Progress awaits completion of financing agreement

IIP has announced a further decline in its NAV per share from 28p as at 31 March 2018 to 21p as at 30 September, reflecting continuing delays to completion of the container terminals at its key asset, DLI. These delays are being caused by a lack of available funding, which the financing agreements announced on 31 July should address. The company now expects these agreements to be completed by the end of the year. The company flags that these financing agreements will be dilutive to NAV per share

Morning Song

Elementis (ELM LN) Interims confirm FY guidance, Mondo acquisition under review | Infrastructure India (IIP LN) Proposed financing to generate $125m

N+1 Singer - Morning Song 14-12-2017

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N+1 Singer - Infrastructure India - NAV declines further - financing discussions continue

IIP’s half year results to 30 September 2017 reflect weakness in the Indian Rupee exchange rate around the period end and ongoing difficulties in progressing the development of the main transport and logistics asset, DLI. The reported NAV per share has declined from 41p at 31 March 2017 to 35p at the half year point. While the policy background remains favourable to the logistics sector in India, current operating conditions are tough and IIP requires additional finance to compete the build-out

N+1 Singer - Morning Song 28-09-2017

Frontier Smart Technologies Group (FST LN) (VIDEO SUMMARY) Value in innovation, growth and cash generation | Infrastructure India (IIP LN) Difficult conditions cause DLI delays | Microsaic Systems (MSYS LN) Difficult H1, but new focus showing +ve signs | Midatech Pharma (MTPH LN) H1’s & £6m Placing; key trials to start in Q4 | Mobile Streams (MOS LN) Argentina still tough, growing pains in India | Vp (VP/ LN) Positive half year update

N+1 Singer - Infrastructure India - Difficult conditions for DLI offset by currency/rates

Infrastructure India’s portfolio performance in the half year to 30 September was characterised by difficult operating conditions for the key asset, DLI, offset by a significant benefit from a strengthening Indian Rupee and an improvement in the Indian risk free rate used for asset valuations. Balance sheet liquidity improved with the disposal in the period of the toll-road interest for £22.4m. However further measures or renegotiation will be needed to deal with the £13.4m working capital loan

AIM Breakfast

COLEFAX GROUP PLC (CFX LN) | COLLAGEN SOLUTIONS PLC (COS LN) | CRAWSHAW GROUP PLC (CRAW LN) | CRONIN GROUP PLC (CRON LN) | FRANCHISE BRANDS PLC (FRAN LN) | INFRASTRUCTURE INDIA PLC (IIP LN) | MEDAPHOR GROUP PLC (MED LN) | POWERFLUTE OYJ (POWR LN) | PURPLEBRICKS GROUP PLC (PURP LN) | TRIBAL GROUP PLC (TRB LN)

N+1 Singer - Morning Song 29-06-2016

Greene King (GNK LN) Stronger than anticipated finals | Harwood Wealth (HW LN) Interims in-line, healthy acquisition pipeline | Infrastructure India (IIP LN) Sale of interest in WMP toll road completes | OMG (OMG LN) Appointment of Non-Executive Chairman

Morning Song

EKF Diagnostics (EKF LN) Appointment of Christopher Mills as Chairman | Infrastructure India (IIP LN) Asset disposal and DLI update | Liontrust Asset Management (LIO LN) Positive flows in volatile Q4, Euro income acquisition | Minds + Machines Group (MMX LN) Transformative outsourcing contracts | Senior (SNR LN) High quality Aerospace manufacturer

Asset disposal and DLI update

IIP has achieved a decent sale of the toll road minority interest (WMP), albeit at a small discount to balance sheet valuation, and provided an encouraging operational update on the key logistics business, DLI. Under the circumstances, the WMP disposal offers some validation of the NAV approach, while of course also increasing balance sheet liquidity. In the context of movements in the Rupee exchange rate and the risk-free rate, we expect any change to NAV arising from this update to be immateri

Macro headwinds affect H1 results

As foreshadowed by the company’s notice of results on November 25th, the Rupee exchange rate and softer background business conditions have caused the NAV per share to fall to 48p from 55p at the March 2015 year end. Most of this impact was seen in the valuation of the key logistics investment DLI, where nonetheless steady progress towards completion of the 4 container terminals has been made. Operationally, the other assets have performed broadly in line with expectations during the first half

NAV progress – discount looks too high

NAV of 55p per share at 31 March 2015 was better than expected. This was driven mainly by movements in the Indian risk-free rate and INR exchange rate and means that despite some recent movement in the share price, it remains at a 71% discount to NAV. This looks too high as the key DLI subsidiary increasingly transitions from regulatory/bureaucratic/financial risk to operational risk. Operationally, all assets have performed broadly in line with expectations during the second half of the year.

NAV resumes progress, discount looks too high

Infrastructure India has provided an encouraging update today on expected year-end NAV, the ramp-up of business in the all-important DLI container transport and logistics business and the steady state of the other assets. Management’s expectation that the NAV has resumed upward progress to about 55p as at 31 March (our estimate was 47p), after the difficulties of recent times, suggest strongly that the implied 74% discount to NAV should start to narrow.

Morning Song

Infrastructure India (IIP LN) NAV resumes progress, discount looks too high | Latchways (LTC LN) Results in line; Outlook improving | Premier Technical Services Group (PTSG LN) First acquisition enhances offering with turnaround potential | Redcentric (RCN LN) Delivering organic growth

LIBERUM: Plus500: Strategic progress pays dividends

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Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

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BlackRock World Mining

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Ondo InsurTech FY24 Trading Update

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NextEnergy Solar Fund - Attractive Refinancing

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Jupiter Green

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The Hardman & Co Monthly: April 2024

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LIBERUM: Speedy Hire: Weakness in FY 24 but recovery in FY 25

Primary Health Properties - Strategic and accretive Irish expansion

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Vanquis Banking Group+ (VANQ, House Stock, 47p) - Deep value