DOCSLIB.ORG

HICL Infrastructure PLC Annual Report 2021 Delivering Real Value

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
HICL Infrastructure PLC Annual Report 2021 Delivering Real Value HICL Infrastructure PLC Annual Report 2021 Delivering Real Value. Tameside General Hospital, UK Contents 2021 Highlights 2 Overview 01 1.1 Chairman’s Statement 6 Strategic Report 02 2.1 Strategy: HICL’s Investment Proposition 12 2.2 Strategy: HICL’s Business Model & Strategy 13 2.3 The Infrastructure Market 14 2.4 Key Performance & Quality Indicators 18 2.5 Investment Manager’s Report 20 2.6 Sustainability Report 26 Performance & Risk 03 3.1 Financial Review 48 3.2 Valuation of the Portfolio 53 3.3 The Investment Portfolio 64 3.4 Portfolio Analysis 66 3.5 Risk & Risk Management 68 3.6 Viability Statement 79 3.7 Risk Committee Report 80 3.8 Strategic Report Disclosures 84 Directors’ Report 04 4.1 Board and Governance 88 4.2 Board of Directors 90 4.3 The Investment Manager 92 4.4 Corporate Governance Statement 93 4.5 Audit Committee Report 97 4.6 Directors’ Remuneration Report 102 4.7 Report of the Directors 106 4.8 Statement of Directors’ Responsibilities 109 Financial Statements 05 5.1 Independent Auditor’s Report 112 5.2 Financial Statements 118 5.3 Notes to the Financial Statements 122 Glossary 158 Directors & Advisers 160 Front cover image: Salford Schools, UK HICL ANNUAL REPORT 2021 1 2021 Highlights 152.3 p 5.5% NAV per share1 Total Shareholder Return3 (2020:152.3p) (2020: 1.9%) 0.9x 8.25p Dividend cash cover2 New Dividend Guidance4 for 2023 (2020: 1.14x) Reaffirmed Dividend Guidance4 8.25p for 2022 MARKET SEGMENT GEOGRAPHIC LOCATION March 2021 March 2021 March 2020 March 2020 Mar 21 Mar 20 Mar 21 Mar 20 PPP projects 71% 72% UK 74% 76% Demand-based assets 19% 20% EU 18% 17% Regulated assets 10% 8% North America 8% 7% Top ten investments Demand-based assets Remaining investments Regulated PPP projects assets Differentiated Investment Proposition LOW SINGLE ASSET STRONG INFLATION GOOD CASH FLOW CONCENTRATION RISK CORRELATION LONGEVITY 2019 HIGHLIGHTS 46% 0.8 28.6 years Ten largest assets as a proportion of Correlation of portfolio returns to Weighted average asset life the portfolio as at 31 March 2021 inflation5 as at 31 March 2021 as at 31 March 2021 1 Net Asset Value 2 On an Investment Basis, including profits on disposal of £11.9m (2020: £16.4m). Excluding this, dividend cash cover would have been 0.83x (2020: 1.03x) 3 Based on interim dividends paid plus change in NAV per share in the year, divided by opening NAV per share 4 Expressed in pence per Ordinary Share for the financial year ending 31 March 5 If outturn inflation was 1% p.a. higher than the valuation assumption in each and every forecast period, the expected return from the portfolio (before Corporate Group expenses) would increase by 0.8% 2 HICL ANNUAL REPORT 2021 Committed to continued sustainability leadership 2020 2021 “The Company’s performance is inextricably tied to the delivery of positive stakeholder outcomes, in particular for the 87% 99% communities who use, and interact with, the Company’s assets in their daily lives.” Percentage of the HICL portfolio that Ian Russell CBE, Chairman is rated ‘high’ for ESG performance6 significantly increased through investee company engagement Business model delivers value for stakeholders Active management V Generate base case cash flows VALUE V Deliver well-maintained infrastructure for end users ENHANCEMENT Outperformance V Improve financial performance V Enhance communities’ experience of infrastructure VALUE ACCRETIVE Resilience PRESERVATION INVESTMENT V Build a sustainable portfolio of investments V Benefits from a strong, long-term social purpose Sustainability highlights Climate Change Impact Assessment TCFD Compliance ESG Metric-linked Facility V Climate