Pre-close period briefing
3i Infrastructure plc ("3i Infrastructure" or "the Company") will be holding discussions with analysts and investors ahead of its close period for the six months ending 30 September 2010.
This statement sets out the information for the period from 1 April 2010 to 27 September 2010 that will be covered in those discussions. 3i Infrastructure expects to announce its results for the six months ending 30 September 2010 in November 2010.
- Portfolio assets continue to perform well, generating strong income
- Current cash balances of £297 million
- Attractive pipeline of investment opportunities
Peter Sedgwick, Chairman of 3i Infrastructure, said:
"3i Infrastructure''s portfolio continues to generate strong income, supporting the delivery of the Company''s distribution objectives."
Cressida Hogg, Managing Partner, Infrastructure, 3i Investments plc, added:
"Market conditions for infrastructure investment remain relatively supportive. The Investment Adviser is working on an attractive pipeline of investment opportunities in Europe and in India."
1. Portfolio and returns
3i Infrastructure''s portfolio is performing well operationally and financially, and is positioned to deliver a strong yield, underpinning the Company''s distribution objectives.
Movements in net asset value in the period will be influenced, among other factors, by the mark-to-market value of the junior debt portfolio, as well as currency movements. In the period from 1 April 2010, the mark-to-market valuation for junior debt instruments has remained broadly flat. Sterling has appreciated against both the euro and the US dollar in the period, resulting in a net currency loss on the unhedged foreign currency element of the portfolio.
As usual, an important element of the determination of the results for the six months to 30 September 2010 will be the valuation exercise carried out on the investment portfolio as at that date. The Company will be reporting its results for the six months to 30 September 2010, including its net asset value as at that date, in November.
2. Balance sheet
At 27 September 2010 the Company had cash balances of £297 million. There are currently no external borrowings on a recourse basis to the Company.
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For information please contact:
Chairman, 3i Infrastructure plc
+44 1534 711 444
+44 20 7975 3258
+44 20 7975 3190
3i Infrastructure plc 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 in March 2007, raising £703 million in an initial public offering and a further £115 million in a subsequent placing and open offer in July 2008. The Company is a constituent of the FTSE 250 index. It aims to build a diversified portfolio of infrastructure investments across the globe, but with an initial focus on Europe, Asia and North America.
3i Investments plc, a wholly-owned subsidiary of 3i Group plc, is authorised and regulated in the UK by the Financial Services Authority and acts as Investment Adviser to 3i Infrastructure plc.
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 2010 to 27 September 2010 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.