrade to the western section of CityLink, the Bolte Bridge-West Gate Freeway interchange and the Tullamarine Freeway.  The proposed project–the “CityLink-Tulla widening”–will address congestion and improve safety at critical points in the CityLink western corridor, with the additional capacity relieving pressure on surrounding non-arterial routes.

It will also set the corridor up for future traffic needs in growth areas in Melbourne’s west and north and will enhance the integration of the East West Link into CityLink.

The project is still subject to Victoria and Transurban reaching final agreement on terms and documentation, which is expected by late 2014.

Under the terms of the in-principle agreement Transurban will finance the total cost of the upgrade works. As a part of the project the CityLink concession will be extended by one year and truck tolls will be increased to become consistent with national pricing for trucks on other motorway networks. The CityLink toll price increases will remain at a minimum of 4.5 percent per annum for an additional year post-July 2015.

If financial close is reached, Transurban’s funding commitments will be staggered over the two-year construction phase of the project, commencing in mid-2015.

On April 10 Transurban reported that proportional toll revenue for the three months ended March 31 increased by 12.7 percent compared to the prior corresponding period to AUD273.8 million.

Management cited a favorable “day mix”–an additional workday in the third quarter of fiscal 2014 compared to the third quarter of fiscal 2013–provided an average daily traffic benefit of between 0.2 percent and 0.5 percent across its Australian assets.

Transurban’s Sydney network continues its strong performance, reflecting continuing growth in the north-west corridor from the M2 upgrade, which was completed in August 2013. Average traffic growth across Westlink M7, Hills M2 and Lane Cove Tunnel was 10.9 percent for the quarter.

Construction of the M5 West widening project remains on schedule and on budget. The project is currently 70 percent complete, with full lane availability expected early in the fourth quarter of calendar 2014.

The traffic impacts associated with construction remain in line with expectations.

In the US, the 495 Express Lanes share of corridor volume continued to increase over the quarter, despite severe weather inhibiting the overall corridor volume.

Average workday revenue for March increased to USD97,444, up 21.3 percent increase compared to December 2013. Average workday revenue for the last two weeks of March was US100,914.

On April 3 the 495 Express Lanes achieved record daily toll revenue of USD140,998 and a new maximum dynamic toll of USD11.55 to travel the full length of the Express Lanes.

Management confirmed fiscal 2014 distribution guidance of AUD0.35 per share, up from AUD0.31 for fiscal 2013. And it established initial fiscal 2015 distribution guidance of AUD0.39, which represents year-over-growth of 11.4 percent.

Management expects the fiscal 2014 distribution to be covered 95 percent by free cash flow due to the timing of the recent entitlement offer and subsequent issue of new shares. The fiscal 2015 distribution will be 100 percent covered by free cash flow.

Transurban Group is now a buy under USD7.25.   

The shares closed at AUD7.31 on the Australian Securities Exchange (ASX) on May 16, equivalent to USD6.84 based on the prevailing Australian dollar-US dollar exchange rate. That’s an all-time high closing price on the ASX.

Envestra Envy

APA Group (ASX: APA, OTC: APAJF), Australia’s biggest natural gas infrastructure company, is up 21.2 percent in 2014, a recent rally driven by a bidding battle for fellow AE Portfolio Conservative Holding Envestra Ltd (ASX: ENV, OTC: EVSRF).

APA holds a 33.1 percent stake in natural gas distribution and transmission company Envestra and has an operating and maintenance contract for the latter’s assets as well. APA has made a AUD1.31 per share offer for Envestra, but Cheung Kong Infrastructure Holdings Ltd (Hong Kong: 1038, OTC: CKISF, ADR: CKISY), which owns 17.5 percent of the target, has trumped APA with its own bid of AUD1.32.

Envestra, meanwhile, has surged to AUD1.34 on the ASX as of the close of trading on May 16.

