It's most likely your broker Write to HICLs IR saying which broker is saying they don't have updated KIIDs their IR will likely say they have - revert to your broker and after a few days they'll let you trade It's pretty common problem alas |
I went to my ISA account to buy a few more today and was met with a note that I can hold or sell these, but not buy them. The explanation was that the company has failed to provide costs and charges information which brokers are required to display.
If that is right, and I assume it is, that seems pretty poor on the part of the managers, and may well be a factor contributing to the current share price level. |
So long as the dividend holds, I am more than content. |
This seems well oversold. When interest rates were low it traded at an average 10% premium but now on 27% discount. OK so 10 year gilts have gone from .25% to 4.67% but that discount looks overdone on something yielding a pretty solid 7.23%. All logic seems to have gone out of the window on a lot of high yielders. Back in 2008 10 year gilts were at a similar level and HICL was yielding almost the same as gilts. ON that basis HICL should be around 170p. OK that's too optimistic but on a 10% discount to NAV we would be at around 140p and yielding around 6% which seems more sensible.
I'll just keep hunkering down. |
When interest rates start coming down (again), these and all the related trusts will be great buys. Their yields will look great compared to alternative risk-free alternatives and therefore drive up the market price.
I have a rule that I don't buy below 100 DMA though (its a means of reducing the chances that I'll continue to chase things lower) so need to sit on my hands for a little while longer here |
I bought a few more ths morning at 114.15 in my ISA.
I hope this is just out of fashion at the moment. It ought to be reasonably resilient in an economic downturn. Time, as always, will tell. |
Hefty buybacks indeed. The buyback programme must be nearly complete. |
So they're doing a pretty hefty buyback and the share price is still sinking .. doesn't like a great situation. Divi very attractive though! |
The recent low of 114.80p was the 13 year low. |
3 year low |
Trouble at mill! |
FWIW :- Barclays cuts HICL Infrastructure target to 140 (146) pence - 'equal weight'
Having held these since 2011, for the first time I'm out of the money. |
However, a cloud hangs over the dividend cover pending regulator Ofwat’s 2024 price review and its impact on Affinity Water, which is HICL’s largest holding at 8.3% of assets.
The water group, which serves parts of London, eastern and south-eastern England, submitted business plans to Ofwat in August that include planned dividends and business growth. A final determination is expected on 19 December. |
big yellow, segro, UK wind to name but a few all in a similar position. Budget measures reducing interest rate reductions has put the whole sector out of favour. The tide will turn. Just have to have patience. |
How low can this go? Surely at risk of being taken out at some point |
 Not possible to buy via barclays smart investor last week (blocked!) due to a non-compliance issue which I've raised with HICL. If I get a clear answer? will update.
Update: One of the advisor group (Aztec) just confirmed to me tonight that 'Infrared Capital' are 'working with' Barclays to resolve whatever the issue is. I suspect it will get fixed soon, but, meanwhile, not a great look!
In other news, FD leaving, interim results caused a further hit, not a bounce. Feeling privileged that Barclays (in effect) stopped me buying in. To be clear, have held in the past, liked the stock, exited when I took the view that the Board were over-paying themselves. So no exposure right now (even if I wanted to). In reality, this is an 'Infrared gig'. On the plus side, this is now quoted at a material discount to deemed TNAV.
Update 15.35pm 21/11/24 - Still not able to buy this using my long-standing Barclays Stockbrokers (BSI) Account. Parking this now. Have never met anything like this before? Anyone else?
Final 4.46pm 22/11/24 - Aztec have just informed me that the blockage has been cleared. So BSI are back 'up and running' with HICL. We'll see next week. |
Yes better wait till it gets to 90% below asset value |
Is the current share price now 30% below net assets?
Heading towards buy territory? But perhaps not yet. |
Key Highlights
. Operational performance across the portfolio in the period was in line with expectations, demonstrating the resilient nature of the underlying assets.
· The Company is on track to deliver its target dividend of 8.25p per share for the financial year to 31 March 2025, with increased cash generation in line with expectations.
· The Revolving Credit Facility ("RCF") was repaid in May 2024 and the Company commenced a £50m buyback programme.
· Ofwat's PR241 draft determination received for Affinity Water, reflecting some positive movements as well as some gaps between the determination and Affinity's submitted business plan, as would be expected at this stage. The draft determination aligns with HICL's expectation for Affinity to resume equity distributions in AMP 8.
· Highly disciplined capital allocation approach, including the exploration of further strategic asset disposals and highly selective acquisitions where these are accretive and enhance the key portfolio metrics.
1. The Ofwat 2024 price review process that sets prices for the period from April 2025 to March 2030. |
HICL Infrastructure PLC (the "Company") is pleased to announce the first interim dividend for the financial year ending 31 March 2025 of 2.06 pence per ordinary share (the "Q1 Dividend").
The shares will go ex-dividend on 25 July 2024 and the Q1 Dividend will be paid on 30 September 2024 to shareholders on the register as at the close of business on 26 July 2024. 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 87%. |
You can paste the link into if anyone without a subscription is desperate to read the article, though riverman's summary is accurate.
I'd paste the full link, but the link gets garbled on here and can't be "fixed" purely by changing the lower case HTTPS to non-lower case |
Doesn't say anything insightful - basically says that infrastructure funds could do well when rates falls and lists a few others he has his eye on - UKW INPP 3IN |
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