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7p predicted, up 4.5%. Thoughts?
Any thoughts on the divi price?
The value of portfolio income at investment management company 3i rose 28.3 per cent to 68m pounds in the period from October 1st to February 4th compared to the corresponding period in the previous year, an interim management statement from the company has disclosed. The FTSE 250 company, which focuses on infrastructure, private equity and debt management, further reported that its European portfolio had risen in value with income totalling �37m in the period. The valuation of the company's holding in 3i India Infrastructure Fund was influenced by a number of factors, including the movement in the share price of Adani Power Limited and foreign exchange fluctuations. 3i reported that over the period, Adani's share price increased by 6.7% and the Indian rupee appreciated by 1.7% against sterlinfg, resulting in foreign exchange gains for the company. Peter Sedgwick, Chairman of 3i Infrastructure, said: "The European portfolio continues to perform well operationally and financially and to generate good levels of income. The company accrued income for the first time from Elenia during the period."
The net asset value (NAV) of 3i Group rose by 4.8 per cent in the three months to December 31st, an interim management statement from the company has disclosed. Reporting on its performance over the past quarter, the company stated that the NAV had grown by 4.8% to �2.86 per share before the interim dividend of 2.7p per share is paid. Simon Borrows, Chief Executive Officer of 3i, commented: "We are well into the first phase of restructuring at 3i and have made strong and measurable progress against the immediate priorities for the business that I announced in June last year. In particular, we expect to exceed the operating cost reduction targets for this financial year ending March 31st 2013." He added: "Despite challenging market conditions, strong businesses are always in demand. Over the last six months, in addition to implementing the re-organisation and cost reduction programme, we have been busy preparing for realisations within Private Equity. We expect to see the benefits of this coming through over the next 18 months, with a number of key realisations as well as an increasing level of investment activity."
In a statement 3i said the following: "The board notes that in November 2012, an investment vehicle, Sherborne Investors (Guernsey) B, which is managed by Sherborne Investors Management (Guernsey), raised gross proceeds of £207m with the stated objective of investing in a company which is publicly quoted, most likely on a UK stock exchange, and which it considers to be undervalued. "The board also notes the comments in a Financial Times article on January 3rd 2013 in relation to this new investment vehicle, stating that 'most of the £200m raised will be used to buy up to 30% of one target'."
3i, the international investor focused on mid-market private equity, has told the market that Sherborne Investors, which describes itself as a 'turnaround investment firm', has built up its stake in 3i. Sherborne is understood by 3i to have acquired then sold 3i shares to Jefferies International, Sherborne's nominated advisor and broker, meaning that at the close on January 15th it has acquired an interest representing approximately 0.7% of 3i's total issued share capital, and has since sold that interest to Jefferies. Following this, Sherborne is believed to have acquired further 3i shares, and that at close of business on January 22nd, Jefferies owned approximately 1.6% of 3i's total issued share capital.
"As a result, we have made strong and measurable progress against the immediate priorities and targets that we set out in June, and the group has delivered steady overall performance in the first half in what remain challenging economic conditions and subdued markets. "There is much more to do and we will continue to work hard to drive improved performance across our business. "Our strategic goal is to be a leading international investor in mid-market private equity, infrastructure and debt management, and to deliver top quartile cash investment returns over the longer-term." The company's priorities now are to reduce staff, consolidate its office network, and make further savings on its operation costs. The group did warn that it remains cautious over the macroeconomic outlook and said the private equity market is facing a number of headwinds and activity levels remain well below historical levels. It also said that concerns over the sovereign debt of a number of Eurozone countries and over the banking sector in Europe will likely create ongoing uncertainty.
3i, the international investor focused on mid-market private equity, has reported that it is on track to meet its cost and debt reduction targets after what it termed 'strong and measurable' progress in implementing the restructuring announced in June. In the half year ended September 30th assets under management totalled £11,347m, compared to £12,281m the same period the previous year. Although the group's asset value dropped from 279p to 273p per share over the the six month period, this came in above analyst expectations of 269p. The interim dividend of 2.7p share was maintained. Simon Borrows, 3i's Chief Executive, said: "Since the announcement of 3i's future strategy in June, we have wasted no time in implementing the significant organisational and cultural changes that are needed.
