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QuotedData’s morning briefing 8 September 2022

In QuotedData’s morning briefing 8 September 2022:

  • International Public Partnerships, publishing its interim report, says that its Angel Trains investment is unaffected by strikes, its additional £42m investment in the Thames Tideway super sewer completed yesterday (7 September) and construction works are 80% complete, and Cadent (the UK gas infrastructure business, INPP’s largest investment) is “closely monitor[ing] the implications of changes in gas prices and other developments in the sector” but is said to be “largely insulated from changes in gas prices and the associated energy price caps, aside from where the changes can cause timing differences in certain cash flows“. Higher inflation heped drive a 6.1% increase in the NAV over the six months ended 30 June 2022.
  • Oakley Capital (OCI)’s interim results for the first half of 2022 show it delivering an impressive 17% return on NAV in what was a difficult period for markets. The dividend for the period was 2.25p. Panicky investors drove the discount wider, however, and this led to a -7% return for shareholders. 1m shares were bought back to try to moderate the discount widening. £197m of cash on hand, a further £110m of receipts expected post period end, and a new £100m revolving credit facility should help it meet calls on committed capital as they fall due. The largest drivers of NAV movement were: IU Group (+38 pence) – valuation uplift underpinned by growth in student enrolments; Contabo (+26 pence) – sale of business agreed at c.105% premium to book value; Grupo Primavera (+8 pence) – strategic combination of business with Cegid; Wishcard (+8 pence) – strong voucher sales drive revenue growth; and foreign exchange (+19 pence) – +2% change in EUR:GBP, +10% change in USD:GBP.
  • TwentyFour Income (TFIF) has been promoted to the FTSE250 Index with effect from Friday 16 September.

We also have news of an investment by The Renewables Infrastructure Group and results from abrdn UK Smaller Companies Growth Trust

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