CKI all-cash bid values the natural gas distributor at AUD2.4 billion. It’s looking to hold onto a stake in a regulated gas distribution company to give it a strategic position in the Australian market. It’s also interested in the certainty of earnings Envestra provides. If Envestra is acquired by APA CKI loses these exposures.

CKI’s representatives on the Envestra board, Dominic Chan and Ivan Chan, had recommended in March that holders vote against APA’s offer because it isn’t in their interests.

CKI’s bid depends on approval from Australia’s Foreign Investment Review Board, among other conditions.

APA reached a deal with Envestra in December 2013 to buy the rest of the company after raising an earlier offer. Under the deal that was scheduled to go to a vote this month, shareholders have the option of receiving either 0.1919 APA shares for each Envestra share, or a combination of stock and cash.

APA closed at AUD6.84 on May 15, implying per-share bid value of AUD1.31.

Envestra received court approval to put off a shareholder meeting previously scheduled for May 13 to vote on the APA bid.

In addition to the intrinsic value of an Envestra stake to CKI, the latter’s bid, coming after its representatives on the Envestra board expressed opposition to the APA bid, could be an attempt to extract another increase from APA.

A delay of the May 13 vote builds in time for APA to consider its options. And the cash flow accretion full ownership of Envestra would likely create from fiscal 2015 through fiscal 2020 could justify a higher bid.

We’ve been impressed by APA management’s deliberate approach to acquisition-led growth in recent years, including the successful campaign for Hastings Diversified Utilities Fund in 2012. But Envestra’s long-term prospects are bright. A good case can be made that a bid of as much as AUD1.40 per share, in the context of rising natural gas use in Australia, would be conservative.

And it also might win over CKI’s reps on the Envestra board.

APA will surely benefit from consolidating ownership of Envestra’s 13,950 miles of regulated networks in South Australia, Victoria, Queensland and New South Wales, which serve approximately 1.2 million consumers.

But it will also see a significant windfall should it monetize its existing position via the CKI offer. APA, which is yielding 5.3 percent at current levels, is a buy under USD6.50.

The stock closed at AUD6.80 on the ASX on May 16, equivalent to USD6.37 based on the prevailing Australian dollar-US dollar exchange rate.

Envestra is once again a hold pending resolution of the CKI-APA struggle for control.

Aggressive Roundup

GrainCorp Ltd (ASX: GNC, OTC: GRCLF) closed at AUD9 on the ASX on May 16, a high for the stock since the Nov. 29, 2013, announcement by Australian Treasurer Joe Hockey that the Foreign Investment Review Board would reject a AUD13 per share takeover offer from US-based global agribusiness giant Archer Daniels Midland Co (NYSE: ADM).

GrainCorp slid from AUD11.20 on Nov. 28 to AUD8.72 on Nov. 29. A little more than a year ago, shortly after the ADM deal was first agreed, GrainCorp closed as high as AUD12.81. It bottomed on Feb. 5, 2014, at AUD7.52.

There is a growing sense among market observers that ADM and GrainCorp will re-explore their relationship once the latter has a permanent CEO in place. Don Taylor, who is chairman of the GrainCorp board, has been running the day-to-day as well since Alison Watkins resigned as CEO in the aftermath of the Australian government’s rejection of the ADM deal.

ADM still owns approximately 20 percent of GrainCorp. Up to now it’s held off accepting Mr. Hockey’s invitation to up its stake to 25 percent. But a future relationship could be built around GrainCorp’s infrastructure assets or other business units.

Fund manager Ellerston Capital, which criticized GrainCorp management’s handling of the ADM takeover process, announced on May that it had boosted its stake from 6.5 percent to 7.6 percent, a sign of renewed confidence in Australia’s largest grain-hander.

GrainCorp reported fiscal 2014 first-half EBITDA of AUD166 million, down from AUD227 million a year ago. Underlying net profit after tax (NPAT) was AUD61 million, down from AUD109 million for the first half of fiscal 2013.

Statutory NPAT of AUD50 million includes significant items related to the network optimization project within GrainCorp Oils.

The grains business is under significant pressure, including stepped-up competition.

