HICL Infrastructure Company Ld Disposal of an Investment (9653K)
April 23 2015 - 2:00AM
UK Regulatory
TIDMHICL
RNS Number : 9653K
HICL Infrastructure Company Ld
23 April 2015
23 April 2015
HICL Infrastructure Company Limited
Disposal of an investment
HICL Infrastructure Company Limited, the listed infrastructure
investment company advised by InfraRed Capital Partners Limited,
announces that the Group has sold its entire 50% equity and
subordinated debt interest and 100% junior loan interest in Fife
Schools PFI project ("Fife") to a subsidiary of the PPP Equity PIP
limited partnership, managed by Dalmore Capital Limited.
The decision to sell the Group's investment in Fife was
triggered by the same co-shareholder selling their interest in the
Fife project as that in the Colchester Garrison project, announced
in February 2015. As with Colchester, this disposal was undertaken
by way of a competitive tender process, providing a benchmark value
for the Company's interest in Fife which the Board considered to be
significantly ahead of the value that could be achieved by
retaining the project. The Board continues to consider and evaluate
potential disposals which are in the best interests of
shareholders.
The profit on disposal, after costs, is GBP0.6m over the
Directors' valuation of GBP6.7m as at 30 September 2014. As a
result of recent investment activity funded from the Group's
revolving debt facility, and net of disposal proceeds from the
present transaction, the Group has a current funding requirement of
approximately GBP8m.
-ends-
Enquiries
InfraRed Capital Partners Limited +44 (0) 20 7484 1800
Tony Roper
Keith Pickard
Laurence Richardson
Tulchan Communications +44 (0) 20 7353 4200
Martha Walsh
Victoria Huxster
Canaccord Genuity Limited +44 (0) 20 7523 8000
Dominic Waters
Neil Brierley
Will Barnett
David Yovichic
HICL Infrastructure Company Limited
HICL Infrastructure Company Limited ("HICL" or the "Company",
and together with its subsidiaries the "Group") is a long term
investor in infrastructure projects which are predominantly in
their operating phase and yielding steady returns. It was the first
infrastructure investment company to be listed on the London Stock
Exchange. With a current portfolio of 100 social and transportation
infrastructure investments with predominantly availability-based
income streams, it is seeking further suitable investment
opportunities which fit its stated Investment Strategy.
Further details can be found on the HICL website,
www.hicl.com.
InfraRed Capital Partners Limited
The Investment Adviser to HICL is InfraRed Capital Partners
Limited ("InfraRed") which has successfully invested in over 160
infrastructure projects since 1997. InfraRed is a leading
international investment manager focused on infrastructure and real
estate. It operates worldwide from offices in London, Hong Kong,
New York, Paris, Seoul and Sydney. With over 100 professionals it
manages in excess of USD 8bn of equity capital in multiple private
and listed funds, primarily for institutional investors across the
globe. InfraRed is authorised and regulated by the Financial
Conduct Authority.
The infrastructure investment team at InfraRed consists of over
50 investment professionals, all with an infrastructure investment
background and a broad range of relevant skills, including private
equity, structured finance, construction, renewable energy and
facilities management.
Further details can be found on InfraRed's website,
www.ircp.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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