Mike Bane, Chair of HICL said:
"HICL's high quality portfolio continues to demonstrate its resilience amidst broader macro volatility, supported by significantly accretive asset rotation announced in the period. Effective capital allocation remains crucial, and the Board has deployed disposal proceeds to reduce the balance on the Company's Revolving Credit Facility, make a highly accretive incremental investment and launch a share buyback programme."
Key Highlights
Solid operational performance across the portfolio in the period demonstrating the resilient nature of the underlying assets. The Company is on track to deliver its target dividend of 8.25p per share for the financial year to 31 March 2024, with cash generation in line with expectations.
Sale of entire stake of Northwest Parkway ("NWP") for a net consideration of US$232m at a c. 30%1 premium to the most recent valuation. Up to £50m of the sale proceeds reserved for a share buyback programme.
Acquired additional 3.1% interest in A63 Motorway in France for £20m at highly accretive terms.
£200m of disposal proceeds received and used to reduce fund-level gearing. The RCF is expected to be fully repaid with the proceeds of the Northwest Parkway disposal.
Focus remains on responsible capital allocation, with future disposal proceeds to support the evaluation of selective investment opportunities where they enhance the portfolio's key financial metrics.
https://www.investegate.co.uk/announcem ... t-/8067456
Ian (No holding).