Infratil will pay a final dividend of 5 cents per share, taking the annual payout to 8 cents, up from 6.75 cents in 2011. 

System uses cellphones for tap-and-go payments with Wellington and Auckland buses, plus some taxis and retailers.

PM John Key and NZX boss Mark Weldon heald tributes for Infratil founder Lloyd Morrison who has died in Washington, aged 54, following a battle with cancer. 

Infrastructure investor Infratil has reported a 12% fall in net profit for the September half year but its earnings rose 7% and the company remains on track to meet full year guidance.

Infratil seeks to raise up to $50 million in unsecured subordinated six-year bonds offering 8% interest.