25th Feb 2016 08:53
LONDON (Alliance News) - HICL Infrastructure Co Ltd on Thursday re-affirmed its target dividend per share of 7.45 pence for the current financial year ending March 31, followed by 7.60p for the next financial year.
"The portfolio continues to perform well from an operational standpoint. Cash generation from the projects remains broadly in line with full year expectations," Graham Picken, who will be replaced as chairman by Ian Russell in March, said.
The company said it expects the aggregate dividend for the current financial year to be cash covered, albeit at a "marginally reduced level" compared to the previous financial year.
Following recent investment activity and a tap issue of shares in December, raising about GBP51.0 million of gross proceeds, the company said it has a net funding requirement of about GBP7.0 million. The company said its funding options remain "under review". It plans to provide an update on its equity capital raising plans in due course.
The next valuation of the HICL Group's portfolio will be as at March 31.
The stock was down 0.1% at 155.80p on Thursday morning.
By Samuel Agini; [email protected]; @samuelagini
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