UIL Limited

Overview

UIL Limited is a Bermuda-based investment company focusing on infrastructure and utility sectors. The company aims to maximize shareholder returns by identifying and investing in compelling long-term investments worldwide, where the underlying value is not fully recognized. UIL Limited is an exempted closed-end Bermuda incorporated investment company, established as a successor to Utilico Investment Trust plc. Trading in UIL's shares commenced on 20 June 2007. The Directors are responsible for the determination of UIL’s investment policy and have overall responsibility for UIL's activities. UIL has, however, entered into an Investment Management Agreement with ICM Investment Management Limited (ICMIM) and ICM Limited (ICM) under which ICMIM has been appointed the Company’s Alternative Investment Fund Manager and also as joint portfolio manager alongside ICM. ICM has been appointed as secretary to UIL. Accounting and administration services are provided by JP Morgan Chase Bank N.A. - London Branch. UIL publishes the Net Asset Value (NAV) for its ordinary shares and the accrued capital entitlement of the Zero Dividend Preference (ZDP) shares weekly via the Regulatory News Service (RNS) of the London Stock Exchange. UIL does not fall within the HMRC’s definition of an offshore fund for UK resident investors. Utilico Finance Limited changed its name to UIL Finance Limited (UIL Finance) on 17 November 2015. UIL Finance is also an exempted closed-end Bermuda incorporated investment company and is a wholly owned subsidiary of UIL. UIL Finance's ZDP share capital comprises two classes of ZDP shares (different maturity dates - 31 October 2026 and 31 October 2028). UIL's capital structure is comprised of bank debt, ordinary shares and two different classes of ZDP shares. UIL’s ordinary shares are admitted to trading on the specialist fund segment of the Main Market of the London Stock Exchange and have a secondary listing on the Bermuda Stock Exchange. UIL Finance’s ZDP shares are listed on the standard segment of the Official List of the Financial Conduct Authority and are traded on the Main Market of the London Stock Exchange. The Group comprises UIL and UIL Finance. UIL's investment policy is to identify and invest in opportunities where the underlying value is not reflected in the market price. This perceived undervaluation may arise from factors such as technological change, market motivation, prospective financial engineering opportunities, competition, underperforming management or shareholder apathy. UIL aims to maximize value for shareholders through a relatively concentrated portfolio of investments including separate closed end investment companies (Platforms) which have been or will be established to focus on investments in dedicated market sectors. UIL has the flexibility to invest in shares, bonds, convertibles and other types of securities, including non-investment grade bonds and to invest in unlisted securities. UIL may also invest in other investment companies or vehicles, including any managed by the Investment Managers, where such investment would be complementary to UIL's investment objective and policy. UIL may use derivative instruments such as American Depository Receipts, promissory notes, foreign currency hedges, interest rate hedges, contracts for difference, financial futures, call and put options and warrants and similar instruments for investment purposes and efficient portfolio management, including protecting UIL’s portfolio and balance sheet from major corrections and reducing, transferring or eliminating investment risks in its investments. These investments will be long term in nature. UIL has the flexibility to invest in markets worldwide although investments in the utilities and infrastructure sectors are principally made in the developed markets of Australasia, Western Europe and North America, as UIL’s exposure to the emerging markets utilities and infrastructure sectors is primarily through its ho

Investment Focus

• Investments primarily in infrastructure and utility sectors
• Focus on undervalued opportunities with long-term growth potential
• Geographical focus on developed markets, with exposure to emerging markets through holdings like Utilico Emerging Markets Trust plc

Portfolio Companies