- Digital 9 infrastructure (DGI9) issued a statement regarding its share price. The board and the investment manager confirmed that they are not aware of any portfolio-specific factors that have led to the recent decline in the share price. The board believes that the discount to NAV at which the company’s share price currently trades materially undervalues the company and its portfolio. The manager also announced that it purchased 150,000 ordinary shares of no par value in the capital of the company at an average price of 61.40 pence per share on 31 March 2023. In addition, senior members of the digital infrastructure team also purchased a further 240,000 shares. The investment manager, including senior members of the digital Infrastructure team, now holds a total of 2,336,495 ordinary shares in the company, representing approximately 0.27% of the total issued share capital. [We wrote recently that we don’t believe DGI9’s current discount is a fair reflection of the underlying health of the company’s assets.]
- Infrastructure India plc (IIP), an AIM-quoted infrastructure fund investing directly in assets in India, announced that it has entered into a conditional agreement for the disposal of Indian Energy Limited to FA Power Renewables Private Limited for a total aggregate consideration of approximately USD 4.0m. IEL is an independent power producer that owns and operates wind farms at two sites in the states of Karnataka and Tamil Nadu, with 41.3 MW of installed capacity.
- BBGI Global Infrastructure (BBGI), the global infrastructure investment company, announced that an application has been made for 1,016,995 ordinary shares of no par value in the company to be admitted to the official list of the FCA and to trade on the London Stock Exchange It is expected that dealings in the new shares will commence at 8.00 a.m. on 5 April 2023. The application is being made pursuant to the scrip dividend alternative in lieu of cash for the 2022 second interim dividend in respect of the financial period from 1 July 2022 to 31 December 2022. The reference price was 151.03 pence per scrip dividend share, and elections for a scrip dividend were received in respect of 5.76% of the ordinary shares in issue as at the record date of 24 February 2023. When issued, these shares will rank pari passu with the existing ordinary shares. [The whole infrastructure sector has been under pressure recently as the increasing cost of capital weighs on performance. This announcement comes on the heels of the company’s annual report last week which saw shareholder returns of -6.6% for 2022]
We also have annual results from Castelnau Group, HydrogenOne , and Mercantile Investment Trust, and an update from NextEnergy Solar Fund.