Investment company 3i Infrastructure said European assets continue to perform well however difficult macroeconomic conditions and currency movements have hit the valuation of the 3I India Fund. Chairman Peter Sedgwick said: "European assets continue to perform well, while adverse macroeconomic conditions and foreign exchange movements continue to have a negative impact on the valuation of the 3i India Infrastructure Fund." He added: "The Investment Adviser continues to develop the pipeline of opportunities and has made good progress in the Thameslink transaction." The group, which invests in infrastructure projects worldwide, said its European portfolio generated income of £30.8m in the period compared to £36.8m the year before, with the decline mostly due to the lower dividend received from AWG. The mark-to-market valuation of Adani Power and the exchange rate between sterling and the Indian rupee were broadly unchanged September 26th 2012 from the last company statement. At September 26th 2012 the company had cash balances of £169.7m, up from £144.2m reported in the last interim statement, reflecting the investment activity, income and proceeds received and costs paid in the period. 3i Infrastructure expects to announce its half yearly results on November 8th 2012.
3i Infrastructure plc - Pre-close update 3i Infrastructure plc ("3i Infrastructure" or "the Company") announces its trading update ahead of the close period for the six months ending 30 September 2012. The data in this statement relates to the period from 1 April 2012 to 26 September 2012. Peter Sedgwick, Chairman of 3i Infrastructure, said: "The Company's European assets continue to perform well, while adverse macroeconomic conditions and foreign exchange movements continue to have a negative impact on the valuation of the 3i India Infrastructure Fund. The Investment Adviser continues to develop the pipeline of opportunities and has made good progress in the Thameslink transaction." Investment and realisation activity 3i Infrastructure invested £4.9 million in a portfolio of road BOT companies of Supreme Infrastructure India Limited through the 3i India Infrastructure Fund, a transaction described in more detail in the Company's latest Interim Management Statement, dated 10 July 2012. There was no realisation activity in the period, however the Company received proceeds of £6.6 million from Eversholt Rail Group from the partial repayment of a shareholder loan.
http://www.investegate.co.uk/Article.aspx?id=201209270700132698N
Peter Sedgwick, Chairman of 3i Infrastructure, said: "The assets in the portfolio continue to perform well operationally and financially, although market headwinds continue to weigh on the performance of the 3i India Infrastructure Fund." By July 9th, the company had cash balances of £144.2m, after deducting £26.2m for the payment of the final dividend. At the end of the group's previous financial year (March 31st 2012), cash balances stood at £173.4m.
Jersey-incorporated, closed-ended infrastructure investment company 3i saw European portfolio income drop in the first quarter while it continues to be affected by negative foreign exchange movements in India. European portfolio income, which includes dividends and interest receivable from portfolio assets, totalled £12.2m in the three months to June 30th, well below the £19.8m reported in the same period the year before. 3i owns around 9% of Osprey, the owner of AWG, which operates the water and waste water company Anglian Water. AWG was forced to cut its dividend after being affected by increased spending as a result of the drought that hit parts of the UK in recent months. Meanwhile, the company's holding in the 3i Indian Infrastructure Fund has been hit my a 28% three-month decline in the share price of Adani Power Limited (now the only quoted element of the portfolio) and foreign exchange fluctuations - the sterling has appreciated by 6% against the rupee since the start of April resulting in foreign exchange losses as the company's rupee exposure is unhedged. The Indian fund agreed to acquire a minority stake in a portfolio of road build-operate-transfer companies of Supreme Infrastructure India in January. On July 3rd, $35.9m was invested by the fund, $7.5m of which was invested by 3i Infrastructure through its share.
Peter Sedgwick, Chairman of 3i Infrastructure, said: "The assets in the portfolio continue to perform well operationally and financially, although market headwinds continue to weigh on the performance of the 3i India Infrastructure Fund." Cressida Hogg, Managing Partner for Infrastructure, 3i Investments plc, added: "We are pleased that the portfolio has continued to generate yield in line with our expectations. Market conditions are challenging, but we continue to develop our pipeline of investment opportunities, and are progressing the Thameslink transaction, working with our consortium partners in XLT."
