Pre-close update

RNS Number : 3185J

3i Infrastructure PLC

29 March 2010

 



29 March 2010

3i Infrastructure plc - Pre-close update

3i Infrastructure plc ("3i Infrastructure" or "the Company") is issuing the following pre-close update for the period from 1 April 2009 to 29 March 2010 (the "period"), ahead of announcing its results for the year to 31 March 2010 in early May 2010.

Highlights

-  Market environment for infrastructure investment improving

-  Attractive pipeline of investment opportunities

-  Portfolio assets continue to perform well, generating a good yield

-  £73.3 million invested in the period

-  £25.0 million realised in the period

-  Current cash balances of £310.6 million

Peter Sedgwick, Chairman of 3i Infrastructure, said: "3i Infrastructure's portfolio continues to perform well operationally and financially, generating a good yield. We expect growth in the underlying profitability of the Company's equity investments year on year."

Cressida Hogg, Managing Partner, Infrastructure, 3i Investments plc, added: "The completion of the Elgin investment in January was a positive development for the Company. We are seeing a clear improvement in conditions for infrastructure investment, with a more favourable macroeconomic outlook, stabilising asset prices and more realistic price expectations among vendors. Consequently, the number of investment opportunities available to 3i Infrastructure is increasing."

1.      Investment

The Company invested £73.3 million in the period. No new investments were completed since the publication of the Company's latest Interim Management Statement on 29 January 2010.

2.      Realisations

The Company generated realised proceeds of £25.0 million in the period, of which £11.8 million were generated since the publication of the January Interim Management Statement through the redemption of high-yielding senior preference shares in AWG with a face value of £10.3 million.

3.      Portfolio and returns

3i Infrastructure's portfolio is performing well and continues to deliver a good yield. The underlying profitability of the operational equity investments in the portfolio is expected to increase year on year. The valuation of the Company's junior debt portfolio continues to be supported by a positive market backdrop.

As usual, an important element of the determination of the results for the period to 31 March 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 year to 31 March 2010, including its net asset value as at that date, in early May.

4.      Balance sheet

The Company had cash balances of £310.6 million at 29 March 2010 and no borrowings.

Ends

For information please contact:

Peter Sedgwick	Chairman, 3i Infrastructure plc	[phone]
Stuart Howard	CFO, Infrastructure, 3i Investments plc	[phone]
Silvia Santoro	Investor enquiries	[phone]
Jennifer Letki	Press enquiries	[phone]
Peter Hewer	Tulchan Communications	[phone]

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 2009 to 29 March 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.

 

END

 

 

MSCSEMSIUFSSEFD