In QuotedData’s morning briefing 31 March 2022:
- HICL Infrastructure plans to sell its 100% interest in the Queen Alexandra Hospital PFI Project to InfraRed European Infrastructure Income Fund 4. HICL would get £108m and a 1.5p increase in its NAV. The hospital has over 7,200 staff and 1,200 beds, that serves over 675,00 residents across Portsmouth and south-east Hampshire. HICL made this investment in 2010 and in 2018 took on more responsibility for its management when Carillion went into liquidation. The buyer is managed by the same investment manager. HICL’s board wants to make sure that shareholders are OK with the decision and so it is offering them a vote on the deal.
- Phil White, managing partner and head of infrastructure at 3i investments, plans to step down in July. Scott Moseley and Bernado Sottomayor become co-heads of European infrastructure. The news comes as 3i Infrastructure (3IN) says the past six months has seen strong performance from the portfolio and the company is on track to meet its 10.45p dividend target for the current financial year.
- The battle for control of CIP Merchant Capital appears to be over. Corporation Financière Européenne S.A has been able to buy more shares in the market at its offer price and now says that, once these settle, it would either own, be interested in or have received valid acceptances in respect of, a total of 29,680,003 CIP Shares, representing 53.93% of the issued share capital of CIP. The offer is expected to become unconditional in all respects on 31 March 2022. If it can get to 75%, it plans to delist the company.
Results season continues with statements from BH Macro, Invesco Bond Income Plus, RTW Venture, BBGI Global, and Nippon Active Value.