The Board of HICL Infrastructure Company Limited, the listed infrastructure investment company advised by InfraRed Capital Partners Limited, is issuing this Quarterly Update Statement, which relates to the period from 1 October 2015 to 24 February 2016.
Graham Picken, Chairman of HICL Infrastructure Company Limited, said:
“In the period, we made two incremental investments into social infrastructure projects in which the Company already had an interest. We also contracted for the purchase of a toll road in France. This road project offers a number of attractive features including good traffic history, a long concession duration and good inflation-linkage.
Despite a market imbalance between weak supply and high demand for new investments, we retain a positive outlook. The Investment Adviser’s team continues to unlock new and incremental acquisition opportunities here in the UK, as well as originating complementary deal flow from Continental Europe and beyond. As ever, the key to translating this pipeline into value accretive investments is risk-adjusted pricing coupled with disciplined due diligence. Our reputation for efficiency in deal execution continues to serve us well.
The portfolio continues to perform well from an operational standpoint. Cash generation from the projects remains broadly in line with full year expectations and the Board re-affirms the target dividend per share of 7.45p for the current financial year and 7.60p for the financial year ending 2017.
This is my last formal communication with shareholders as Chairman of the Board. Although I do not retire from the Company until 30 June 2016, Ian Russell will succeed me as Chair with effect from 1 March 2016.
May I take this opportunity to thank shareholders for their support and confidence in the Company. I shall leave knowing that we are well placed for the future with a committed and diligent Board, an experienced and highly competent Investment Adviser, and a strongly performing portfolio of high quality investments.”
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