Qube Holdings is developing a rival bulk-grain export terminal at Port Kembla in partnership with Cargill Inc, Noble Group Ltd (Singapore: NOBL, OTC: NOBGF, ADR: NOBGY) and Emerald Grain. West Australia-based cooperative Bulk Handling has teamed up with Olam International Ltd (Singapore: OLAM, OTC: OLMIF, ADR: OLMIY) and Glencore Xstrata Plc (London: GLEN, OTC: GLCNF, ADR: GLNCY) to develop an export terminal at Newcastle.

But GrainCorp Malt and GrainCorp Oils have both delivered consistent results, with Malt continuing to operate at high capacity and Oils performing well despite continuing pressure on refining volumes. The performance of the grains businesses was also relatively solid in light of lower crop volumes.

Storage & Logistics earnings were affected by a below-average carry-in and a smaller crop in Australia’s northern regions. This translated to lower grain receivals and increased demand from domestic end-users, limiting the amount of grain available for export.

Intense competition for a smaller crop led to lower earnings for GrainCorp Marketing, but management noted that it’s “pleasing that this business has reported a positive result in an environment that has been extremely challenging.”

GrainCorp declared an interim dividend of AUD0.15 per share, down from AUD0.20 a year ago, when the company also paid a AUD0.05 per share special dividend.

The AUD0.15 represents a payout ratio of 56 percent of underlying NPAT. Company is to pay 40 percent to 60 percent of NPAT through the cycle.

Management reiterated its expectation that fiscal 2014 earnings will be “heavily weighted” to the first half of the year as a result of a busy export program and low residual levels of grain in the network. Full-year guidance remains EBITDA of AUD275 million to AUD315 million and underlying NPAT of AUD80 million to AUD100 million.

Looking further ahead, management noted encouraging pre-planting rains in many areas from which it draws its grains, with canola planting substantially underway in many areas and good starts for wheat and barley.

Favorable conditions and good finishing rains will be critical to the delivery of a good crop in eastern Australia.

Mr. Taylor noted that GrainCorp expects to make an announcement about its permanent CEO in the middle of 2014.

GrainCorp–still an attractive investment in an environment of increased interest in Asia-Pacific food producers–is a buy under USD10.

Oil Search Ltd (ASX: OSH, OTC: OISHF, ADR: OISHY) closed at an all-time high of AUD9.20 on the ASX on May 16, continuing a surge from a 2014 closing low of AUD8.01 on Feb. 4 on solid first-quarter production numbers and encouraging news on the Papua New Guinea Liquefied Natural Gas (PNG LNG) project.

Oil and gas production during the first three months of 2014 was 1.68 million barrels of oil equivalent (MMboe), up from 1.56 MMboe a year ago but down from 1.77 MMboe in the fourth quarter of 2013. The sequential decline is the result of a planned shutdown of oil production facilities during the first quarter.

Management noted that the company is on track to deliver 2014 production toward the upper end of its 13 to 16 MMboe guidance range.

Total revenue for the quarter was USD170.2 million, based on an average realized oil price of USD110.94 per barrel.

Due to the timing of liftings, oil sales were slightly lower than production available for sale, resulting in an increase in crude oil inventories to 260,000 barrels at the end of March, worth approximately USD29 million in revenue at first-quarter prices.

During his address at the company’s May 16 annual general meeting Oil Search Chairman Richard Lee noted that production of LNG at PNG LNG commenced in April and that the first LNG tanker is “now loading and will depart for Asia in the next few days.”

Management expects PNG LNG to be producing at full capacity by 2015. In its first full year it will quadruple Oil Search’s production base and contribute more than USD1.3 billion annually to the company’s operating cash flows.

Oil Search paid total dividends in 2013 of USD0.04 per share, in line with a policy to maintain steady dividends, in US dollar terms, during the construction phase of the PNG LNG project. Once PNG LNG is producing at full capacity the board plans to “materially increase” dividend payments. The precise, including how the company will balance paying dividends with reinvesting cash into growth projects, will be developed over the coming months as part of a broader strategic review that will also cover the company’s structure, operations and human resources and  establish a framework growth over the next five years.

