Despite the removal of the DTR requirement to issue Interim Management Statements, the Board of HICL Infrastructure Company Limited, the listed infrastructure investment company advised by InfraRed Capital Partners Limited, believes it is appropriate to update its shareholders and the market more frequently than solely in respect of its semi-annual reporting cycle. Consequently, it is issuing this Quarterly Update Statement, which relates to the period from 1 October 2014 to 22 February 2015.
Graham Picken, Chairman of HICL Infrastructure Company Limited, said:
“Our focus on delivering value for shareholders has been evident not only in new acquisitions and active asset management but also in selective disposals where the Board believes that an offered sale price is exceptional and the proceeds can be reinvested to achieve a better return.
The Board is confident that the target dividend per share of 7.25p for this financial year to 31 March 2015 can be met and reaffirms its target dividend of 7.40p per share for the financial year ending 31 March 2016.
The UK market for the type of assets sought by the Group remains competitive with prices continuing to rise. Whilst the success of December’s tap issue demonstrates ongoing investor appetite for share issuance by the Company, the Board and InfraRed Capital Partners will continue to exercise investment discipline. Although this approach may moderate the rate of asset growth, it serves to safeguard the level of return from the Group’s portfolio.
The Board remains positive about the prospects for the Company, both in terms of portfolio performance and the ability of InfraRed Capital Partners to source value-accretive acquisitions.”
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