change impact assessment V HICL and InfraRed are official TCFD V HICL has introduced a full suite of conducted across the entirety of Supporter companies metrics to objectively measure the HICL’s portfolio Group’s sustainability performance – V HICL began voluntarily reporting see page 31 V Assessment looked at both physical against the TCFD guidelines in its risks to assets in different climate 2020 Annual Report V A subset of these metrics has been scenarios as well as risks associated incorporated into an innovative with the transition to a lower V In conjunction with the climate Revolving Credit Facility, linking ESG carbon economy impact assessment, HICL now performance to financial outcomes voluntarily reports against TCFD on a fully compliant basis Further details on page 32 Further details on page 35 Further details on page 52 6 ‘High’ rating in ESG performance means scoring 4/5 stars in the HICL Sustainability Survey HICL ANNUAL REPORT 2021 3 01 / OVERVIEW Salford Schools, UK 4 HICL ANNUAL REPORT 2021 01 / OVERVIEW 01 / OVERVIEW 02 / STRATEGICREPORT 03 / PERFORMANCE RISK & 01 Overview 04 / DIRECTORS’ REPORT 05 / FINANCIAL STATEMENTS FINANCIAL 05 / HICL ANNUAL REPORT 2021 5 01 / OVERVIEW 1.1 Chairman’s Statement Ian Russell, CBE Chairman These last 12 months have been challenging for many of the Company’s stakeholders, with unprecedented change across daily life. The Board acknowledges the difficulties faced by many at this time, and wishes to express its sincere gratitude to HICL’s partners, led by the Investment Manager, for their tireless support of the Company in the period. HICL’s continued delivery of essential public infrastructure to communities throughout this pandemic-affected period is direct testament to the high quality of long-term partnerships that we share with our key stakeholders. 6 HICL ANNUAL REPORT 2021 01 / OVERVIEW 01 / OVERVIEW Introduction further collaboration with relevant stakeholders to improve I am pleased to report a resilient result for the year to 31 March the resilience of public infrastructure, potentially extending 2021. Total Shareholder Return1 over the year has been 5.5%, well-beyond HICL’s period of stewardship. despite the impact of increases in UK corporation tax rates announced in the March 2021 Budget on the value of HICL’s investments (see Financial Performance below). The underlying performance of the Company’s portfolio continues to be “ In the UK, 1 in 4 citizens interact with robust, underpinned by the quality of its diversified cash flows, infrastructure where HICL is an investor.” and is well-positioned to benefit from the post-pandemic economic recovery. Financial Performance The Company continues to pursue acquisitions targeted at The underlying annual return2 from the portfolio was 7.7%, specific areas of the core infrastructure market, with a healthy outperforming the Company’s weighted average discount rate pipeline of opportunities. These efforts remain anchored to an in the period. NAV remained flat despite several external factors uncompromising focus on the appropriate risk and reward for the negatively impacting the Company. Returns in the period were Company and the enhancement of HICL’s investment proposition supported by: accretive acquisition and disposal activity, a for shareholders. positive outcome from the Competition and Markets Authority’s Stewardship of Essential Public Assets PR19 redetermination, relevant to Affinity Water (more detail can Providing well-maintained core infrastructure for communities, which be found in the Investment Manager’s Report) and continued generates sustainable income for shareholders over the long term, evidence of strong asset pricing. These were offset by several sits at the heart of HICL’s Investment Proposition. The Company’s external factors: the UK budget’s