Disposal of an Investment
23 April 2015
HICL Infrastructure Company Limited
Disposal of an investment
HICL Infrastructure Company Limited, the listed infrastructure investment company advised by InfraRed Capital Partners Limited, announces that the Group has sold its entire 50% equity and subordinated debt interest and 100% junior loan interest in Fife Schools PFI project ("Fife") to a subsidiary of the PPP Equity PIP limited partnership, managed by Dalmore Capital Limited.
The decision to sell the Group's investment in Fife was triggered by the same co-shareholder selling their interest in the Fife project as that in the Colchester Garrison project, announced in February 2015. As with Colchester, this disposal was undertaken by way of a competitive tender process, providing a benchmark value for the Company's interest in Fife which the Board considered to be significantly ahead of the value that could be achieved by retaining the project. The Board continues to consider and evaluate potential disposals which are in the best interests of shareholders.
The profit on disposal, after costs, is £0.6m over the Directors' valuation of £6.7m as at 30 September 2014. As a result of recent investment activity funded from the Group's revolving debt facility, and net of disposal proceeds from the present transaction, the Group has a current funding requirement of approximately £8m.
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InfraRed Capital Partners Limited +44 (0) 20 7484 1800
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HICL Infrastructure Company Limited
HICL Infrastructure Company Limited ("HICL" or the "Company", and together with its subsidiaries the "Group") is a long term investor in infrastructure projects which are predominantly in their operating phase and yielding steady returns. It was the first infrastructure investment company to be listed on the London Stock Exchange. With a current portfolio of 100 social and transportation infrastructure investments with predominantly availability-based income streams, it is seeking further suitable investment opportunities which fit its stated Investment Strategy.
Further details can be found on the HICL website, www.hicl.com.
InfraRed Capital Partners Limited
The Investment Adviser to HICL is InfraRed Capital Partners Limited ("InfraRed") which has successfully invested in over 160 infrastructure projects since 1997. InfraRed is a leading international investment manager focused on infrastructure and real estate. It operates worldwide from offices in London, Hong Kong, New York, Paris, Seoul and Sydney. With over 100 professionals it manages in excess of USD 8bn of equity capital in multiple private and listed funds, primarily for institutional investors across the globe. InfraRed is authorised and regulated by the Financial Conduct Authority.
The infrastructure investment team at InfraRed consists of over 50 investment professionals, all with an infrastructure investment background and a broad range of relevant skills, including private equity, structured finance, construction, renewable energy and facilities management.
Further details can be found on InfraRed's website, www.ircp.com.
This information is provided by RNS
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