AAP
Toll roads operator Transurban Group says it has had no contact with two Canadian pension funds or the Future Fund since it rejected a takeover offer in October.
The group has also indicated it is interested in buying Sydney's Lane Cove Tunnel.
Chief executive Chris Lynch said on Wednesday a recent internal review of Transurban's financial model, and a separate review by company adviser Lazard, again valued Transurban "significantly higher" than the spurned takeover offer.
Transurban in October received a conditional, non-binding proposal from Canada Pension Plan Investment Board (CPPIB) and Ontario Teachers Pension Plan (OTPP) to acquire its stapled securities for $5.25 a piece equivalent under a cash and unlisted scrip offer.
At the time Transurban said the proposal undervalued its assets and rejected the offer.
In December, the funds announced they were in talks with Australia's Future Fund about joining their proposal to take over Transurban.
No further approaches have been made by the Canadian funds, nor has there been any contact with the Future Fund, Mr Lynch said.
"There's been very minimal adviser contact, but there has basically been no communication from either the Canadian proposers, OTPP and CPPIB, or the Future Fund," he told journalists.
Asked if he expected to hear from the funds in the near future, Mr Lynch replied: "Our shares are traded in the public market each and every day, so if anyone wants to come and buy a share in this company they can. We fully understand why they would want to."
Transurban on Wednesday reported a statutory net profit for the six months to December 31 of $50.36 million, up from $1.90 million in the previous corresponding period.
Its first half underlying earnings before interest, tax, depreciation and amortisation (EBITDA) totalled $334.24 million, up 12.4 per cent, after toll revenue lifted six per cent to $416.06 million.
It declared an interim distribution of 12 cents per security and expects distributions for the 2009/10 year will total 24 cents, up from 22 cents in 2008/09.
Transurban said it was focussed on maximising shareholder value through growth, which included the possible acquisition of the Lane Cove Tunnel, whose operator went into receivership last month.
"We think it's a good asset," Mr Lynch said.
Transurban has lodged an expression of interest in the toll road, and hopes to examine the asset's financial records when it gains access to its data room later this month.
"It's adjacent to the M2, it's in our line of business, it's a well constructed asset," Mr Lynch said.
"It just had an unrealistic expectation about traffic inherent in the original business case. And that's what's being addressed now.
"We're interested at the right price."
Other growth opportunities that can deliver improved shareholder value will be pursued "with vigour", he said.
Proposed upgrades to the group's M5 and M2 in Sydney and current work on its CityLink in Melbourne and the Capital Beltway in the US will also add value to Transurban's assets, Mr Lynch said.
Transurban also holds interests in Sydney's M1 Eastern Distributor, M4, and Westlink M7 toll roads, as well as the Pocahontas 895 toll road in the US.
Transurban securities were down five cents, or 0.99 per cent, to $5.01 at 1333 AEDT.
