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DGI9 Digital 9 Infrastructure Plc

1.55 (4.95%)
06 Dec 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Digital 9 Infrastructure Plc LSE:DGI9 London Ordinary Share JE00BMDKH437 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  1.55 4.95% 32.85 3,703,980 16:35:22
Bid Price Offer Price High Price Low Price Open Price
32.80 32.85 32.90 31.50 31.65
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Trust,ex Ed,religious,charty 102.13M 92.07M 0.1064 3.08 283.78M
Last Trade Time Trade Type Trade Size Trade Price Currency
18:10:51 O 258,665 32.85 GBX

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Date Time Title Posts
06/12/202319:38Set your fibres a tingling with DGI91,263

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2023-12-06 18:11:0632.85258,66584,971.45O
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2023-12-06 17:33:3932.09140,00044,921.80O
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2023-12-06 16:39:4732.855,9621,958.52AT

Digital 9 Infrastructure (DGI9) Top Chat Posts

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Posted at 06/12/2023 08:20 by Digital 9 Infrastructure Daily Update
Digital 9 Infrastructure Plc is listed in the Trust,ex Ed,religious,charty sector of the London Stock Exchange with ticker DGI9. The last closing price for Digital 9 Infrastructure was 31.30p.
Digital 9 Infrastructure currently has 865,174,954 shares in issue. The market capitalisation of Digital 9 Infrastructure is £283,777,385.
Digital 9 Infrastructure has a price to earnings ratio (PE ratio) of 3.08.
This morning DGI9 shares opened at 31.65p
Posted at 06/12/2023 16:13 by cc2014
OK Alan. So, the question is whether the £345m that's now reported in the books is too much or not. I suspect it is but I cannot figure by how much.

It is my guess that there is some risk that Arqiva now get hit the other way now that they've put the cap and collar in on the accretion payment. By this I mean that inflation now falls to say 2% and they still end up payment an accretion payment of around £15m but they can't pass the inflation rise onto customers.

In the end I've taken in some of the information on some excellent posts here and based on the information we have I think the share price is unreasonably low. I think the share price may well continue to drift up.

However, I'm not buying for the very simple reason I am worried that I will wake up one day and DGI9 will have issued a RNS which will have us all shaking our heads again and the share price will gap down. This is because although the kids running this fund seem to think they are masters of the universe when it comes to finance, based on the purchase price of Arqiva and the accretion mess, which I think they missed and also based on the evidence that they weren't aware of a going concern issue with the accounts, I worry what else they aren't aware of and therefore haven't told us about.
Posted at 06/12/2023 10:11 by loglorry1
From Peel Hunt (or PH)

Sum-of-the-parts points to upside potential
• Following last week’s announcement regarding the sale of Verne Global
and the initiation of a strategic review, DGI9 shares fell sharply.
• Given the uncertainty surrounding the earn-out component of the Verne
Global transaction, and the future trajectory of Arqiva and
AquaComms/EMIC-1, we see a wide spread of possible NAV outcomes.
DGI9 shares are trading around 31p, which is in line with our worst-case
scenario eNAV. If we refer to our base-case scenario NAV of 86p and apply
a 40% discount, we see material upside from here, and we maintain our
Outperform recommendation.
Portfolio. The recently announced sale of Verne Global is structured such that
£107m of the £456m is in the form of a potential earn-out, payable subject to
Verne Global achieving run-rate EBITDA targets for FY26 – in three out of the
four scenarios we have assumed no earn-out.
The initial proceeds are expected to allow DGI9 to pay down c.£300m of the RCF,
and the focus then shifts to the remaining assets in the portfolio (primarily Arqiva
and AquaComms & EMIC-1), hence we flex the valuation/growth assumptions for
these remaining investments across the different scenarios.
For the worst- and bear-case scenarios, we apply a 20% haircut to carrying values;
the worst-case scenario also writes Arqiva down to zero, which we feel is
particularly cautious, given the potential for a softening inflation backdrop and
the fact that Arqiva’s bonds are trading at c.95p in the pound.
Peak pessimism. DGI9’s share price is trading in line with the worst-case
scenario – no earn-out, no Arqiva, and a significant haircut to carrying values
(eNAV 31p); our bear case assumes no earn-out and a reduction in carrying values
(eNAV 59p); the base case assumes no earn-out but no haircut (eNAV 86p); and
in our bull case we add the Verne Global earn-out back into the equation (eNAV
Put another way, the current DGI9 share price reflects zero earn-out and implies
a c.50% discount to the carrying values of the remaining portfolio – too
pessimistic in our view. This is reminiscent of the peak pessimism towards listed
private equity that we saw in October 2022 and March 2023.
If we stick to the base-case scenario (without the earn-out), DGI9 is currently
trading on c.64% discount to the 86p eNAV. If we assume DGI9 is capable of
mean-reverting to a discount of c.40% (still wide by core-plus infrastructure
standards), this would represent c.70% upside potential. We maintain our
Outperform recommendation.
Posted at 03/12/2023 11:57 by cc2014
I am wondering whether Arqiva accounts are constructed in such a way as to put upward pressure on the BBC licence fee.

