In QuotedData’s morning briefing 5 September 2022:
- Schiehallion (MNTN) has posted its interim results for the six months to 31 July 2022. During this time, the trust delivered a negative return of 17.6%. The managers said market price volatility has had an impact on the opportunities they have been seeing. Companies are reluctant to raise money if this involves doing so at a lower valuation. As a result, many businesses with the option to defer capital raising have done so. A subset of portfolio holdings had been planning on raising capital through the period while others have had their operations impacted by the Russian invasion of Ukraine, and the energy market turmoil caused by the ensuing sanctions. This has resulted in increased team time given to working with holdings.
- 3i Infrastructure (3IN) has completed its $377m investment in Global Cloud Xchange (GCX), a global data communications service provider and owner of the world’s largest private subsea fibre optic network. The transaction was announced on 17 November 2021 and completed on 2 September 2022. Additional acquisition debt was raised in March 2022, reducing 3i Infrastructure plc’s previously announced equity commitment of $512m.
We also have a portfolio update from HICL Infrastructure and an intention to float from Welkin China Private Equity.