increase in corporation tax performance is inextricably tied to the delivery of positive stakeholder rates, the alignment of the UK Retail Price Index (“RPI”) with the outcomes, in particular for the communities who use, and interact Consumer Prices Index including owner occupiers’ housing costs with, the Company’s assets in their daily lives. (“CPIH”) 2030, a further softening of long-term interest rates, negative movements in foreign exchange (net of hedging), and Through its 116 assets, HICL serves a population of over government restrictions on travel within the period. 20 million people globally. In the UK, 1 in 4 citizens interact with infrastructure where HICL is an investor. The Company is a The portfolio continues to perform robustly, with the trusted steward of these essential assets, acting as custodian significant majority of the portfolio not impacted by Covid-19. on behalf of the communities that the assets serve and, in many The ramifications of the pandemic continue to impact High Speed cases, to which the assets will be returned at the end of the 1 (4% of portfolio value at 31 March 2021) in particular, given defined contractual term. continued restrictions on international travel. The Investment Manager’s Report (Section 2.5) provides further comment on the impact of Covid-19 on the valuation; in addition, an analysis of the “ Through its 116 assets, HICL serves a movements in the Directors’ Valuation in the year can be found in population of over 20 million people globally.” Section 3.2 – Valuation of the Portfolio. Balance sheet The Company’s balance sheet remains strong with no net debt These touchpoints afford HICL an exceptional vantage point and £322m of available liquidity. This was bolstered in the year to progress the ‘Social’ dimension of the ESG framework, in with the establishment of a dedicated £60m Letter of Credit particular, as the Company pursues its express intention to facility providing greater flexibility for the funding of the Company’s provide leadership on sustainability matters across the greenfield investment pipeline. infrastructure sector. In May 2021 HICL renegotiated its revolving credit facility to Climate change convert the loan to a Sustainability Linked Loan (“SLL”) and Our long-term stewardship responsibilities demand an inter- transition from LIBOR to SONIA for GBP drawings. The generational perspective on risk, matched to the duration of the innovative SLL structure links the loan’s margin to the Company’s assets. This year our Investment Manager, InfraRed, Company’s performance against five sustainability targets, across completed a climate change impact assessment across the HICL Environmental, Social and Governance dimensions.
Load more

Recommended publications
  • Annual Report and Audited Financial Statements
    Annual report and audited financial statements BlackRock Charities Funds • BlackRock Armed Forces Charities Growth & Income Fund • BlackRock Catholic Charities Growth & Income Fund • BlackRock Charities Growth & Income Fund • BlackRock Charities UK Bond Fund • BlackRock Charities UK Equity ESG Fund • BlackRock Charities UK Equity Fund • BlackRock Charities UK Equity Index Fund For the financial period ended 30 June 2020 Contents General Information 2 About the Trust 3 Charity Authorised Investment Fund 4 Charity Trustees’ Investment Responsibilities 4 Fund Manager 4 Significant Events 4 Investment Report 5 Report on Remuneration 15 Accounting and Distribution Policies 21 Financial Instruments and Risks 24 BlackRock Armed Forces Charities Growth & Income Fund 37 BlackRock Catholic Charities Growth & Income Fund 56 BlackRock Charities Growth & Income Fund 74 BlackRock Charities UK Bond Fund 95 BlackRock Charities UK Equity ESG Fund 111 BlackRock Charities UK Equity Fund 125 BlackRock Charities UK Equity Index Fund 138 Statement of Manager’s and Trustee’s Responsibilities 162 Independent Auditor’s Report 165 Supplementary Information 169 1 General Information Advisory Committee Members - BlackRock manager of the Funds, each of which is an alternative Armed Forces Charities Growth & Income investment fund for the purpose of the Alternative Fund: Investment Fund Managers Directive. Mr Michael Baines (Chairman) Mr Guy Davies Directors of the Manager Major General A Lyons CBE G D Bamping* Major General Ashley Truluck CB, CBE M B Cook Colonel
