HICL Infrastructure PLC (HICL)

[idpickering]

Acquisition Activity - French Fibre Investment.

The Board is pleased to announce that HICL has entered into an agreement to acquire a minority equity position in Altitude's fibre-to-the-home platform ("Altitude Infra"), investing alongside other InfraRed-managed funds and co-investors which, together with HICL, will own 15.1% of Altitude Infra. Altitude Infra holds a controlling position in the largest independent wholesale fibre network in France, Altitude Infra THD. The Altitude Infra stake will be acquired from Altitude Group, which will retain a majority shareholding. The investment is accretive to HICL's key portfolio metrics, enhances portfolio diversification and improves the earnings profile of the Company. Following completion, the investment will represent approximately 2% of HICL's portfolio, by value.

https://www.investegate.co.uk/hicl-infr ... 00013581V/

Ian.

[idpickering]

Partial Disposal of Northwest Parkway.

The Board is pleased to announce that HICL has entered into an agreement to dispose of 30% of its equity interests in the US Northwest Parkway toll-road project ("NWP") for a consideration of c. USD86m. Proceeds from the sale are in excess of the Company's March 2022 pro-rata asset valuation.

Completion is expected in June, subject to customary closing conditions. Following completion of the transaction, HICL will retain a 23.3% equity interest and preserve its governance rights at the asset level board.

HICL invested in NWP in December 2016, and the sale price represents an 11.0% holding period IRR and a 1.8x multiple on the pro-rata cash invested. This transaction enhances HICL's track record of achieving capital growth through selective and disciplined asset realisations, a key pillar of the Company's growth and funding strategy.

Proceeds from the transaction will be recycled into the Company's investment in French fibre-to-the-home platform Altitude Infra which was announced earlier this month.

https://www.investegate.co.uk/hicl-infr ... 00062888X/

Ian.

[idpickering]

Notice of Annual Results and Investor Presentation.

HICL advises that it plans to announce its Annual Results for the year ended 31 March 2023 on Wednesday 24 May 2023.

There will be a results presentation for analysts at 9.30am on the day at the offices of InfraRed Capital Partners, Level 7, One Bartholomew Close, Barts Square, London, EC1A 7BL. Institutional investors are invited to dial into a live webcast of the presentation, which will be uploaded to the HICL website shortly thereafter.

To register for the event, please notify Teneo by email at HICLrsvp@teneo.com .

In addition, the Company will be hosting a presentation for retail investors via the Investor Meet Company platform at 2.00pm. This presentation will be open to all existing and potential shareholders. Questions can be submitted pre-event via the Investor Meet Platform dashboard, up until 9.00am on the day before the meeting. Questions can be submitted at any time during the live presentation.

https://www.investegate.co.uk/hicl-infr ... 00114108X/

Ian.

[idpickering]

£150m Private Placement debt issue.

"HICL" or "the Company" and, together with its subsidiaries, "the Group", the London-listed infrastructure investment company managed by InfraRed Capital Partners Limited ("InfraRed" or "the Investment Manager".)

£150m Private Placement debt issue

The Board of HICL is pleased to announce the successful Private Placement of £150m of loan notes ("the Notes") by its corporate subsidiary, Infrastructure Investments LP. Proceeds of the issue will be used to reduce the existing drawings1 on the Group's Revolving Credit Facility ("RCF"). The Notes will convert the equivalent drawing on the RCF into a longer maturity and fix the all-in interest rate cost at a level below that currently payable on the RCF.

https://www.investegate.co.uk/announcement/7535397

Ian.

[idpickering]

ANNUAL RESULTS FOR THE YEAR ED 31 MARCH 2023.

· Total Shareholder Return1 was 6.3% (2022: 12.8%) delivering long-term value for shareholders against an uncertain macroeconomic environment.

· 1.8p increase in NAV per share to 164.9p (31 March 2022: 163.1p), driven by the portfolio's high (0.8x) inflation correlation, partially offset by a 0.6% increase in the weighted average portfolio discount rate.

· Portfolio return2 of 10.2% (2022: 9.6%), demonstrating the inherent defensive characteristics of the portfolio and the strong inflation linkage.

· 14% uplift in the Directors' valuation3 of the portfolio to £3,772.8m (31 March 2022: £3,311.0m). This increase was largely driven by the £435m of net investment activity in the year.

https://www.investegate.co.uk/announcement/7540088

Ian (No holding).

[idpickering]

Notice of AGM and form of proxy - correction.

Following the announcement made on 6 June 2023 in respect of the Annual General Meeting (the "AGM") of the Company to be held on 19 July 2023, and the publication and despatch of a circular to shareholders containing notice of the resolutions to be considered at the AGM (the "Notice") and a form of proxy (the "Form of Proxy"), it has come to the attention of the Company that the Notice and the Form of Proxy each contain a typographical error.

In the Notice, Special Resolution 16 should cross-refer to resolution 15 (not 16). In the Form of Proxy, Special Resolution 16 should cross-refer to resolution 16 (not 15).

