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From 6 month results....

Good cash generation & dividend cover:

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Dividend cash cover increased to 1.10x as at 30 September 2025, up from 1.07x in March, excluding profits on disposals, supported by good inflation-linked cash generation across HICL's core PPP assets reinforcing confidence in HICL's FY26 target.

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The Company remains on track to deliver its covered dividend target of 8.35p per share for the year to 31 March 2026 and reiterates its target of 8.50p per share for the year to 31 March 20272.

Also not Affinity Water, HICL biggest holding will resume dividends this year.

.40

Hold

Analyst viewsToday 14:09

Winterflood analyst Ashley Thomas suggested that HICL shares could now recover to their pre-deal announcement level

Importantly, TRIG once again faces a continuation vote next year, while neither trust is immune from the prospect of further corporate activity.

“Given many of the benefits of the proposed HICL/TRIG combination related to increased scale, we would expect both boards to continue to consider consolidation opportunities – albeit HICL investor preference may well be within the core/core plus infrastructure segment (e.g. consolidation with a vehicle with similar assets/characteristics such as International Public Partnerships”

“TRIG may seek to consolidate the more fragmented renewable sector, where as well as scale, the diversification of technology and geographic risk could reduce volatility/risk.

“Given TRIG’s dividend per share was expected to be reduced by around 15% under the combination proposal, there may also be increased focus on this fund’s future dividend policy.”

QuotedData head of investment companies James Carthew warned that the failed merger could result in other names seeking to absorb HICL and TRIG.

“As I said at the outset, I believe both companies will be attracting attention from third parties in the wake of this,” he said

The BOD and Bane especially are less tarnished than they would have been if they’d gone further down the road, but some heads must surely roll.

Wonder what the US arbitrage company who have a short of about 19m shares, I’d assume they are in the red, will now do. I’d expect that HIcL will firm a bit further so the short isn’t worth the risk, especially with the possibility of an offer around NAV quite possible.

Those who bought this post drop and pre XD will I imagine be pretty happy to hold and weight and at worst enjoy the dividend

Lol. Drivel that the discount will close by a good few percent when the merger is taken off the table?

Https://www.ftadviser.com/infrastructure/2025/11/26/what-could-a-5-3bn-merger-mean-for-the-investment-trust-sector/

Hicl is a bargain awaiting an offer I agree. TRIG is more turdlike

Great news. I’m sure collectively private investors have a strong share of vote. CGT who I don’t invest in but whom were good enough to add me to their letter have had an overwhelming (their words) response from disgruntled PIs. Bane and the BOD will not just look disingenuous but also inept if this goes to vote and fails.

I’d imagine our American shorters who now look to be in the red will be thinking twice about keeping this short open. I’d short TRIG now. A short on HICL is a thanksgiving turkey

Alpine associates inc...... 1m shares off their short yesterday - afternoon trade..... 19m more to come off the table. Have they already made their dollars? You'd imagine given their connections they may have sniffed the merger beforehand one wonders? Equally they'll now be realising with zip chance of the deal happening and gilts stabilising and potentially yields dropping its a short to close sooner rather than later

Having spoken to my broker it would appear they’ve not heard a single holder who’d vote this deal through…. So it’s dead before it is born. We could see this trading back near 120 short term, and then who knows but as and when the nav discount shrinks. Gilt yields and speculation of a decent merger?

I think I will pass for now. See what KPMG have to say to enable one to DYOR. There could well be some skeletons in the closet. Ofc you could be right and if this is the bottom it’ll prove quite profitable but another bit bad news could easily see this drop significantly. Difficult to invest with conviction so understandable that people’s nerves are being tested. Good luck to the brave

Indeed….. and the deal is priced in. The letter from CG trust is sent. Suggest holders engage with their broker also

1m GBP purchase….. there’s a index linked 75k cash stream secured for someone. Plus a tidy capital gain quite likely

It is a very interesting listen, available via Spotify also. It would be a very smart fit, both similar discounts and similar portfolios and as you say creating ftse100 infrastructure fund which would close discounts, open liquidity and be a great fit for pension funds. As a holder of inpp I added a lot of hicl on this recent dip..... together they are yielding about 7.5%, very acceptable, would love to see them merge but suspect infrared wouldn't! The trig deal does not look like it'll go through

Or you can email capital gearing trust and they’ll add your details to their letter

A merger with INPP would create a ftse 100 mega trust? I’d imagine both HICL and INPP would be pleased with that option?

Https://open.spotify.com/episode/6SPn5Y9zkFCasnsa0JIbVz?si=KoJfOU-bRECGMSozfVypmQ&context=spotify%3Ashow%3A1B9qwepswPeR5i8eYzmUtF

Agreed, the “no vote” is getting scale. Can’t see it happening, but also I’m feeling quite optimistic that a knock on from this may well be an offer for HICL. We shall see on that wishful thinking. If not I’m happy to we a load of these in my ISA funds

Well an updated 320 price target is in the same bucket at number 11s incompetence… giving a great opportunity to stake build here at a bargain price

The tabled deal stands no chance of passing muster. So it’ll either be sweetened or likely ditched. With the potential of an offer for HICL, a yield now around 7.5% with inflation linkage and affinity starting to add to coffers! Pop these in your isa and draw a nice tax free income

The deal will either be sweetened for HICL, or killed imho. The HICL underlying assets are well oversold at this price. Quality assets with strong yield, increasing cover.

Another accretive deal within a clear strategy….. strong balance sheet, nice yield with headroom to grow. One of the more promising plays in down trodden sector. Expecting the sector to bounce back and the cream to rise to the top here