The move on-shore is the culmination of a process that started with a discussion of HICL Guernsey’s domicile in its Interim Results in November 2017 and its Annual Results in May 2018. InfraRed then refreshed previously undertaken analysis of the steps that would be required to transfer HICL’s domicile from Guernsey to the UK. This work involved input from third-party legal and tax advisers and included an assessment of the economic impact on shareholders of a move to a UK investment trust structure. InfraRed also consulted informally with a number of institutional shareholders on this matter during investor meetings throughout summer 2018 and again in Q1 2019.
HICL UK’s domicile is now aligned with the location of the majority of its investors and investments. The move on-shore mitigates the potential impact of potential future changes in cross-border tax regimes.
HICL Infrastructure Company Limited
HICL Infrastructure PLC (“HICL” or the “Company”, and together with its subsidiaries the “Group”) is a long term investor in infrastructure assets which are predominantly operational and yielding steady returns. It was the first infrastructure investment company to be listed on the London Stock Exchange. With a current portfolio of 118 infrastructure investments (including the A63 and Northwest Parkway commitments with limited conditions to completion), HICL is seeking further suitable opportunities, which are positioned at the lower end of the risk spectrum, in three target markets segments: PPP (social and transportation projects); regulated assets (e.g. gas and electricity transmission and distribution; water utilities); and demand-based assets (e.g. student accommodation and operational toll road concessions). HICL’s current investments are located primarily in the UK, but also in Australia, Europe and North America.
Further details can be found on the HICL website, www.hicl.com.
InfraRed Capital Partners Limited (InfraRed)
The Investment Adviser to HICL is InfraRed Capital Partners Limited (“InfraRed”) which has successfully invested in over 200 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, Seoul and Sydney. With c.130 professionals it manages US$12bn 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 80 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.
InfraRed implements best-in-class practices to underpin asset management and investment decisions, promotes ethical behaviour and has established community engagement initiatives to support good causes in the wider community. InfraRed is a signatory of the Principles of Responsible Investment.
Further details can be found on InfraRed’s website, www.ircp.com.