International Public Par... Share Discussion Threads

[unastubbs] 24/4/2023 10:54

A l'eau - c'est l'heure!

Thinking bout buying. Can this sink further?

[williamcooper104] 30/3/2023 08:30

Nice Have been adding to this and BBGI (alas already more than full on HICL)

[williamcooper104] 30/3/2023 08:29

From memory it either wasn't drawn or had a small amount drawn, possible that more was drawn in the year Remember though this is likely the only refinancing risk they've got, as all the project level debt fully amortises (or has only a small bullet maturity) against the project life And that's why project financed infra is way better in current environment than REITS with bullet maturities in 2-4 years time (that's what blew up Macquaries funds in the credit crunch)

[hohum1] 30/3/2023 08:23

Good results but disappointed that they barely mention the balance sheet. What rate are they paying on the short term debt facility, for example. They are looking to extend it to 2025 but it does leave them exposed to very long term assets partly funded on the equivalent of the corporate credit card. If the discount to NAV persists, their usual model of knocking out shares to fund investment is stuffed

[rik shaw] 30/3/2023 07:47

Final Results
NAV per share increase of 7.3% to 159.1p, 2022 cash dividend cover of 1.3x


Dividend declaration

[jong] 15/9/2022 09:42

XD today. 3.87p per share payable on Friday 18th November.

[rik shaw] 08/9/2022 07:35

Interim results.

NAV per share increased 6.1% to 157.3 pence
overall inflation-linkage maintained at 0.7%

Dividend declaration

[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

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