As these are clerical errors, no new documents will be posted to shareholders, but copies of the corrected Notice and Form of Proxy are available on the following page of the Company's website: https://www.hicl.com/investors/reports-publications/

The corrected documents have also been submitted to the National Storage Mechanism and will shortly be available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism

https://www.investegate.co.uk/announcem ... on/7627004

Ian.

[idpickering]

Replacement Dividend Announcement.

RELEASED IN ERROR

The First Quarterly Interim Dividend announcement released on 19 July 2023 at 11.57 under RNS No 5394G was released in error and should be disregarded.

The corrected announcement (correcting a weekend payment date) has been issued under RNS No 5446G at 12.46

https://www.investegate.co.uk/announcem ... nt/7642565

Which is here; https://www.investegate.co.uk/announcem ... nd/7642431

HICL Infrastructure PLC (the "Company") is pleased to announce the first interim dividend for the financial year ending 31 March 2024 of 2.06 pence per ordinary share (the "Q1 Dividend") in accordance with previously announced guidance.

The shares will go ex-dividend on 24 August 2023 and the Q1 Dividend will be paid on 29 September 2023 to shareholders on the register as at the close of business on 25 August 2023.

As outlined in the Company's prospectus dated 4 March 2019, a portion of the Company's dividends will be designated as an interest distribution for UK tax purposes. The interest streaming percentage for the Q1 Dividend is 98%.

Ian.

[idpickering]

Completion of Hornsea II OFTO transaction.

Further to earlier announcements, the Board of HICL Infrastructure PLC is pleased to confirm that the Company has now completed the acquisition of a 75% shareholding in the offshore transmission assets associated with the Hornsea II Windfarm (Hornsea II OFTO). This availability-based and inflation-linked investment in critical UK electricity transmission represents HICL's fifth OFTO investment in partnership with Diamond Transmission Corporation.

The investment will represent approximately 3% of HICL's portfolio by value1 and will be funded by the Company's £650m revolving credit facility ("RCF"). Following this transaction and the receipt of proceeds from the partial disposal of Northwest Parkway, the RCF is expected to be c.£370m drawn. The Company intends to continue its strategy of selectively realising assets to reduce the RCF balance and optimise portfolio construction.

1 As at 31 March 2023, using the Directors' Valuation of £3,772.8m

https://www.investegate.co.uk/announcem ... on/7646073

Ian.

[idpickering]

Interim Update Statement.

https://www.investegate.co.uk/announcem ... nt/7666951

Ian.

[idpickering]

Disposal of Bradford Schools PPPs for c. £37m.

"HICL" or "the Company" and, together with its subsidiaries, "the Group", the London-listed infrastructure investment company managed by InfraRed Capital Partners Limited ("InfraRed" or "the Investment Manager".)

Disposal of Bradford Schools PPPs for c. £37m

· Sale represents an 8% premium to the Company's valuation at 31 March 2023

· Transaction is accretive to key portfolio metrics and improves portfolio composition

· Continues HICL's track record of delivering capital growth through active asset recycling

The Board is pleased to announce that HICL has entered into an agreement to dispose of its entire equity interests in the Bradford Building Schools for the Future ("BSF") Phase 1 ("Bradford 1") and Bradford BSF Phase 2 PFI projects ("Bradford 2") (together the "Projects") for a total consideration of c. £37m. Together with refinancing proceeds received since 31 March 2023, the sale represents an 8% premium to the Company's last audited valuation at 31 March 2023. Completion is expected in Q4 2023, subject to customary closing conditions.

https://www.investegate.co.uk/announcem ... 7m/7760432

Ian.

[formoverfunction]

Feed: portfolio institutional
Title: Infrastructure: Built to last?
Author: Andrew Holt
Date: Thu, 21 Sep 2023 10:57:10 +0100
Link: https://www.portfolio-institutional.co. ... t-to-last/

Just as the Covid-19 crisis started to fade, more trouble appeared on the
horizon to dominate the economic environment. At one end of the scale, the
eruption of the war in Ukraine and at the other, rocketing inflation and
interest rates.

Some asset classes have struggled amid the storms of the 2020s. But, according
to Preqin’s 2023 global report on infrastructure, investors “flocked” to
unlisted infrastructure in 2022 “amid rising inflation, a global energy crisis
and intensifying pressure to accelerate the energy transition”.

Moderator Message:
Quoting entire articles is not permitted. A brief quote and a link to the original is acceptable.

I have trimmed this overlong post. Go to the link to read it all.

TJH

[formoverfunction]

Issue 126 | September 2023 | portfolio institutional | free to download off the site without any acc/sign in:

Page 47 has an expanded article:

INFRASTRUCTURE: BUILT TO LAST?
Infrastructure could be a stable investment in uncertain times, but where is the opportunity and are investors ready to grasp it?
Fiona Nicolson reports.

[idpickering]

Portfolio Disposal for c. £204m.

· Sale of five UK assets at a premium to HICL's 31 March 2023 valuation

· c.£310m of accretive disposals announced since March 2023

· Reduces revolving credit facility drawings to c. £130m at completion

The Board is pleased to announce that HICL has agreed to dispose of a portfolio of five assets to John Laing, an international core infrastructure investor. The portfolio is made up of HICL's entire equity interest in four UK PPP projects; Queens (Romford) Hospital, Oxford John Radcliffe Hospital ("OJR"), Priority Schools North East Batch and South Ayrshire Schools, in addition to half of its investment in the Hornsea II OFTO2.

