Hicl Infrastructure Share Discussion Threads

[david77] 27/8/2014 20:17

You don't have to tell the taxman anything about shares in your ISA
- that applies to dividends and capital gains or losses.

[daveofdevon] 27/8/2014 20:15

The shares in the ISA are exempt from Income tax and Capital Gains
tax. In other words nothing needs to be declared, it's as if they
don't exist.

The shares outside the ISA are subject to income tax and GCT and
normal declarations should be made on your return.

[schofip] 27/8/2014 19:52

I think this may have been covered previously however I am still
unsure so any help appreciated.

I have a number of HICL shares in an ISA and a number of HICL
shares outside an ISA. What is the tax position regarding both
situations. I am in the process of filling in my tax return and
don't want to make a mistake.

Thanks

[hiddendepths] 27/8/2014 14:34

Regained div and then some!

Interesting but very welcome rise.

[badtime] 20/8/2014 10:40

ex div today

[unastubbs] 29/7/2014 11:18

a delayed reaction to yday's IMS? very pleasing...

[unastubbs] 28/7/2014 07:27

good that they will start paying dividends quarterly - works better for me at least...

[skinny] 28/7/2014 07:25

Investment Activity and Portfolio Performance

· Since 1 April 2014, the Group has invested or committed an aggregate £58.6m in three new investments and in the acquisition of an incremental stake in an existing project.

· The largest investment in the period was the acquisition of a 5.85% stake in the AquaSure PPP project in Melbourne for £47m which represents the Group's first investment in Australia. The project is the largest desalination plant in the Southern Hemisphere and is structured as a PPP contract with availability payments from the State of Victoria.

· The portfolio continues to perform well with no material operational issues. Cash generation is expected to be ahead of the Company's forecasts for the six months to 30 September 2014.

The Company

· The Company has successfully registered as a self-managed Alternative Investment Fund in accordance with the EU's Alternative Investment Fund Managers Directive and the Board has formed a Risk Committee, the terms of reference for which are on the Company's website.

· On 1 June 2014, Frank Nelson was appointed as a non-executive director of the Company. He is a UK resident and a qualified accountant. He has over 25 years of experience in the construction, contracting, infrastructure and energy sectors, and was Finance Director of construction and house-building group Galliford Try Plc from 2000 until October 2012.




Dividends and Financing

· The take-up of the scrip dividend in relation to the second interim dividend of 3.6p per share for the year to 31 March 2014 was 8.3%, resulting in an additional 2.6m ordinary shares being issued on 30 June 2014.

· The Company is moving to quarterly dividends with the first quarterly interim dividend of 1.81p per share declared on 23 July 2014. This is in line with the Board's previous guidance of 7.25p per share for the financial year ending 31 March 2015.

· Following receipt of shareholder approval at the AGM on 22 July 2014, a scrip dividend alternative will operate for the four quarterly interim dividends for the financial year ending 31 March 2015, full details of which are set out in the 'Scrip Dividend Circular 2014-15' on the Company's website at under Circulars.

· On 18 June 2014 the Company raised gross proceeds of £50.7m through an oversubscribed tap issue of 37m ordinary shares at a price of 137.0p, a premium to current NAV per share. The issue fully satisfied the Group's net funding requirement.

· Following a renewal of shareholder approval at the AGM of the Board's authority to issue up to 10% of outstanding shares on a non pre-emptive basis during the next 12 months, the Company's tap capacity is currently 70m shares.


Outlook

· The Investment Adviser's infrastructure team is active in social and transportation infrastructure across the UK, Europe, Australia and Canada and is confident of sourcing new investments which meet the Group's investment policy and strategy and which have similar risk reward dynamics to the existing investment portfolio.

· That said, market appetite in the UK for the type of secondary infrastructure projects, in which the Company invests, remains strong with demand outstripping supply, resulting in higher asset prices.

· The Company will not compromise its investment standards by acquiring projects with, in the Investment Adviser's view, inadequately structured contractual arrangements or by making overly-optimistic assumptions with regard to key revenue and cost variables which can inflate valuations but are unlikely to be fulfilled over the long term.