    [Show full text]
  • Description Iresscode Exchange Current Margin New Margin 3I
    Description IRESSCode Exchange Current Margin New Margin 3I INFRASTRUCTURE PLC 3IN LSE 20 20 888 HOLDINGS PLC 888 LSE 20 20 ASSOCIATED BRITISH ABF LSE 10 10 ADMIRAL GROUP PLC ADM LSE 10 10 AGGREKO PLC AGK LSE 20 20 ASHTEAD GROUP PLC AHT LSE 10 10 ANTOFAGASTA PLC ANTO LSE 15 10 ASOS PLC ASC LSE 20 20 ASHMORE GROUP PLC ASHM LSE 20 20 ABERFORTH SMALLER COM ASL LSE 20 20 AVEVA GROUP PLC AVV LSE 20 20 AVIVA PLC AV LSE 10 10 ASTRAZENECA PLC AZN LSE 10 10 BABCOCK INTERNATIONAL BAB LSE 20 20 BARR PLC BAG LSE 25 20 BARCLAYS PLC BARC LSE 10 10 BRITISH AMERICAN TOBA BATS LSE 10 10 BAE SYSTEMS PLC BA LSE 10 10 BALFOUR BEATTY PLC BBY LSE 20 20 BARRATT DEVELOPMENTS BDEV LSE 10 10 BARING EMERGING EUROP BEE LSE 50 100 BEAZLEY PLC BEZ LSE 20 20 BH GLOBAL LIMITED BHGG LSE 30 100 BOWLEVEN PLC BLVN LSE 60 50 BANKERS INVESTMENT BNKR LSE 20 20 BUNZL PLC BNZL LSE 10 10 BODYCOTE PLC BOY LSE 20 20 BP PLC BP LSE 10 10 BURBERRY GROUP PLC BRBY LSE 10 10 BLACKROCK WORLD MININ BRWM LSE 20 65 BT GROUP PLC BT-A LSE 10 10 BRITVIC PLC BVIC LSE 20 20 BOVIS HOMES GROUP PLC BVS LSE 20 20 BROWN GROUP PLC BWNG LSE 25 20 BELLWAY PLC BWY LSE 20 20 BIG YELLOW GROUP PLC BYG LSE 20 20 CENTRAL ASIA METALS PLC CAML LSE 40 30 CLOSE BROTHERS GROUP CBG LSE 20 20 CARNIVAL PLC CCL LSE 10 10 CENTAMIN PLC CEY LSE 20 20 CHARIOT OIL & GAS LTD CHAR LSE 100 100 CHEMRING GROUP PLC CHG LSE 25 20 CONYGAR INVESTMENT CIC LSE 50 40 CALEDONIA INVESTMENTS CLDN LSE 25 20 CARILLION PLC CLLN LSE 100 100 COMMUNISIS PLC CMS LSE 50 100 CENTRICA PLC CNA LSE 10 10 CAIRN ENERGY PLC CNE LSE 30 30 COBHAM PLC
    [Show full text]
  • The VT Redlands Portfolios
    The VT Redlands Portfolios What are the VT Redlands Portfolios? The VT Redlands Portfolio funds each invest in one of four defined “asset classes” namely the Equity, Multi-Asset, Property and Fixed Income categories. Each fund carries a prescribed Risk Profile on a scale of 1 to 7 – with for example Equity being the highest at a factor 5. Each one is used as a building block in the creation of bespoke risk rated investment portfolios for clients of David Williams IFA. By combining the four VT Redlands funds with other asset classes such as With Profits/ Smoothed Managed and Structured Equity funds, our clients can enjoy the benefits of a very wide level of diversification within their portfolios. This reduces volatility and creates the potential for rewarding rates of return year after year. Each Portfolio fund is constructed as a Fund of Funds providing access to the “best of the best” sector funds from a huge investment universe. The Portfolios are designed to meet their objectives as efficiently as possible whilst keeping costs to a minimum and are run according to a strict risk-control criteria. Typically, 15 to 25 different funds are held in each portfolio, with each one in turn managed by leading investment houses such as Fundsmith, Fidelity and Invesco as well as specialist boutiques including Ruffer, Fulcrum and Somerset. Underlying funds have exposure to a great many shares, bonds and other assets, Therefore, a single investment into one of the Redlands Portfolios gives a spread across a myriad of different holdings, countries and investment styles.