3i Infrastructure plc - Interim Management Statement 3i Infrastructure plc ("3i Infrastructure" or "the Company") is an investment company focusing on infrastructure investment opportunities globally. This Interim Management Statement is issued in accordance with FSA Disclosure and Transparency Rule 4.3. This statement relates to the period from 1 April 2012 to 9 July 2012. Summary · Portfolio assets continue to perform well, generating income of £12.2 million in the first quarter · £4.9 million invested in a stake in a portfolio of road BOT companies of Supreme Infrastructure India Limited through the 3i India Infrastructure Fund · Current cash balances of £144 million · Developing a diverse pipeline of investment opportunities
http://www.investegate.co.uk/Article.aspx?id=201207100700042656H
There are many infrastructure funds listed in London, with the unique selling point of 3i Infrastructure (3IN) being its Indian exposure. Last week's full-year results were hit by weakness in its Indian assets, but this doesn't mean it's not a good strategy. Any investment in India will be volatile, but the long-term growth prospects are fantastic. The company has a stake in 3i India Infrastructure Fund, which accounts for about 13% of its assets. The value of which fell £28.7m as a result of a weak rupee and a near-40% fall in the price of one of its listed investments, Adani Power. However, despite the setback in India, the fund managed to grow its net asset value (NAV) per share over the year to 121p from 120.3p. The income from the portfolio over the year of £73.1m fully covered all dividends and company costs. Investors should not expect rapid share price gains, but a steady rate of growth over time, with the income being the priority. Since lifting, shareholders have gained 9.4pc a year including dividends. The shares are at about the same level they were tipped at last year and remain a buy for income, Questor says.
A £500m plus loss was reported in the 6 months to September last year, with the only plus points being the reduction in group debt by over £100m to £395m in January and new investments holding steady near the previous £510m level in 2011. However, with the current chaos in Europe it is difficult to believe that 3i can do anything more than tread water for the rest of this year.
Understandably, macro economic uncertainties as well as recession have taken their toll on private equity group 3i (III) - factors certainly evident in both the November and January updates.
India must require billions in Infrastructure in the next decade or so....plus low interest rates at home. Is this a low risk stock?
he Telegraph´s Questor team is a fan of infrastructure funds because they offer a relative safe yield in times of low interest rates. An update this week from 3i Infrastructure Fund prompted one analyst to declare that he expected "meaningful growth" in the dividend. In the last three months of 2011 dividends and interest from its investments totalled £14m and the group said its portfolio continues to perform well. The fund's management is now working towards the financial close of its Thameslink project. It is working on the procurement process for the Government's £6bn overhaul of the troubled rail link. With such investments, capital appreciation does not happen fast – it is the income that matters. The shares are at about the same level they were tipped at last year. The full-year dividend last time was 5.3p, giving a historical yield of 4.4%. The shares remain a buy for income.
Tempus also suggests holding 3i Infrastructure which is offering a 5% yield and has some decent investments in the pipeline, including power interests in Finland. Hold for income says the column.
That was a hefty BUY on the 19th - 1M share - delayed notification
Peter Sedgwick, Chairman of 3i Infrastructure, said: "The acquisition of Vattenfall's electricity distribution and district heating businesses in Finland enhances the current portfolio in terms of sector and geographic exposure. The portfolio continues to perform well, and to generate good levels of income." Cressida Hogg, Managing Partner for Infrastructure, 3i Investments plc, added: "The Company's recent Finnish acquisition is a significant development for the Company, as a strong "core" infrastructure asset, providing exposure to relatively low risk revenue streams with inflation linkage, as well as presenting opportunities for future growth. We are currently focusing on bringing the Thameslink transaction to a financial close, and are developing the investment pipeline for the coming months."
3i Infrastructure plc - Interim Management Statement 3i Infrastructure plc ("3i Infrastructure" or "the Company") is an investment company focusing on infrastructure investment opportunities globally. This Interim Management Statement is issued in accordance with FSA Disclosure and Transparency Rule 4.3. This statement relates to the period from 1 October 2011 to 24 January 2012. Summary · £194.8 million (€235.6 million) invested in the acquisition of an electricity distribution and a district heating business in Finland from Vattenfall AB · Realisation proceeds of £35.9 million from the sale of the Télédiffusion de France junior debt holding and from the repayment of the balance of the I2 vendor loan notes · Portfolio assets continue to perform well, generating income of £14.0 million in the third quarter · Current cash balances of £136.2 million