HICL Infrastructure (HICL) has been quick to make good on its promise last week to make further investments alongside increased share buybacks, announcing an additional £52m to its holding in Cross London Trains. The acquisition of a further 6.6% takes its total holding to 13.1% in the operator of the Thameslink electric train fleet and will add over 1p to net asset value (NAV) per share. Chair Mike Bane said: “Increasing our stake in XLT enhances HICL’s governance position in a high‑quality, operational asset and supports long‑term NAV per share growth. The transaction is also expected to deliver compelling NAV accretion and incremental income.” Last week HICL sold its 24% stake in the A63 Motorway in France for £311m.
M&G Credit Income (MGCI) has had to resume share buybacks after fears over the Iran war, an AI-led software selloff and problems with US private credit funds saw the bond and loan fund fall to a small discount. Annual results showed that having issued £48m shares in response to investor demand, the 8.5%-yielder last year made a 6.2% investment return but underperformed its main benchmark due to its manager’s defensive stance. Chair David Simpson said the mostly investment grade portfolio held no direct software exposure and was well placed and looking for buying opportunities following the recent market volatility.
Rights and Issues (RIII), the £100m UK smaller companies trust run by Jupiter fund managers Matthew Cable and Tim Service, has reinstated its share buyback programme after regaining shareholder approval at the annual general meeting last Thursday. Approval was blocked at last year’s AGM. RIII shares have risen 16% in the past year and stand on a 13.6% discount.
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