    [Show full text]
  • Parker Review
    Ethnic Diversity Enriching Business Leadership An update report from The Parker Review Sir John Parker The Parker Review Committee 5 February 2020 Principal Sponsor Members of the Steering Committee Chair: Sir John Parker GBE, FREng Co-Chair: David Tyler Contents Members: Dr Doyin Atewologun Sanjay Bhandari Helen Mahy CBE Foreword by Sir John Parker 2 Sir Kenneth Olisa OBE Foreword by the Secretary of State 6 Trevor Phillips OBE Message from EY 8 Tom Shropshire Vision and Mission Statement 10 Yvonne Thompson CBE Professor Susan Vinnicombe CBE Current Profile of FTSE 350 Boards 14 Matthew Percival FRC/Cranfield Research on Ethnic Diversity Reporting 36 Arun Batra OBE Parker Review Recommendations 58 Bilal Raja Kirstie Wright Company Success Stories 62 Closing Word from Sir Jon Thompson 65 Observers Biographies 66 Sanu de Lima, Itiola Durojaiye, Katie Leinweber Appendix — The Directors’ Resource Toolkit 72 Department for Business, Energy & Industrial Strategy Thanks to our contributors during the year and to this report Oliver Cover Alex Diggins Neil Golborne Orla Pettigrew Sonam Patel Zaheer Ahmad MBE Rachel Sadka Simon Feeke Key advisors and contributors to this report: Simon Manterfield Dr Manjari Prashar Dr Fatima Tresh Latika Shah ® At the heart of our success lies the performance 2. Recognising the changes and growing talent of our many great companies, many of them listed pool of ethnically diverse candidates in our in the FTSE 100 and FTSE 250. There is no doubt home and overseas markets which will influence that one reason we have been able to punch recruitment patterns for years to come above our weight as a medium-sized country is the talent and inventiveness of our business leaders Whilst we have made great strides in bringing and our skilled people.
    [Show full text]
  • Public-Private Partnerships Financed by the European Investment Bank from 1990 to 2020
    EUROPEAN PPP EXPERTISE CENTRE Public-private partnerships financed by the European Investment Bank from 1990 to 2020 March 2021 Public-private partnerships financed by the European Investment Bank from 1990 to 2020 March 2021 Terms of Use of this Publication The European PPP Expertise Centre (EPEC) is part of the Advisory Services of the European Investment Bank (EIB). It is an initiative that also involves the European Commission, Member States of the EU, Candidate States and certain other States. For more information about EPEC and its membership, please visit www.eib.org/epec. The findings, analyses, interpretations and conclusions contained in this publication do not necessarily reflect the views or policies of the EIB or any other EPEC member. No EPEC member, including the EIB, accepts any responsibility for the accuracy of the information contained in this publication or any liability for any consequences arising from its use. Reliance on the information provided in this publication is therefore at the sole risk of the user. EPEC authorises the users of this publication to access, download, display, reproduce and print its content subject to the following conditions: (i) when using the content of this document, users should attribute the source of the material and (ii) under no circumstances should there be commercial exploitation of this document or its content. Purpose and Methodology This report is part of EPEC’s work on monitoring developments in the public-private partnership (PPP) market. It is intended to provide an overview of the role played by the EIB in financing PPP projects inside and outside of Europe since 1990.
    [Show full text]
  • The Virgin UK Index Tracking Trust
    The Virgin UK Index Tracking Trust Final Report and Financial Statements For the year ended 15 March 2021 2 The Virgin UK Index Tracking Trust Contents Manager's report 3 Management and professional services 3 Manager's investment report 4 Comparative tables 11 Portfolio statement 12 Top purchases and sales of investments 30 Securities Financing Transactions (SFTs) 32 Statement of total return 36 Statement of change in net assets attributable to unitholders 37 Balance sheet 38 Notes to the financial statements 39 Distribution tables 53 Statement of the Manager’s responsibilities 54 Independent auditor’s report to the unitholders of the Virgin UK Index Tracking Trust 55 Manager’s remuneration 58 Statement of the Trustee’s responsibilities in respect of the Scheme and Report of the Trustee to the Unitholders of the Virgin UK Index Tracking Trust 59 The Virgin UK Index Tracking Trust 3 Management and professional services For the year ended 15 March 2021 Manager (the ‘Manager’) Virgin Money Unit Trust Managers Limited Jubilee House Directors: S. Bruce (appointed 29 September 2020) Gosforth J. Byrne (appointed 24 May 2021) Newcastle upon Tyne H. Chater NE3 4PL S. Fennessy (resigned 29 September 2020) F. Murphy (appointed 19 October 2020) M. Phibbs J. Scott (resigned 4 December 2020) I. Smith (resigned 19 October 2020) D. Taylor (appointed 29 September 2020) N. L. Tu (resigned 24 May 2021) S. Wemyss (appointed 8 December 2020) Telephone 03456 10 20 30* Authorised and regulated by the Financial Conduct Authority. Investment adviser Aberdeen Asset Managers Limited 10 Queen’s Terrace Aberdeen Aberdeenshire AB10 1XL Authorised and regulated by the Financial Conduct Authority.
