In QuotedData’s morning briefing 16 February 2024:
- CT UK High Income Trust has decided to cancel the listing of its units (CHIU). Until now, investors had been able to hold and trade in units in the fund that were comprised of three ordinary shares and 1 B share. Now, the units are being discontinued and unitholders will end up with the underlying shares. The change takes effect on 25 February. Shareholders are not being consulted, it seems.
- International Public Partnerships (INPP) says that Transmission Capital Partners, the consortium comprising INPP, Amber Infrastructure Group and Transmission Investment, has completed its acquisition of the Moray East offshore transmission assets (the ‘OFTO’) which connects the onshore electricity grid to the Moray East wind farm located in the Moray Firth off the coast of Scotland. This is INPP’s eleventh OFTO investment. It has the capacity to transmit enough renewable electricity to power the equivalent of about 1m homes. At financial close, the OFTO will be granted a 23-year revenue period during which it will have no exposure to electricity production or price but will be paid an availability-based revenue stream linked to UK inflation (as measured by the Retail Price Index). International Public Partnerships is investing about £78m for 100% of the equity and subordinated debt in Moray East OFTO. Project level senior debt will be provided by a group of banks, the tenor of which will match the maturity of the 23-year revenue period such that there is no refinancing risk.