International Public Par... Share Discussion Threads

[riverman77] 27/6/2022 14:17

Has to be a risk that Labour gets back into power in a couple of years. Then all the talk about these contracts getting ripped up could start again (as happened in 2019 when a Corbyn government looked an outside possibility). For that reason alone I have avoided this share - perhaps being too cautious.

[bscuit] 06/5/2022 20:36

New here. Questor article alerted me. Was looking for risk averse daughter’# ISA annual allocation. Last year went into SUPR. Probably will do some too.

[livewireplus] 06/5/2022 06:48

Questor: why we are overlooking this trust's double-digit premium and advising readers to buyhttps://www.telegraph.co.uk/investing/shares/questor-overlooking-trusts-double-digit-premium-advising-readers/

[rik shaw] 05/5/2022 12:49

Now got my new shares allocated in HL- basic entitlement shares plus 81% of the additional I applied for.

[rik shaw] 04/5/2022 16:32

Shares now showing in ii account (basic entitlement) but still waiting in my HL SIPP where I applied for more so don't know yet what I've been allocated.

[alan pt] 03/5/2022 13:29

elbrus55 Good detective work! Got mine in full this morning, bit more than I expected but quite useful since I sold most of my HICL when it was up over 180

[elbrus55] 29/4/2022 10:48

From the announcement £19,044,128 of shares were issued under the intermediaries offer. The prospectus said £20m would be reserved for this offer and not subject to scaling back.By implication all intermediary applications will be met in full.(But wait for confirmation from your broker to be sure.)

[williamcooper104] 29/4/2022 08:36

Indeed - always good to see

[ec2] 29/4/2022 08:32

Received 100% allocation from Primary Bid. Applied for GBP25k worth and received in full. I was not an existing shareholder.

[bountyhunter] 29/4/2022 08:16

As anticipated :)

[rik shaw] 29/4/2022 07:27

hTtps://uk.advfn.com/stock-market/london/international-public-par-INPP/share-news/International-Public-Partnerships-Result-of-Initia/87951373 The Initial Issue was oversubscribed several times over, with support from both new and existing investors. In light of this significant demand the Board has elected to increase the size of the Initial Issue from the initial target amount of GBP250 million to the maximum New Shares available under the Initial Issue, raising gross proceeds of GBP325 million. Notwithstanding this the demand was such that investors not benefiting from pre-emptive rights have been scaled back

[bountyhunter] 28/4/2022 17:13

Positive price action this afternoon, possibly the offer has been oversubscribed in a similar way to the recent SUPR placing where the price action just before the outcome was announced was similar. ... especially as Hicl has remained pretty flat all day.

[williamcooper104] 28/4/2022 13:23

Point about discount rates/gilts is well made We never fully adjusted for QE infirmity/ZIRP - so if rates do normalise then while that will reduce NAV it won't have the same impact as would have on say a long duration bond

[williamcooper104] 28/4/2022 13:20

Also mature, close to end of life PFI projects have large debt amortisation payments that reduce the dividend cash cover but don't effect real dividend coverage So HICLs divi coverage is (from memory/last I looked at) not much different from INPP Main difference with HICL is that they have moved into more demand type assets - eg toll roads - which are about 20 percent of their assets - these have more sensitivity to the economic cycle, but benefit from higher returns

[williamcooper104] 28/4/2022 13:17

Agree with most of that The inflation protection is stronger than for most commercial property Dividend yield cover is not relevant - or rather looking at one years cash cover isn't relevant The normal project finance metric of Asset Life cover ratio eg the remaining project cashflows discounted back and then adjusted for management fees relative to the dividend is the more relevant ratio Eg if the discount rate is 6 percent and management fees are 1 percent and the dividend yield is 4.5 percent then your cover is 5/4.5

[pyufak] 28/4/2022 11:47

This is a repost of my comments / thinking on another site. I decided to buy this week just above 160 as I didn’t want to take allocation risk. Hoping for a strong result announced tomorrow. Previous post: INPP is raising funds at 159.5p - closes EoD 27th April; results 29th April. After watching HICL and this name for a while I decided to take the plunge today and bought as part of my income holdings. Here’s a few points why; I would be interested if others have any views on this name they wished to share. hxxps://www.internationalpublicpartners ... aft_vf.pdf 1. Slide 5 & 7: Dividend is x1.1 covered; expected to grow at ~2.5% for both ‘22 and ‘23. This is better than HICL which is uncovered and static projection at the moment. 2. Slide 30 - discount trends - while discount rates have dropped by ~1% over the past decade, 30y interest rates (which I think is the appropriate metric given the asset base and matched fixed rate financing) have dropped substantially more. As such the relative constitution of the discount rate is a higher credit proportion vs. interest rate throughout the past decade. Therefore arguably as interest rates rise the existing discount rate has room to rebalance to a more historical mix of interest rate + credit proportions rather than head materially higher outright. 3. Slide 31, 32 & 33 - the key slides which got me across the line to buy the dip caused by this fund raising. This looks at the impact of inflation on their portfolio. Frankly their assumptions are way off what we look set to experience in ‘22 and ‘23. They assume central banks hit their long run inflation targets (2.5% in U.K. - their most important geography. That’s a fair enough assumption but what interests me is the portfolio impact of higher inflation when inflation overshoots - +1.8p if 200bp above (so 4.5%). Given it looks like the U.K. may have ‘22 inflation closer to 8 or 9% this could add almost 5.4p to the NAV; and more the longer inflation persists. Putting this together I like the balance the investment brings - in that the portfolio appears to have a degree of inflation protection should higher inflation become entrenched or persistent. Conversely, if central banks react significantly on short term interest rates to bring inflation back to target I would argue 30y discount rates will be unchanged as if anything this would strengthen their inflation taming credibility.

[bountyhunter] 27/4/2022 16:41

500,000 buy at the close at 160.7208p with buys above the offer price comfortably excluding sells for the day bodes well.

[bountyhunter] 27/4/2022 15:53

True enough, I leave it until fairly close to the bell as well as you can't get your money back if you apply too soon and the price subsequently drops below the offer price. I expect to get all of these as likely to be less popular than SUPR.

[ec2] 27/4/2022 15:00

Indeed... I eventually submitted my application in PB at 13:40. It's something that has been ingrained into me over many years. I don't instruct on any corporate action until the deadline day.In case these go to a slight discount to the offer price in the days ahead I didn't go as full on here as I had originally planned.

[bountyhunter] 27/4/2022 13:20

Surely we're just about at the wire with only 40m left!

[ec2] 27/4/2022 12:39

I will leave this right down to the wire before I make my final decision. Following the HICL price very closely as IMO this gives a cleaner indication of how INPP would be performing if there was no offer taking place.

[williamcooper104] 27/4/2022 11:59

Same - PB but also bought in open market on basis that wouldn't get what wanted

[income investor] 27/4/2022 11:58

Took up Open Offer and applied significantly for Excess Allocation (through Interactive Investor). Interesting to see if get full Excess Allocation application!