3i Infrastructure Share Discussion Threads

[jonwig] 12/5/2016 07:42

The fundraising came as a surprise - maybe it shouldn't have done, given their recent acquisitions - and is probably worth taking up.

From what I can see, the calendar suggests you might be able to sell some in the market and then pick them up under the offer at 165p. Except that you'll miss out on the upcoming dividend; so you'd have to sell them above about 169p. I doubt that will be feasible this morning and anyway, not worth the bother.

I think the actual results were signalled in the recent trading statement, but I'm pleased the India fund is no longer an embarrassment!

[18bt] 12/5/2016 07:25

Dav - perfect timing! Looks slightly opportunistic fund-raising to take advantage of strong share price Nevertheless, strong results and can't grumble at 14% pa return. May look to top up.

[davr0s] 11/5/2016 19:13

Top sliced for second time today as looks like it has topped short term. Still hold a decent slug of these - will let these ride and will add slice back on as/when any weakness returns

[mach100] 30/4/2016 00:34

Jonwig, I really appreciate the honest advice. It chimes very well with my own thoughts on this. I will put on my watchlist for weakness as I dont doubt it is a solid share overall but perhaps toppy at this level.

[davr0s] 29/4/2016 06:45

Many thanks

[jonwig] 29/4/2016 06:32

12 May according to the website:

[davr0s] 28/4/2016 19:14

Do you know the date for full results? Thanks

[jonwig] 28/4/2016 07:38

Mach - I actually think the share price is getting a bit ahead of things here: NAV at 30 Sept was 153.8p so the premium is 17%, probably the highest in its sector. On the other hand, this is a high quality company and there's scope for a possible NAV uplift when (if) the reorganisation of Elenia goes ahead.

So personally I wouldn't be a buyer as I like to get stuff cheap, but also I wouldn't dream of selling. Worth waiting for the full year results in about a fortnight?

[davr0s] 27/4/2016 08:40

Ok thanks - I have had one or two shares rise like this prior to fund raising only to see it all lost and more. Looks like lower risk of that happening here then

[jonwig] 27/4/2016 08:38

Dav - they have net cash (£50m) - always had, as they were too cautious to invest fully from the very start. In fact, far from raising equity they've used compulsory redemption.

Related funds HICL and JLIF are also at or near to all-time highs. I say "related" but 3IN have a different mix of projects and have had some real winners. The only bit os a drag was the India fund.

[davr0s] 27/4/2016 08:31

Breaking out to ATHs - nice and glacial with it. Can't see much history of this but do they have any form in raising money via equity placings?

[stevie blunder] 15/1/2016 09:07

The EUR 2.5BN may be an Enterprise Value number. They have a lot of debt and bonds outstanding.

[jonwig] 10/8/2015 07:09

Thanks. Might be same article reproduced here:

[cyfran101] 09/8/2015 22:43

Sunday Times now indicates 3in are teaming up with Morgan Stanley and Deutsche Bank for Moto Hospitalities 56 motorway service stations at circa £1bn.

Reportedly a "strong contender"


Moto have 56 sites, Welcome Break circa 24 and Roadchef 20. Thereafter operators only have one or two sites so the top three have a stranglehold on Motorway services but if Bridgwater is the norm rather than a poor exception Moto is going to need some serious investment. Although if the consortium provides the loans they won't pay tax for some time.

Brief about current motorway opportunities:

[jonwig] 04/8/2015 07:02

I've reinvested the special dividend to preserve dividend level. I imagine that was a popular trade.

[jonwig] 06/7/2015 08:59

Just for the record:

9:10 consolidation and ex-roc ........ 07 July
payment of 17p/sh (old no. of shs) ... 31 July.

[stevie blunder] 13/5/2015 09:10

I'll just be reinvesting the special in the shares to maintain the income, so a bit of a pain really. Pleased that the divi for next year is 7.25p, 3% rise isn't to be sniffed at these days.

[jonwig] 13/5/2015 06:42

Special dividend - the right thing to do if they can't find enough suitable investments at the right price ... and they always carried a big cash balance in any case.

The share consolidation is a bit of sleight of hand, as it means the 7p forward dividend will be made on fewer shares in total, so each holder will receive a smaller cash payment (equivalent to about 6.3p had they not consolidated).

[cyfran101] 12/5/2015 19:21

...and a special div in July (if passed)

[jonwig] 12/5/2015 07:16

FY results:



NAV at 31/03 was 149.9p, so the current share price premium is only 9%, rather less than JLIF's announced this week.
Forward yield at 7p is about lowest in sector, too.

[jonwig] 23/3/2015 14:38

If the bid happens, with another uplift to valuation ... ?

But all the infra funds have been strong lately: interest rates low for longer, scramble for assets, attractive yield.

The main buyers are probably discretionary personal wealth advisors.

But there will be fierce competition -