Anyways I did what Bagpuss suggested and came to the conclusion that when DGI9 bought Arqiva it is possible they did not fully appreciate the terms of the accretion payment. It certainly doesn't seem to be have been flagged up to the market at the time of purchase and no CFO in his right mind would have let DGI9 get into a position where there is a going concern issue.

It is not as bad as it looks if you just look at Arqiva's accounts but I still consider DGI9 overpaid and DGI9 uninvestable at the current share price
Posted at 30/11/2023 09:30 by loglorry1
"So, I tentatively agree D9's investment is £459m. Tentatively because I'm still not 100% sure."

I don't think it's too hard. If you count the loan DGI9 made to Arqiva they invested £459m. Mind you if Arqiva defaulted on that debt DGI9s equity in Arquiva would be wiped out and the share price decimated anyway.

Arqiva is highly leveraged but the main bonds are not distressed and have a long maturity date. It's a debt repayment play with very long dated contracts to supply services to the BBC etc. on long index linked contracts so presumably pretty easy to value. I'm not especially worried about it but having said that DGI9 may well have overpaid for their stake. I think Macquarie own 25% so might buy more.
Posted at 27/11/2023 12:15 by cc2014
I am a little surprised that given the risk of eruption in a sensitive location in Iceland has dropped to nearly zero the share price is not picking up more. Or perhaps what we are seeing is that the whole Iceland thing was a complete red herring and nothing to do with the share price fall.

I've now been waiting for 5 days for a reply from DGI9 to my investor enquiry. If the institutions are finding as difficult as me to get a reply it's no wonder the share price is shagged.
Posted at 30/10/2023 07:19 by ghhghh
Fun and games begin:

Aqua Ventures Limited

Aqua Ventures Limited seeks strategic review of Digital 9 Infrastructure

Aqua Ventures Limited announces it has written to the chairman of Digital 9 Infrastructure, in which Aqua Ventures Limited holds a 3.47 per cent shareholding, seeking an immediate independent strategic review of the business. Aqua Ventures Limitedclosely engaged, and discussed the letter,withshareholders representing in excess of 20 per cent of the ordinary shares of Digital 9 Infrastructure, who have expressed their support for Aqua Ventures Limited making the recommendations outlined in this letter.It asks that, given the continuing very poor relative and absolute share price performance of the business, the board of Digital 9 Infrastructure provides its assurance by 3 November 2023 that it will undertake such a strategic review, or Aqua Ventures Limited reserves the right to requisition an Extraordinary General Meeting.A copy of the letter is set out below.


