Hicl Infrastructure Share Discussion Threads

[toolsmoker] 22/9/2016 13:34

Yeh 170 i think too will prob trade around 172 after anouncment for a bit

[nerja] 22/9/2016 12:38

170 look good bet on the charts to buy as well

[toolsmoker] 22/9/2016 12:30

170 to 172 im hearing

[nerja] 22/9/2016 10:43

The number of New Ordinary Shares to be issued and the price per Share (the "Strike Price") will be agreed between Canaccord Genuity and the Company following close of the bookbuild at 10.00 a.m. on Thursday 22 September, and announced shortly thereafter.

Ermmm any whispers yet?

[jonwig] 22/9/2016 09:42

re posts 381 - 383: I've had confirmation that the expected return is circa 7% per annum.

[schofip] 19/9/2016 10:37

I have been waiting for this to happen to see what price the city are prepared to stump up. The result will no doubt see see wade into these again. I think the current premium is way to much and it will be interesting to see how this goes.

[skinny] 19/9/2016 09:39

It is estimated :-)

[jonwig] 19/9/2016 09:38

Skinny - I must have missed that - I thought they only stated it twice a year.

[skinny] 19/9/2016 09:33

Estimated NAV is 143.21p

[nerja] 19/9/2016 09:30

Thanks Jonwig, I had seen that on the results, wondering what it is now. They seem to always get them away at a small premium to Nav, but it does appear rather large at the moment and what ever they get the share price seems to drop and bounce of it at sometime.

[jonwig] 19/9/2016 09:13

142.2p on 31/03.

[nerja] 19/9/2016 09:04

Anybody know what the latest Nav is?

[jonwig] 19/9/2016 08:49

I think the usual procedure is that each will submit a bit, presumably between 142p and 176p. That will determine a price which clears the offer.

It's a pity ordinary PIs aren't eligible, but the premium to NAV which is settled will be a good pointer to demand for the shares. So far, no infra fund issues have flopped!

Incidentally, I contacted InfraRed about the bond but haven't had a reply yet. Will not give up until I've written to the Chairman!

[holts] 19/9/2016 08:17

Will the eligible investors hold out for a decent discount ?

[skinny] 19/9/2016 07:50

Introduction

The Board of HICL today announces a proposal to raise £76 million through an issue of Ordinary Shares in the capital of the Company (the "New Ordinary Shares") by way of tap issuance (the "Issue"). The Issue will be made to qualifying investors* through HICL's corporate broker, Canaccord Genuity Limited ("Canaccord Genuity").

The net proceeds of the Issue will be applied in addressing the Company's net funding requirement, which currently stands at approximately £76 million and which is due to increase to £148m once the Company's conditional investment in the A63 motorway project is completed in Q1 2017.

Given the pipeline of investment opportunities currently being considered by the Investment Adviser, as a result of which the Company may soon have additional funding requirements, and in light of the forthcoming investment in the A63 project, the Directors will give consideration to increasing the size of the Issue in the event of material excess demand for New Ordinary Shares. At present, the Company has the ability to issue up to 81,922,684 New Ordinary Shares by way of tap issuance, allowing it to raise a maximum of approximately £145 million.


Details of the Issue and expected timetable
Under the terms of the Issue, HICL intends to issue Ordinary Shares of 0.01 pence each in the capital of the Company, under authority granted by Shareholders at its Annual General Meeting on 19 July 2016.

The Issue will be non pre-emptive and will be launched immediately following this announcement, when Canaccord Genuity will commence a bookbuilding process to determine the level of demand from potential investors for participation in the Issue. The number of New Ordinary Shares to be issued and the price per Share (the "Strike Price") will be agreed between Canaccord Genuity and the Company following close of the bookbuild at 10.00 a.m. on Thursday 22 September, and announced shortly thereafter. Canaccord Genuity and the Company reserve the right to set a maximum percentage of New Ordinary Shares that may be allocated to any one investor.

The New Ordinary Shares are not being offered at a fixed price. To bid in the bookbuild, investors should communicate their bid (or bids) by telephone to their usual sales contact at Canaccord Genuity. Each bid should state the number of New Ordinary Shares for which the prospective investor wishes to subscribe and the price or price range that the prospective investor is offering to pay; any bid price must be for a full pence or half pence amount. The Strike Price will be in excess of the Company's prevailing net asset value per Ordinary Share.

The bookbuild is expected to close at 10.00 a.m. (London time) on 22 September 2016 but may be closed earlier or later at the discretion of the Company and Canaccord Genuity. Canaccord Genuity may, in agreement with the Company, accept bids that are received after the bookbuild has closed.

Subject to the above, Canaccord Genuity may choose to accept bids, either in whole or in part, on the basis of allocations determined in agreement with the Company, and may scale down any bids for this purpose on such basis as the Company and Canaccord Genuity may determine. Canaccord Genuity may also, notwithstanding the above, subject to the prior consent of the Company: (i) allocate New Ordinary Shares after the time of any initial allocation to any person submitting a bid after that time, and (ii) allocate New Ordinary Shares after the bookbuild has closed to any person submitting a bid after that time. The Company reserves the right to reduce the amount to be raised pursuant to the Issue.

Application for listing and admission to trading
Application will be made to the Financial Conduct Authority for admission of the New Ordinary Shares to the premium segment of the Official List of the FCA and to London Stock Exchange plc for admission to trading of the New Ordinary Shares on its main market for listed securities (together, "Admission"). It is expected that Admission will become effective on or around 26 September 2016 and that dealings in the New Ordinary Shares on the London Stock Exchange's main market for listed securities will commence at that time.


* As defined in section 86(7) of the Financial Services and Markets Act 2000 (as amended).

[jonwig] 16/9/2016 06:52

Shavian - yes, I hold UEM, my biggest exposure to EMs. (I converted the C shares last month.)

[shavian] 15/9/2016 23:31

Another (slightly tamer) alternative to HICL in the infrastructure space is Utilico Emerging Markets IT - UEM. Its name may mislead some - it invests almost entirely in infrastructure companies but in emerging economies. Unlike HICL it is currently trading on 8.8% discount. Less punchy performance in the past year than 3i or HICL, similar to FTSE100. Much more widely diversified.Worth a look IMO

[jonwig] 13/9/2016 14:02

I,ll contact them next week am on holiday with poor access at the moment.

[holts] 13/9/2016 10:03

I was wondering about that , my instant thought was that's lousy , but that could not be the total just badly written.

[jonwig] 13/9/2016 09:11

Today: "A total return of 7%" ... surely per annum otherwise buying them on borrowed money wouldn't make sense?

[madengland_] 17/8/2016 18:01

Thanks Jonwig appreciated. I am afraid I can't reciprocate with the detail on renewables, however as a user of reasonable amounts of electricity across a number of sites in my business I am well aware of the escalation expected in the non commodity element of my bills in that period, a good chunk of this is a factor that then is fed back to renewable sources when non renewable generation costs are low. If that makes sense.

[jonwig] 17/8/2016 09:37

madengland - yes, but not in detail.

Solar: Bluefield Solar BSIF
Wind: Greencoat UK Wind UKW
Both: The Renewables Infrastructure Group TRIG

I hold the last one.

[madengland_] 17/8/2016 09:29

That said anyone know any funds that invest purely in them?

[madengland_] 17/8/2016 09:29

Jonwig, are you aware of the electricity market reforms 2017-20 that will support renewables?

[schofip] 15/8/2016 15:51

My guesstimate would be south of 170p