Work by the PRL 3 Joint Venture continued on the potential development of the P’nyang field as a resource for PNG LNG expansion, while drilling was ongoing at the Hides gas field on the final development wells.

In March, Oil Search completed the purchase of a 22.835 percent gross interest in PNG Petroleum Retention License 15 (PRL 15), containing the Elk/Antelope gas discoveries. Elk/Antelope is the largest undeveloped gas resource in Papua New Guinea and is highly complementary to Oil Search’s existing asset base. The purchase was funded by a placement of 149.39 million fully paid ordinary shares to the Independent State of Papua New Guinea.

International Petroleum Investment Company (IPIC) of Abu Dhabi became Oil Search’s largest shareholder in March, with 13.1 percent, following the exchange of its exchangeable bonds for 196.6 million Oil Search ordinary shares previously held by the PNG government.

Management noted a number of PNG LNG major milestones during the first quarter, including the start of gas and condensate production from the first two wells on the Hides field and the official handover by the construction contractors of key parts of upstream and downstream infrastructure, including Train 1 at the LNG plant, to the operator, ExxonMobil Corp’s (NYSE: XOM) ExxonMobil PNG Ltd unit.

In early March ExxonMobil PNG announced that it had narrowed the window for first LNG deliveries to the middle of 2014 and confirmed that the cost outlook remains unchanged from the November 2012 estimate of USD19 billion.

Oil Search spent USD270.3 million on exploration, development and production activities, of which USD189.6 million related to PNG LNG, down from USD307.4 million in the prior quarter as construction activity starts to wind up. This spend was funded by cash, operating cash flows and drawdowns from the project finance facility.

Total liquidity rose from USD509.7 million as of Dec. 31, 2013, to USD711.2 million as of March 31, 2014, including USD411.2 million in cash and USD300 million in undrawn committed funding lines.

The increase in liquidity largely reflected the proceeds from a share placement to the PNG Government of approximately USD1.1 billion less the PRL 15 acquisition cost of USD900 million and will be used to fund LNG growth and oil exploration activities.

Based on management’s confirmation of the impact of PNG LNG on its production profile and future dividend, Oil Search is now a buy under USD9 on the ASX using the symbol OSH and on the US OTC market using the symbol OISHF.

Oil Search also trades as an ADR on the US OTC market under the symbol OISHY. Oil Search’s ADR represents 10 underlying shares traded on the ASX and is a buy under USD90.

Origin Energy Ltd (ASX: ORG, OTC: OGFGF, ADR: OGFGY), which has pushed out to a near three-and-a-half-year high on the ASX, posted strong production numbers for its exploration and production unit for the three months ended March 31, 2014.

Management also noted that the Australia Pacific LNG project is now two-thirds complete

Output for the third quarter of fiscal 2014 was 32.4 petajoules equivalent (PJe), up 10 percent primarily due to increased contributions from AP LNG and Otway, where production commenced from the Geographe 2 well in July 2013. Sales revenue climbed 27 percent to AUD253 million on increased production, higher average commodity prices and higher third-party sales volumes.

AP LNG remains on track to deliver first LNG in mid-2015, with the upstream component approximately 67 percent complete and the downstream component approximately

68 percent complete.

Origin Energy is a buy on the ASX using the symbol ORG and on the US OTC market using the symbol OGFGF under USD15.

Origin also trades on the US OTC market as an ADR under the symbol OGFGY. Origin Energy’s ADR, which represents one ordinary, ASX-listed share, is also a buy under USD15.

Conservative Roundup

AGL Energy Ltd (ASX: AGK, OTC: AGLNF, ADR: AGLNY) recently announced that Managing Director and CEO Michael Fraser will retire by June 30, 2015. Mr. Fraser has been with AGL for 30 years, more than seven in the top slot in the corporation.