Phil Jordan, Chair
Digital 9 Infrastructure plc

Dear Phil,
Aqua Ventures Limited is a shareholder of Digital 9 Infrastructure plc ("DGI9" or the "Company") with an interest of 3.47% of the outstanding shares in DGI9. We write to you, in your capacity as Chair of the Company's board of directors (the "Board"), to express our dissatisfaction about the way the Company has been managed and governed. Over the past several days we have closely engaged, and discussed this letter, with shareholders representing in excess of 20% of the ordinary shares, in addition to ourselves, who have expressed their support for us making the recommendations outlined in this letter.
Notwithstanding the announcements released on 17 and 27 October 2023, we are not convinced that the Board is taking seriously the feedback given by shareholders during the recent consultation process, in the light of its fiduciary and other duties. In particular, it is concerning to us that the Board appears to have decided, notwithstanding this feedback, that it is in shareholders' best interests to progress the sale of a majority or co-controlling interest in Verne Global in circumstances where that sale, if completed, would be likely to foreclose a sale of DGI9 and risk value destruction by stranding the Company's other assets.
At the date of this letter, the share price has declined 53% year-to-date and is overall down 60% since the IPO on 31 March 2021. This is a dismal performance both in absolute and relative terms: the Company's closest direct peer, Cordiant Digital Infrastructure, has declined 26% (38% since 31 March 2021) whilst the FTSE 250 index has declined 12% (22% since 31 March 2021). Indeed, the market reaction suggests investors have not accepted the 27 October announcement as value accretive. Despite the 10% increase during the day amidst low liquidity, it still ended with no gains for the week.
Shareholders have yet to see a commensurate response or any resolute actions being taken in response to their feedback in order to mitigate ongoing value destruction. We understand following our discussions with other shareholders that many have already insisted on a strategic review. Instead, we observe that the Board's actions have only exacerbated the situation:
· 13 June 2023: the Board announced a new management team, concluding its prolonged search - the share price was down 18% one month later.
· 19 July 2023: the Board released a company update reaffirming its position on recent recruitment, capital, and dividend cover - the share price was down 9% down one month later.
· 28 September 2023: the Board released H1 results and cancelled the Q2 dividend, directly contradicting the dividend target it reaffirmed only two months prior - this had a devastating effect on the share price, which closed 40% down on the day.
The repeated failure of the Board to take actions to remediate issues in a timely and transparent manner is of serious concern. Contradictory statements and a lack of communication with investors amidst, and indeed further contributing to, an ongoing destruction of value, raise serious questions as to the competence of the Board.
We question whether the course of action pursued by the Board to date is in our best interests as shareholders, or whether the Board is allowing itself to be led into strategic mistakes by advice and information provided by Triple Point, which is self-evidently in a conflicted position with respect to these critical decisions. We also question the Board's judgement in engaging Goldman Sachs as adviser to the Board in circumstances where that firm has, to date, been advising Triple Point, which would seem to breach the fundamental principle that the Board must be able to act independently of its investment manager.
The strategic decisions, and non-decisions, taken recently appear to demonstrate the Board's failures:
1)Retaining Triple Point as the investment manager for DGI9 portfolio has been detrimental to shareholder value.
· Each of the public funds managed by Triple Point has been trading at a significant discount to NAV, raising serious concerns about the investment manager's track record. This is the case not only at DGI9, which trades 64% below NAV, but also at the other public funds managed by Triple Point, with Social Housing REIT (SOHO) and Energy Transition plc (TENT) trading 59% and 43% below NAV, respectively.
· The fee structure in place with Triple Point for the DGI9 portfolio does not align the shareholder and investment manager's interests. Triple Point's management fees are based on DGI9's NAV, which means that the Company must continue to pay fees to the manager notwithstanding the value destruction and sustained share price underperformance we have witnessed over the past year. This position is no longer acceptable to us, especially as DGI9's close peer Cordiant's fee structure is based on market value and share price performance, which in our view is a better way to align shareholder and investment manager interests and reward the investment manager for delivering value growth.

