3i Infrastructure Regulatory News (3IN)

16 Jul 2009 07:00



16 July 2009

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 2009 to 15 July 2009. 

Highlights 

£27.4 million invested since 1 April 2009 including the purchase of a further 1.3% stake in AWG

Overall performance of portfolio assets remains satisfactory

Current cash balances of £338.1 million 

Attractive pipeline of investment opportunities

Peter Sedgwick, Chairman of 3i Infrastructure, said: "The portfolio is continuing to perform in line with our expectations.  The Board welcomed the opportunity to purchase a further stake in AWG, a company which we expect will continue to generate good returns for shareholders." 

Cressida Hogg, Managing Partner for Infrastructure, 3i Investments plc, added: "The market opportunity for investing in infrastructure is still attractive but we remain highly selective in evaluating potential new investments."

1. Investment

3i Infrastructure invested £27.4 million in the period from 1 April 2009 to 15 July 2009, of which £23.9 million was the purchase from 3i Group plc of an additional holding in 3i Osprey LP, the vehicle through which 3i Infrastructure and 3i Group plc hold their stakes in Anglian Water Group Limited ("AWG"). As a result of this transaction, the Company's indirect stake in AWG increased by 1.3% to 10.3%. AWG has proved to be a successful investment for the Company, providing a very strong yield. 

2. Portfolio and returns

3i Infrastructure's portfolio continues to perform satisfactorily and is positioned to deliver a robust yield. As usual, an important element in the determination of the results for the period to 30 September 2009 will be the valuation exercise carried out on the investment portfolio as at that date. 

3i Infrastructure will issue a pre-close update in September 2009 and will issue its half-yearly results for the period from 1 April 2009 to 30 September 2009, including the net asset value as at 30 September 2009, in November 2009. 

3. Balance sheet

The Company had cash balances of £338.1 million at 15 July 2009 and no borrowings. The £225 million revolving credit facility put in place by the Company in March 2008 remains undrawn. Further, there are currently no external borrowings on a recourse basis to the Company. 

Ends

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3i Infrastructure is a Jersey-incorporated, closed-ended investment company that invests in infrastructure businesses and assets and is regulated by the Jersey Financial Services Commission. The Company listed on the London Stock Exchange on 13 March 2007 and is a constituent of the FTSE 250 index.

3i Investments plc (regulated in the UK by the Financial Services Authority), a wholly-owned subsidiary of 3i Group plc, acts as Investment Adviser to 3i Infrastructure. 

This press release is not for distribution (directly or indirectly) in or to the United States, Canada, Australia or Japan and is not an offer of securities for sale in or into the United States, Canada, Australia or Japan. Securities may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or an exemption from registration under the Securities Act. Any public offering to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or selling security holder and will contain detailed information about 3i Group plc, 3i Infrastructure plc, the 3i India Infrastructure Fund and management, as applicable, as well as financial statements. No public offering in the United States is currently contemplated.

This statement aims to give an indication of material events and transactions that have taken place during the period from 1 April 2009 to 15 July 2009 and their impact on the financial position of 3i Infrastructure plc. These indications reflect the Board's current view. They are subject to a number of risks and uncertainties and could change. Factors which could cause or contribute to such differences include, but are not limited to, general economic and market conditions and specific factors affecting the financial prospects or performance of individual investments within the portfolio of 3i Infrastructure plc.