AGL should benefit from the April 2014 decision by the New South Wales state government to
deregulate electricity pricing. But AGL has had to seek an appeal against an Australian Competition & Consumer Commission ruling that prevented its acquisition of Macquarie Generation from the NSW government.

It’s also suffered due to the public debate over coal seam gas and has been forced to accept a
compromise deal in NSW on access to farm land for drilling. But the stock has recovered from a subpar 2013, with a year-to-date total return in US dollar terms of 13.8 percent.

The timing of Mr. Fraser’s announcement introduced another bit of uncertainty, but AGL is poised to benefit from a recovery in gas and electricity demand as well as the imposition of tighter rules covering marketing and sales practices that should limit customer turnover.

AGL has guided to fiscal 2014 underlying profit of AUD560 million to AUD610 million. The company reported underlying profit of AUD242 million for the six months ended Dec. 31, 2013, a decline of 11.4 percent compared to the prior corresponding period.

AGL Energy is a buy up to USD17.25 on the Australian Securities Exchange (ASX) using the symbol AGK and on the US over-the-counter (OTC) market using the symbol AGLNF.

AGL Energy also trades on the US OTC market as an American Depositary Receipt (ADR) under the symbol AGLNY. AGL’s ADR, which is worth one ordinary, ASX-listed share, is also a buy under USD17.25.

Telstra Corp Ltd (ASX: TLS, OTC: TTRAF, ADR: TLSYY) announced the completion of the sale of its 76.4 percent stake in Hong Kong-based wireless communications services provider CSL Ltd to HKT Ltd for USD1.99 billion following the recent regulatory approval of the deal by the Office of the Communications Authority in Hong Kong.

Telstra will realize a profit of AUD561 million on its CSL investment.

CSL’s year-to-date operating results through April 30, 2014, include income of AUD1.05 billion and earnings before interest, taxation, depreciation and amortization (EBITDA) of AUD261 million. These results will be included in Telstra’s fiscal 2014 results.

The net proceeds are incremental to Telstra’s free cash flow guidance of AUD$4.6 billion to AUD5.1 billion, which excludes any proceeds on the sale of businesses.

In its statement announcing the deal Telstra management noted that it “will now consider the net proceeds from this transaction, consistent with its capital management framework.

Telstra sold a 70 percent stake in its Sensis directories business to US private equity firm Platinum Equity for AUD454 million in January 2014 but held off on revealing plans for how it will spend the money until after its CSL deal was completed.

Telstra’s “war chest” is now estimated to be up to AUD7 billion. The company will provide a further update on how it plans to deploy it when management announces fiscal 2014 full-year operating and financial results on or about Aug. 7, 2014.

Potential uses of recent asset sale proceeds include an accelerated increase in dividends, new acquisitions or a potential share buyback scheme. And the cash certainly won’t hurt Telstra’s unmatched ability to invest in its mobile network.

Telstra announced a 3.6 percent dividend increase when it reported fiscal 2014 interim results on Feb. 13, 2014.

Telstra is a strong buy under USD5 on the ASX using the symbol TLS and on the US OTC market using the symbol TTRAF.

Telstra also trades on the US OTC market as a Level I, sponsored American Depositary Receipt (ADR). Telstra’s ADR is worth five ordinary, ASX-listed shares. Telstra’s ADR is a buy under USD25.

Note that fiscal 2014 first-half operating and financial results for Conservative Holding Australia & New Zealand Banking Group Ltd (ASX: ANZ, OTC: ANEWF, ADR: ANZBY) are discussed in one of this month’s Sector Spotlight features.

ANZ–one of our two top picks for new money this month–is a buy under USD34.

The Annuals

Here are estimated dates when AE Portfolio Holdings will report their next sets of operating and financial numbers.

For most this will cover results for fiscal 2014, which ends June 30, 2014. We’ve noted for others that report on a different schedule the period to which the announcement pertains.