2) The management of the Company's investment in Verne Global raises serious concerns about the Company's growth prospects and could result in a significant destruction of value.
· In March-April 2023 the Board reported "significant progress" on a minority stake syndication with terms "expected to be announced in August 2023", which was revealed to be for Verne Global on 5 June 2023, with proceeds to be used to "partly pay down the RCF at the Company level and fund growth capex in Investee Companies".
· No update on the syndication was provided by the Board in August 2023, contrary to previous communication. Instead, on 28 September 2023, the Board communicated that the syndication is now for a co-controlling or majority stake, again, contrary to prior communication. The Verne Global growth capex pipeline increased from £493m to £610m during this period - reflecting the considerable growth opportunities Verne Global is able to capture. At a time when a supportive investor should be investing to help the business grow, the Board continue to pursue solutions detrimental to shareholders.
· It is a widely held view that Verne Global is a "crown jewel" of the DGI9 portfolio, operating in the fast-growing data centre segment with sustained and accelerated customer demand. The Board has failed to realise the inherent value of Verne Global and has not accurately evaluated the prospects of the syndication and growth capex requirements. This has not only starved Verne Global of capital, but has also put DGI9 as a whole in a disadvantageous position of having to consider a forced co-control or majority sale. In our view this course of action risks destroying the value that would otherwise could be realised for DGI9 shareholders from continuing to own Verne Global.

3) The repeated failures of the Board and Investment Manager to change course and communicate effectively with investors during this period of underperformance call into question whether the Board is acting in the best interests of shareholders.
· Delayed permanent management replacement in critical period. After the departure of the previous management team, the Board announced on 1 December 2022 that it had commenced a search for a permanent replacement. However, it ultimately took the Board over 6 months to announce the replacement and a further c. 3 months for the new head of digital infrastructure to assume their role. The Board's failure to act with appropriate urgency, while fees continued to be paid to an interim manager for c. 9 months, suggests that the Board had not grasped the urgency of the situation.
· Acquiring Arqiva was mishandled. It was publicly stated that the acquisition was intended to "support the Company's total return and yield target". In practice, the acquisition has become a drag on Company cash flows due to accretion payments, resulting in the Company's inability to cover the whole dividend for Q2.
· Unsustainability of the dividend policy. The uncovered dividend and capital expenditure requirements of the portfolio were arithmetically implausible and in our view demonstrate that the Board has failed to effectively monitor and manage the performance of the investment manager. The fact that the Board re-affirmed the dividend in, only to cut it less than 3 months later, suggests that the Board did not have a clear grasp of the risks of continuing with an unsustainable dividend until it was too late.

We are obliged to now re-insist that the Board announces the initiation of a proper strategic review of the Company that includes a review of the ongoing Verne process and is supported by a financial adviser independent of Triple Point. A failure to evaluate options for the Company could result in a serious breach of fiduciary duty that will cause irreparable harm to the Company and its shareholders. In such circumstances there will inevitably be cause to investigate.
As you will be aware, a group of shareholders representing an aggregate interest of greater than 10% in DGI 9 has the ability to requisition an extraordinary general meeting. With the support of shareholders with whom we have discussed this letter, we intend to initiate the actions to exercise this right for the purpose of removing and replacing directors unless, before 3 November 2023, we receive the Board's written assurance that the Company will:
(a) Initiate a proper strategic review supported by an independent financial adviser acceptable to us, and a stock exchange announcement is made to this effect;
(b) Elect a new independent board member with M&A experience to oversee the execution of the strategic review.
We look forward to your formal response.
Yours faithfully,

on behalf of
Aqua Ventures Limited
Posted at 09/10/2023 14:16 by alan pt

"It feels sometimes as though an all-pervading gloom has descended on the investment companies’ sector as share price discounts continue to widen. It does not seem to matter how often you point out the illogicality of share prices (as I did in last week’s article), the situation continues to deteriorate.