    [Show full text]
  • Life After Lockdown
    www.whatinvestment.co.uk Issue 460 | July 2021 | £4.50 LIFE AFTER LOCKDOWN A growing concern Are you switched on? A high stakes game Investing in trees could How artifi cial intelligence Peter Elston on why be the antidote to some of is transforming life as infl ation is far more Earth’s biggest challenges we know it complex than it appears Pages 34-35 Pages 50-52 Page 82 001_WI_0721.indd 1 17/06/2021 10:42 ad template.indd 1 17/06/2021 12:02 First word 3 July 2021 On life and investing www.whatinvestment.co.uk Issue 460 | July 2021 | £4.50 LIFE AFTER LOCKDOWN after the pandemic A growing concern Are you switched on? A high stakes game Investing in trees could How artificial intelligence Peter Elston on why be the antidote to some of is transforming life as inflation is far more Earth’s biggest challenges we know it complex than it appears Pages 34-35 Pages 50-52 Page 82 elcome to the July issue As you will learn in this month’s Editorial of What Investment, which issue, some investment trust Editor-in-chief comes at a time when it managers believe there will be a Lawrence Gosling 020 7250 7027 W [email protected] looks like the economy is on the very strong recovery, particularly verge of opening up for the fi rst in areas like consumer spending, Subscriptions Lara Rossett 020 7250 7011 time since March of last year. housebuilding and specialist [email protected] How we view this situation industrial businesses; others don’t Advertising depends largely on what kind of Lawrence Gosling think things will be so simple.
    [Show full text]
  • National Planning Framework for Scotland 2 Wealthier and Fairer
    NATIONAL PLANNING FRAMEWORK FOR SCOTLAND 2 WEALTHIER AND FAIRER GREENER SMARTER SAFER AND STRONGER HEALTHIER CONTENTS Paragraph INTRODUCTION 1 KEY CHALLENGES 11 ECONOMIC STRATEGY 12 The Importance of Place 13 NATIONAL PLANNING FRAMEWORK FOR SCOTLAND 2 SUSTAINABLE DEVELOPMENT 15 Climate Change 16 Transport 21 Energy 25 Waste 27 Biodiversity 28 New Technologies 29 PEOPLE AND HOUSEHOLDS 31 SCOTLAND IN THE WORLD 36 Europe 37 United Kingdom 42 SCOTLAND – 2030 44 A GROWING ECONOMY 45 A GREENER SCOTLAND 48 STRONGER, SMARTER, HEALTHIER AND SAFER COMMUNITIES 50 DEVELOPMENT STRATEGY 53 The Cities and their Regions 54 Sustainable Growth 58 Housing 72 Sustainable Communities 78 Built Environment 79 Regeneration 85 Vacant and Derelict Land 89 Greening the Environment 92 Landscape and Cultural Heritage 97 Marine and Coastal Environment 101 Paragraph INFRASTRUCTURE 103 NATIONAL DEVELOPMENTS 104 TRANSPORT 106 External Links 114 Internal Connectivity 128 Sustainable Transport and Land Use 136 NATIONAL PLANNING FRAMEWORK FOR SCOTLAND 2 ENERGY Renewable Energy 144 Baseload Power Stations 151 Fossil Fuels 154 Electricity Transmission 157 Sub-Sea Grid 162 Heat 163 Decentralised Production 164 WASTE MANAGEMENT Municipal, Commercial and Industrial Waste 166 Radioactive Waste 171 WATER AND DRAINAGE 174 WATER RESOURCE MANAGEMENT AND FLOODING 177 COMMUNICATIONS TECHNOLOGY 180 SPATIAL PERSPECTIVES 183 CENTRAL BELT City Collaboration 186 Edinburgh Waterfront 187 West Edinburgh 188 East Central Scotland 189 Clyde Corridor 191 Clyde Waterfront 194 Clyde Gateway 198 Making the Connections 199 Green Network 202 EAST COAST 203 HIGHLANDS AND ISLANDS 211 AYRSHIRE AND THE SOUTH-WEST 224 SOUTH OF SCOTLAND 232 Paragraph MAKING IT HAPPEN DEVELOPMENT PLANNING 239 DEVELOPMENT MANAGEMENT 240 ACTION PROGRAMME 243 ENQUIRIES 245 Page ANNEX: NATIONAL NATIONAL PLANNING FRAMEWORK FOR SCOTLAND 2 DEVELOPMENTS – STATEMENTS OF NEED 102 1.