· The next valuation of the Group's portfolio will be as at 30 September 2014, and will be published with the Company's interim results in November. The key variables expected to impact this valuation include further upward pressure on prices seen in the market, and recognition of the reduction of UK corporation tax rate of 20% from April 2015. Although foreign asset values and net cashflows will be impacted by the recent strength of UK Sterling, the Company's hedging policy will largely mitigate any adverse consequences for cashflow or the balance sheet.

· The Company's NAV as at 30 September will reflect changes in the value of the portfolio and the accretive tap issuance in July.

Ends

[p1nkfish] 20/6/2014 18:17

Good to see.
I bought yesterday or the day before - a blur. It looked too strong to fall back so I did a 180 degree turn.
Happy to see the break-out.

[hiddendepths] 20/6/2014 12:44

hmm p1nkfish. Seems to be above 140!

I think an oversubscribed placing at 137p should underpin the price. The institutions love this stock!

[p1nkfish] 18/6/2014 16:32

see what the chart does on this run.

needs to be >140p imho to maintain channel.

[argoal] 18/6/2014 15:52

Lets face it, 2p off the price for funding is neither here nore there with the premium the size it is.

As long as there are profitable projects to invest in then I don't care much.

[jonwig] 18/6/2014 15:13

Well then , we peasants can be relieved that the premium to NAV is robust for the moment.
So "funding at a lower level" is behind us.

[skinny] 18/6/2014 14:40

18 June 2014

Further to its announcement of 16 June, the Board of HICL Infrastructure Company Limited (the "Company") is pleased to announce that the Company has raised gross proceeds of GBP50.7m through the issue for cash, subject to listing, of 37,039,192 Ordinary Shares of 0.01 pence each (the "New Ordinary Shares") in the Company (the "Issue"). The Issue Price per New Ordinary Share was 137.00 pence. The Issue was oversubscribed.

Application has been made for the New Ordinary Shares to be admitted to the premium segment of the Official List and to trading on the Main Market of the London Stock Exchange. It is expected that dealings in the New Ordinary Shares will commence at 8.00 a.m. on 23 June 2014.

[p1nkfish] 16/6/2014 09:44

hd, absolutely. There are reasons to get the price down ready for the funding at a lower price. Friday trades puzzled me, now it makes sense.

[hiddendepths] 16/6/2014 09:23

jonwig - I'm sure that it is just an insti or two knocking out a few to get new stock at a lower price.

[jonwig] 16/6/2014 09:18

A £50m raise is just 3% of the current MCap, and to me a share price fall of 1.5% looks a bit heavy.
Especially as Brewin Dolphin are always in the market buying for their clients under wealth management.

[p1nkfish] 16/6/2014 09:10

Well the premium has been high and looked prime to come down.
One to watch for a while to get an idea of the outcome and where it will settle.

[hiddendepths] 16/6/2014 08:23

spangle - such bookbuilding exercises are commonplace in the City. Even the "fixed price" placings have that price set by a kind of informal book build as the instutions are usually asked by the company's broker to indicate their likely level of interest at various prices.

[jonwig] 16/6/2014 08:18

With share prices at a premium, these infrastructure funds have to test the market's appetite for buying new shares at a premium, hence the 'auction' style.
At least it gives us PIs an indication of the appetite that's out there.

In an open offer they would achieve the same ends by an issue of C shares which would later be converted in a fair ratio.

[p1nkfish] 16/6/2014 08:05

may explain the sells last friday.

[p1nkfish] 16/6/2014 07:39

Wouldn't be surprised for it to be in the interest of some larger holders to see the price driven down before this process of raising funds is completed.

[p1nkfish] 16/6/2014 07:29

Opportunities anticipated to arise in next few months. Might be abroad. What will it do to the share price 23rd June onwards?

Other times elsewhere, sometime after, it settles to an amount that is current share price - dilution - some % of the raised sum or more.

[skinny] 16/6/2014 07:27

It mentioned in the recent

"As a result of recent investment activity funded from the Group's revolving debt facility, the Company has a current net funding requirement of around £50m."