I took the plunge and bought some Digital 9 Infrastructure (DGI9) shares afterwards. I know that in the short term the price may yet weaken further but I think that, if I am patient, I will be rewarded when it sells its Verne Global stake."
Posted at 04/10/2023 07:33 by williamcooper104
If you own DGI you've a free ticket to the muppet show 4 October 2023 DIGITAL 9 INFRASTRUCTURE PLC ("D9", the "Company" or, together with its subsidiaries, the "Group") Retail shareholder webinar The Board of Digital 9 Infrastructure plc (ticker: DGI9), a leading investor in the infrastructure of the internet, and the Company's Investment Manager, Triple Point Investment Management LLP ("Triple Point"), announces that a retail shareholder only webinar will be held on Tuesday 10 October 2023 at 4.00pm and will be hosted by Ben Beaton, Fund Manager. This webinar follows the interim results for the period ended 30 June 2023 and the syndication[i], Q2 dividend and shareholder consultation announcements released on Thursday, 28 September 2023. The webinar is open to all existing retail shareholders. Questions can be submitted by emailing: up to 5.00pm on the day prior to the webinar, or at any time during the webinar through the live question system. Investors can register to attend via: Digital 9 Infrastructure ( ENDS. FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT: Triple Point Investment Management LLP (Investment Manager) (0)20 7201 8989 FTI Consulting (Communications Adviser) LEI: 213800OQLX64UNS38U92 About Digital 9 Infrastructure plc: Digital 9 Infrastructure plc (DGI9) is an investment trust listed on the London Stock Exchange and a constitutent of the FTSE 250, with ticker DGI9. The Company invests in the infrastructure of the internet that underpins the world's digital economy: digital infrastructure. The Investment Manager is Triple Point Investment Management LLP ("Triple Point") which is authorised and regulated by the Financial Conduct Authority, with extensive experience in infrastructure, real estate and private credit, while keeping ESG principles central to its business mission. Triple Point's Digital Infrastructure team has over $300 billion in digital infrastructure transaction experience and in-depth relationships across global tech and global telecoms companies. The number 9 in Digital 9 Infrastructure comes from the UN Sustainable Development Goal 9, which focuses the fund on investments that increase connectivity globally and improve the sustainability of digital infrastructure. The assets DGI9 invests in typically comprise scalable platforms and technologies including (but not limited to) subsea fibre, data centres, terrestrial fibre and wireless networks. From its IPO in March 2021 and subsequent capital raises, DGI9 has raised total equity of £905 million and a revolving credit facility of £375 million, invested into the following data centres, subsea fibre, terrestrial fibre and wireless networks:· Aqua Comms, a leading owner and operator of 20,000km of the most modern subsea fibre systems - the backbone of the internet - with a customer base comprising global tech and global telecommunications carriers (April 2021);· Verne Global Iceland, the leading Icelandic data centre platform, with 40MW of high intensity computing solutions in operation or development, powered by 100% baseload renewable power (September 2021);· EMIC-1, a partnership with Meta on a 10,000km fibre system from Europe to India (July 2021);· SeaEdge UK1, a data centre and landing station for the North Sea Connect subsea cable, part of the North Atlantic Loop subsea network, improving connectivity between the UK, Ireland, Scandinavia and North America (December 2021);· Elio Networks (previously Host Ireland) a leading enterprise broadband provider that owns and operates Fixed Wireless Access networks (April 2022);· Verne Global London (previously Volta), a premier data centre based in central London, providing 6MW retail co-location services (April 2022);· Verne Global Finland (previously Ficolo), a leading Finnish data centre and cloud infrastructure platform, with c.23MW of data centre capacity, powered by 100% renewable power and distributing surplus heat to district heating networks (July 2022); and· Arqiva, the only UK national terrestrial television and radio broadcasting network in the United Kingdom - providing data, network and communications services, as well as a national IoT connectivity platform (October 2022). The Company's Ordinary Shares were admitted to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange on 31 March 2021. The Company's Ordinary Shares were admitted to the premium listing segment of the Official List of the Financial Conduct Authority and to trading on the premium segment of the Main Market on 30 August 2022. For more information on the Investment Manager please visit For more information, please visit[i] The potential syndication of a stake in the Verne Global group of companies, including its operating sites in Iceland, Finland, and the United Kingdom, to a strategic capital partner.This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact or visit may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy. END MSCQZLBBXBLFFBV
Posted at 03/4/2023 19:29 by aspringo
Recent response to email i sent last weekThank you for your email, and patience whilst we liaised with the appropriate team internally. We can understand your frustration at the recent performance of the share price for DGI9 and appreciate you getting in touch. We will also be passing on your feedback to the Board of DGI9. We have recently released our annual report, which I am sure you have seen, but for completeness I have attached this above. We hope that this will help assure shareholders in the holding given the strength of the underlying portfolio. The Board and Investment Manager closely monitor the share price and are focused on narrowing the discount to NAV. We have confidence in the actions the Company is taking to enhance shareholder value that we believe will, in turn, support a recovery of the share price. Whilst D9 can't raise additional equity and dividend cover is increasing, there is a need to raise a substantial amount of capital to take advantage of the portfolio growth opportunities, which is being done through a debt raise at Investee Company level and a syndication of a minority stake in existing Investee Companies to a strategic capital partner. Regarding Arqiva, as a result of the current higher inflationary environment, operating cash flow generated by Arqiva in 2022, was negatively impacted by the June 2022 cash settlement of inflation linked swap accretion payment. Inflation continues to be high, which has a positive impact on the long-term value of the business, and a negative impact on short-term cash flows. However, if inflation falls back to more typical levels, as is expected at the end of 2023, we expect a material positive cash flow impact. The relationship between the Board of DGI9 and shareholders is hugely important, we want all investors to be fully updated on the Company's performance both from a valuation and operational perspective. The Board release regular updates to the market and any material changes to the expected performance or returns of DGI9 would of course be published via a Regulatory Information Service and published on our website. If you haven't done so already, you can sign up to those alerts via the LSE. Thank you for getting in touch and passing your feedback onto us. If you have any further questions, please do not hesitate to come back to me. Yours Sincerely,
Posted at 10/3/2023 11:09 by retail_rights_research
I agree with Mr. Cooper - I think DGI9 are in a “catch 22" situation – cut the dividend and their share price could risk taking a further hit as funds who invested based on dividend yield potentially exit. Maintain the dividend at its, in my opinion, unsustainable level and reduce cash available for capex and risk a brain drain on the companies as executives potentially leave to pursue other growth opportunities. Also, with the dividend cover being significantly below 1x, the pay-out could have to be ultimately cut in the future anyway, unless DGI9 can raise more equity, which seems unlikely in this current environment.