    [Show full text]
  • Chrysalis Investments Limited
    THIS PROSPECTUS IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt as to what action you should take you are recommended to seek your own financial advice immediately from your stockbroker, bank, solicitor, accountant or other independent financial adviser who is authorised under the Financial Services and Markets Act 2000 (the “FSMA”) if you are in the United Kingdom, or from another appropriately authorised independent financial adviser if you are in a territory outside the United Kingdom. This Prospectus comprises a prospectus relating to Chrysalis Investments Limited (the “Company”) in connection with the issue of Shares, prepared in accordance with the Prospectus Regulation Rules of the Financial Conduct Authority made pursuant to section 73A of the FSMA. This Prospectus has been approved by the Financial Conduct Authority for the purposes of the UK version of Regulation (EU) 2017/1129 (the “EU Prospectus Regulation”) which forms part of UK law by virtue of the European Union (Withdrawal) Act 2018 (the “UK Prospectus Regulation”). The Financial Conduct Authority only approves this Prospectus, as the competent authority under the Prospectus Regulation Rules, as meeting the standards of completeness, comprehensibility and consistency imposed by the UK Prospectus Regulation. Such approval should not be considered as an endorsement of the Company that is the subject of this Prospectus or of the quality of the Shares. This Prospectus has been drawn up and published in accordance with the UK Prospectus Regulation. Investors should make their own assessment as to the suitability of investing in the Shares. The Shares are only suitable for investors: (i) who understand and are willing to assume the potential risks of capital loss and that there may be limited liquidity in the underlying investments of the Company; (ii) for whom an investment in the Shares is part of a diversified investment programme; and (iii) who fully understand and are willing to assume the risks involved in such an investment.
    [Show full text]
  • Building Better Transport
    Building Better Transport CEC02083844_0001 Building Better Transport Ministerial Foreword When I was appointed Tr ansport Minister last spring, Scotland's Transport: Delivering Improvements was not long published. That document identified key priorities for transport that have underpinned our work over the last year. It also promised that we would issue a report on progress. We have taken huge steps forward since then. The key to progress was our decision last year to allocate unprecedented sums to transport over the next three years. Spending on transport will rise by over 50% over three years, with almost £1 billion per annum being spent by 2006. Spending on public transport - which is now top of our priorities - will rise by over 70% in three years. That decision made an enormous impact. There is now money to fund major new infrastructure projects. The sense of momentum is building. People are beginning to believe. Transport improvements that once seemed a pipe dream stand a genuine chance of becoming reality. The new communications links that businesses have been crying out for are just around the corner, and the economy will thrive on them. Resources are not unlimited, but we can be certain that the transformation of Scotland's transport infrastructure will be well under way by the end of the decade. We have been criticised in the past for not committing the funds needed to enable major projects to proceed. That has now changed. All schemes will still have to continue to demonstrate value for money and stand up to rigorous economic and environmental scrutiny. But the security of a £1 billion per annum budget has enabled us over the year to make firm funding commitments, including the MS and M80 motorway upgrades in west central Scotland; the reinstatement of the Airdrie-Bathgate railway line; a new bypass, the Western Peripheral Route, for Aberdeen; and has allowed us to make further progress with rail links to Glasgow and Edinburgh airports.