Conservative Holdings

• Aberdeen Asia-Pacific Income Fund (NYSE: FAX)–N/A (fund, reports holdings on a quarterly basis)
• AGL Energy Ltd (ASX: AGK, OTC: AGLNF, ADR: AGLNY)–Aug. 27, 2014 (FY 2014, estimate)
• APA Group (ASX: APA, OTC: APAJF)–Aug. 20, 2014 (FY 2014, estimate)
• Australand Property Group Ltd (ASX: ALZ, OTC: AUAOF)–July 23, 2014 (2014 H1, estimate)
• Australia & New Zealand Banking Group Ltd (ASX: ANZ, OTC: ANEWF, ADR: ANZBY)–Oct. 28,  2014 (FY 2014, estimate)
• Cardno Ltd (ASX: CDD, OTC: COLDF)–Aug. 20, 2014 (FY 2014, estimate)
• CSL Ltd (ASX: CSL, OTC: CMXHF, ADR: CMXHY)–Aug. 13, 2014 (FY 2014, estimate)
• DUET Group (ASX: DUE, OTC: DUETF)–Aug. 15, 2014 (FY 2014, estimate)
• Envestra Ltd (ASX: ENV, OTC: EVSRF)–Aug. 21, 2014 (FY 2014, estimate)
• GPT Group (ASX: GPT, OTC: GPTGF)–Aug. 11, 2014 (2014 H1, estimate)
• M2 Telecommunications Group Ltd (ASX: MTU, OTC: MTCZF)–Aug. 25, 2014 (FY 2014, estimate y)
• Ramsay Health Care Ltd (ASX: RHC, OTC: RMSUF)–Aug. 28, 2014 (FY 2014, estimate)
• Telstra Corp Ltd (ASX: TLS, OTC: TTRAF, ADR: TLSYY)–Aug. 7, 2014 (FY 2014, estimate)
• Transurban Group (ASX: TCL, OTC: TRAUF)–Jul. 31, 2014 (FY 2014, estimate)
• Wesfarmers Ltd (ASX: WES, OTC: WFAFF, ADR: WFAFY)–Aug. 14, 2014 (FY 2014, estimate)

Aggressive Holdings

• Amalgamated Holdings Ltd (ASX: AHD, OTC: None)–Aug. 21, 2014 (FY 2014, estimate)
• BHP Billiton Ltd (ASX: BHP, NYSE: BHP)–Aug. 19, 2014 (FY 2014, estimate)
• Crown Resorts Ltd (ASX: CWN, OTC: CWLDF, ADR: CWLDY)–Aug. 22, 2014 (FY 2014, estimate)
• GrainCorp Ltd (ASX: GNC, OTC: GRCLF)–Nov. 13, 2014 (FY 2014, estimate)
• JB Hi-Fi Ltd (ASX: JBH, OTC: None)–Aug. 11, 2014 (FY 2014, estimate)
• Mineral Resources Ltd (ASX: MIN, OTC: MALRF, ADR: MALRY)–Aug. 14, 2014 (FY 2014, estimate)
• Oil Search Ltd (ASX: OSH, OTC: OISHF, ADR: OISHY)–Aug. 19, 2014 (2014 H1, estimate)
• Origin Energy Ltd (ASX: ORG, OTC: OGFGF, ADR: OGFGY)–Aug. 21, 2014 (FY 2014, estimate)
• Rio Tinto Ltd (ASX: RIO, NYSE: RIO)–Aug. 7, 2014 (2014 H1, estimate)
• Spark Infrastructure Group (ASX: SKI, OTC: SFDPF)–Aug. 25, 2014 (2014 H1, estimate)
• Sydney Airport (ASX: SYD, OTC: SYDDF)–Aug. 21, 2014 (2014 H1, estimate)
• Woodside Petroleum Ltd (ASX: WPL, OTC: WOPEF, ADR: WOPEY)–Aug. 20, 2014 (2014 H1, estimate)
• WorleyParsons Ltd (ASX: WOR, OTC: WYGPF, ADR: WYGPY)–Aug. 13, 2014 (FY 2014, estimate)