Selling a minority stake is not easy as I do not think the market has moved in a very favourable direction since DGI9 acquired most of its assets and one could assume private investors know DGI9 is not exactly in a position of strength here. The news from Bloomberg of 3i deciding against an investment or acquisition of DGI9 is a bit concerning. DGI9 already does not own half of Arqiva, so further dilution in its other larger companies could create governance and control issues. In any case, what baffles me is how DGI9 even state that with improvements to various things, the dividend cover is still below 1x – I don’t think there is a good indication of when they will actually start covering their dividend. I question whether this is a progressive dividend policy.

See below a summary of research analysts views on DGI9 following the results. Always suggest you get a full copy of the notes and do your own analysis and research.

Jefferies: HOLD (9 March 23): raises material concerns on sustainability of 6p annual dividend and questions potential cost of new debt in light of recent interest rates. On the plus side there is some good asset-level performance as reported in the RNS

Stifel: Neutral (9 March 23): questions the dividend cover calculation for 2022 indicating it may even be lower than DGI9 is indicating. Highlights strong revenue growth. Also highlights the current RCF is nearly fully drawn.

RBC: Neutral (9 March 23)

I continue to believe the best course for DGI9 is to prioritise – re-adjust the dividend – the share price is already down and they have already raised all the equity they can – focus on growth or selling a stake or the company.. investors in the long-term will reward this .. but there is a short-term pain potentially to be navigated
Digital 9 Infrastructure share price data is direct from the London Stock Exchange

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