    [Show full text]
  • TRISS Plan Page: 1 of 24
    Ref No : M80DBFO-TRISS M80 Stepps to Haggs O and M Works Site Plan Issue: 19 Related to: NA TRISS Plan Page: 1 of 24 M80 O and M Works Site Trunk Roads Incident Support Service Plan Ref No : M80DBFO-TRISS M80 Stepps to Haggs O and M Works Site Plan Issue: 19 Related to: NA TRISS Plan Page: 2 of 24 M80 STEPPS TO HAGGS DBFO CONTRACT M80 MOTORWAY AND THE M80 -M73 LINK ROAD INCIDENT SUPPORT SERVICE PLAN May 20 20 Client: O & M Contractor: HMG BEAR Scotland Ltd Highway Management (Scotland) Limited Chryston Depot c/o Bilfinger RE Asset Management Ltd, Auchengeich Road Pavilion 2, Buchanan Park Stepps Chryston GLASGOW, G33 6HZ. M80 O and M Works Site Trunk Roads Incident Support Service Plan Ref No : M80DBFO-TRISS M80 Stepps to Haggs O and M Works Site Plan Issue: 19 Related to: NA TRISS Plan Page: 3 of 24 DOCUMENT APPROVAL/ AUTHORISATION Name Date Document originally Prepared By xxxxx xxxxxxxx June 2011 Document originally Checked By xxxx xxxxxxxx June 2011 Document originally Authorised By xxxxx xxxxxx June 2011 REVISION STATUS REVISION STATUS REV. Date Revision Details Update Check Authorised 11 Nov 2015 Update xx xx xx 12 May 2016 Yearly update xx xx xx 13 Mar 2017 Update to include name changes xx xx xx 14 May 2017 Yearly update xx xx xx 15 Oct 2017 Name changes and updated xx xx xx Response form and text 16 Oct 2017 Text updates Par 4.2.3 xx xx xx 17 May 2018 Yearly update xx xx xx 18 May 2019 Yearly update xx xx xx 19 May 2020 Yearly update xx xx xx M80 O and M Works Site Trunk Roads Incident Support Service Plan Ref No : M80DBFO-TRISS M80 Stepps to Haggs O and M Works Site Plan Issue: 19 Related to: NA TRISS Plan Page: 4 of 24 Contents Section Subject Page Document Control 3 Contents 4 Distribution List 5 1.
    [Show full text]
  • Buchanan Gate Business Park Stepps | Glasgow G33 6Fb Office Investment for Sale Kelvin House | Buchanan Gate Business Park | Stepps | Glasgow
    OFFICE INVESTMENT FOR SALE KELVIN HOUSE BUCHANAN GATE BUSINESS PARK STEPPS | GLASGOW G33 6FB OFFICE INVESTMENT FOR SALE KELVIN HOUSE | BUCHANAN GATE BUSINESS PARK | STEPPS | GLASGOW Executive Summary Successful and growing Business Park Grade A office building totalling 1,881 sq m Absolute Ownership (Scottish equivalent to location which has attracted a range of high (20,253 sq ft), together with 71 car spaces. English Freehold). profile occupiers including Scottish Water, Barratt Homes and BAM. Complimentary Let to BAM Construct UK Limited on an Offers in excess of £2.93 Million exclusive of recent development of Premier Inn Hotel FRI lease expiring 30 September 2021 at a VAT are invited reflecting a net initial yield of and Brewers Fayre adjoins the Park. current rental of £295,000 per annum. 9.5% after purchasers costs of 5.97%. Excellent road and rail accessibility to BAM Construct UK Limited have a 5A1 Dun Capital Value of £145 sq ft. Glasgow and across the central belt. & Bradstreet credit rating. A90 Perth A85 A85 A82 A92 A91 St Andrews OFFICE INVESTMENT FOR SALE KELVIN HOUSE | BUCHANAN GATE BUSINESS PARK | STEPPS | GLASGOW A84 A9 A91 Glenrothes A91 Location A82 M9 M90 A92 Buchanan Gate is located in Stepps, approximately 7 Kirkcaldy Stirling miles north east of Glasgow city centre. The park enjoys A985 Dunfermline excellent road accessibility, being close to Junction 3 of Dalgety Bay North Helensburgh M80 Berwick the M80 motorway which links into the M8, providing A811 Falkirk direct access into Glasgow and also to the M73/ M74 Gourock M9 motorways. Dumbarton M80 A1 Dunbar Greenock Tranent M73 Cumbernauld EDINBURGH To the east, the M80 links into the A9 and thereafter to M8 Haddington the M90 motorway, providing access throughout the M80 A80 Bathgate M8 Livingston Dalkeith north and east of Scotland.
    [Show full text]