3i Infrastructure (3IN) says a “productive” first half pushed cash generation above expectations with total income and non-income cash of rising to £195m in the six months to 30 September, up from £122m a year ago and including a £92m distribution from Joulz, the Dutch “energy as a service” provider. This puts 3IN on track to deliver the full-year dividend target of 14.3p per share, which is 6.3% above last year and expected to be fully covered by income. In a half-year trading update, the £3.5bn investment company said Joulz, Infinis, a UK methane-based renewable power generator, ESVAGT, the Danish offshore wind service fleet operator, and FLAG, a UK subsea fibre optic network provider, delivered strong performance, said fund manager Bernardo Sottomayor. SRL, the UK temporary traffic management equipment rental company, performed in line with expectations after a new management team launched a turnaround of the business in challenging market conditions with 3IN cautious on the short-term outlook. Ionisos, the French operator of cold sterilisation facilities for drugs companies, “experienced lower demand growth than expected” but had a new CEO who was pursuing initiatives to drive performance and growth. All other portfolio companies were performing “broadly in line with expectations”, Sottomayor said.
Matthew Read, senior analyst at QuotedData, said: “We think shareholders will be reassured by this update from 3i Infrastructure. Most of the portfolio is performing in line with or ahead of expectations and the company is on track to achieve both its target return and a 6.3% increase in the dividend. There is also evidence of value creation within the portfolio – Infinis expanding its solar and battery pipeline, Joulz securing its largest microgrid project to date and FLAG is seeing strong demand for international connectivity. That said, SRL remains a turnaround story and the short-term outlook there is still challenging, while demand growth at Ionisos has disappointed. However, these appear manageable within the wider portfolio. Furthermore, with as much as £1.2bn of liquidity available, 3IN also has considerable firepower to support existing investments or take advantage of new opportunities without putting pressure on the balance sheet.”
Partners Group Private Equity (PEY) has given shareholders two more days to vote on the proposed introduction of a realisation share class. “The company has been made aware that a number of shareholders and their intermediaries are experiencing delays in processing and submitting election instructions,” said PEY as the underperformer extended the deadline from 1pm today to 1pm on Friday 2 October.
SDCL Efficiency Income (SEIT), the renewables fund seeking shareholder approval for the election to the board of Saba and General Atlantic representatives Boaz Weinstein and Richard Pavry, has issued an update in its wind-down. It says asset disposals will initially focus on repaying the £188m drawn on its credit facility. Its currency hedging programme will be materially reduced as the costs outweigh the benefits and resources are better directed to the orderly realisation of the portfolio.
Chrysalis Investments (CHRY) yesterday bought 4.1% of its shares at a redemption price of 127p as part of the £25m return of capital announced on Monday. Monies due to shareholders will be transferred to the company’s registrar, Computershare, by 6 October 2026 with payments made by 9 October.
STS Global Income & Growth (STS) says the Court of Session yesterday confirmed the cancellation of its share premium account which will provide the company with a “significant pool of reserves which can be used in the future, if required, to fund share buy-backs or other returns of capital in accordance with applicable law”.
