International Public Partnerships (INPP), the FTSE 250 infrastructure investment company, has reached financial close on its £254.3m equity investment in the construction of Sizewell C, the first new UK nuclear plant to be procured under a regulated asset base model. As announced in July, the £2.3bn Amber Infrastructure managed company will invest £50m a year over five years, funded through disposals from its portfolio. Chair Mike Gerrard said it was a “major milestone”: “The transaction combines attractive, regulated and inflation-linked returns with robust protections that cap investor downside, and it further strengthens our ability to support shareholders with long-term dividend growth.”
Chrysalis Investments (CHRY) noted a breakthrough contract win for Engine, the software-as-a-service provider within Starling bank, the digital challenger that accounts for 46.5% of its net asset value. Digital bank Tangerine, a Scotiabank subsidiary with 2m customers and C$40bn assets, signed a 10-year contract that will see its customers move to Engine’s platform. Chrysalis fund managers have flagged Engine as an important part of Starling’s growth story.
Aquila European Renewables (AERI) reveals net asset value plunged 21% or 15.3 euro cents from 73.87c to 58.59c in the third quarter. This was driven by the recent disposal of Danish and Greek assets at a 17% discount, the difficulties in selling into a crowded M&A market as it tries to wind-down the portfolio, combined with lower power price forecasts, a fall in energy production and difficulties at its Finnish wind farm Olhava.
Northern Venture Trust (NVT), the £124m investor in UK unquoted companies run by Mercia Asset Management, says after receiving “strong demand” for its £16m subscription offer launched in September, it has decided to use its over-allotment facility to raise a further £6m.
Seraphim Space (SSIT) issues its monthly sector news round up, highlighting that ICEYE, the Finnish satellite constellation operator that is its biggest holding, has strengthened its global presence with new agreements in Japan and Slovakia. In Japan, ICEYE is building a constellation with IHI Corporation, starting with four satellites and options for up to 20 more. In Slovakia, ICEYE and EMIS, a provider of geospatial information systems, entered a strategic partnership to expand access to critical, near real-time hazard information for Slovak authorities.
UIL (UTL), the £200m split capital investment trust run by Utilico Emerging Markets (UEM) manager Charles Jillings, has launched its annual £4m share buyback programme giving shareholders a partial exit before the company delists in 2028, after it was approved at the annual general meeting yesterday. It also confirmed the sale of 1.3m shares in the Somers investment platform, that represented 40.1% of its portfolio at 30 June, to General Provincial Life Pension Fund of Malaysia. In return it has received stakes in four financial companies including W1M, the £24bn London based specialist investment manager formed last year through the merger of Waverton and London & Capital.
Pollen Street (POLN), the £534m alternative asset manager that merged with the former Honeycomb lending fund three years ago, has launched the £30m share buyback programme approved by shareholders in June.
More news to follow.