The total consideration for the transaction is c. £204m, which represents a small premium to the Company's last audited valuation for the relevant assets at 31 March 2023. This accretive transaction evidences the robustness of the Company's net asset value, improves portfolio construction, and enhances the key metrics of yield, inflation correlation and asset life. The partial sell-down of the recently acquired Hornsea II OFTO was envisaged at the time of acquisition and demonstrates responsible balance sheet management against a challenging market environment.

Completion of all five disposals is expected before HICL's 31 March 2024 year-end. The transaction proceeds will reduce the drawings on the Company's Revolving Credit Facility to c. £130m.

https://www.investegate.co.uk/announcem ... 4m/7782526

Ian (No holding).

[idpickering]

Notice of Interim Results.

HICL advises that it plans to announce its Interim Results for the six months ended 30 September 2023 on Wednesday 22 November 2023.

There will be a results presentation for analysts at 9.30am on the day at the offices of InfraRed Capital Partners followed by a Q&A session. Institutional investors are invited to dial into a live webcast of the presentation, which will be uploaded to the HICL website shortly thereafter.

https://www.investegate.co.uk/announcem ... ts/7831913

Ian (No holding).

[idpickering]

Disposal of University of Sheffield Accommodation.

The Board is pleased to announce that HICL has entered into an agreement to dispose of its entire equity interests in the University of Sheffield Accommodation Project for a consideration of c. £18m. Proceeds from the sale represent a small premium to the Company's last audited valuation at 31 March 2023, which has been reflected in the recently published 30 September 2023 NAV. This transaction is further evidence of the value of HICL's portfolio and the disconnect between public and private market valuations for high-quality infrastructure assets.

Completion is expected before the end of the year, subject to customary third-party consents. Proceeds from the transaction will be used to reduce the balance on the Company's £650m Revolving Credit Facility ("RCF"). Following completion of all announced disposals, drawings on the RCF are expected to be c. £115m.

https://www.investegate.co.uk/announcem ... on/7876175

Ian (No holding).

[idpickering]

Second Quarterly Interim Dividend.

HICL Infrastructure PLC (the "Company") is pleased to announce the second interim dividend for the financial year ending 31 March 2024 of 2.06 pence per ordinary share (the "Q2 Dividend").

The shares will go ex-dividend on 23 November 2023 and the Q2 Dividend will be paid on 29 December 2023 to shareholders on the register as at the close of business on 24 November 2023.

As outlined in the Company's prospectus dated 4 March 2019, a portion of the Company's dividends will be designated as an interest distribution for UK tax purposes. The interest streaming percentage for the Q2 Dividend is 56%.

https://www.investegate.co.uk/announcem ... nd/7883365

Ian.

[idpickering]

Interim Results 6 months ended 30th September 2023.

HICL's portfolio performed in line with expectations during the period, delivering an underlying return1 of 8.2% (30 September 2022: 13.0%), ahead of the expected return of 7.2% as at 31 March 2023, before macroeconomic adjustments to the discount rate, inflation and interest rates.

https://www.investegate.co.uk/announcem ... 23/7895745

Ian *No holding).

[idpickering]

Incremental Investment in A63 Motorway for c. £20m

The Board is pleased to announce that HICL has agreed to acquire a further 3.1% interest in the A63 Motorway concession (the "A63") in France for c. £20m from a co-shareholder. Completion is expected in early 2024, subject to customary third-party consents.

The asset is a 40-year toll-road concession to design, upgrade, finance, operate and maintain a 104km section of the existing A63 between Salles and Saint-Geours-de-Maremne, in southwest France. The A63 benefits from its strategic positioning as an important trans-European transport corridor, which has resulted in historically resilient traffic performance. HICL first invested in the A63 in 2017, and InfraRed's management of the asset dates back to 2011. Following this incremental investment, HICL will hold a 24% interest in the asset.

https://www.investegate.co.uk/announcem ... 0m/7955294

Ian.

[idpickering]

Kepler Trust Intelligence: New Research

The investment companies team at Kepler Trust Intelligence has produced a new piece of investment bank quality research about the trust, designed to provide a clear and comprehensive reference for long term investors. This note is free to read for UK investors.

https://www.investegate.co.uk/announcem ... ch/7982340

Ian (No holding).

[idpickering]

Third Quarterly Interim Dividend

HICL Infrastructure PLC (the "Company") is pleased to announce the third interim dividend for the financial year ending 31 March 2024 of 2.06 pence per ordinary share (the "Q3 Dividend").

The shares will go ex-dividend on 29 February 2024 and the Q3 Dividend will be paid on 28 March 2024 to shareholders on the register as at the close of business on 1 March 2024.

As outlined in the Company's prospectus dated 4 March 2019, a portion of the Company's dividends will be designated as an interest distribution for UK tax purposes. The interest streaming percentage for the Q3 Dividend is 59%.

https://www.investegate.co.uk/announcem ... nd/8049399

Ian.