HICL Infrastructure Completes Buyback of 500,000 Shares at 134.92p, Expanding Treasury Stock Holdings

Details of Share Buyback on London Stock Exchange

HICL Infrastructure plc executed a share repurchase on 21 July 2026, acquiring 500,000 ordinary shares of 0.01 pence each through Investec Bank plc as intermediary. The entire buyback occurred on the London Stock Exchange (XLON venue) in a single trade at 16:35 GMT. This approach aligns with standard practices for FTSE-listed infrastructure investment companies managing treasury share acquisitions.

The weighted average price paid was 134.9208 pence per share, matching the single trade price executed that day. Trade prices ranged from a low of 134.60 pence to a high of 135.20 pence, reflecting typical intraday price fluctuations. The total value of the buyback was approximately a3673,604 based on the weighted average price.

Treasury Shares and Capital Structure After Buyback

Following this transaction, HICL holds 168,545,988 ordinary shares in treasury. These repurchased shares remain issued but are held by the company rather than cancelled, offering flexibility for future corporate actions such as cancellation, re-issuance, or use in acquisitions.

The total ordinary shares outstanding, excluding treasury shares, is 1,862,942,073. This figure represents the free-float share count and voting rights available to shareholders. Treasury shares comprise about 8.3% of total issued capital, reflecting HICL’s ongoing capital management strategy. The company intends to retain these shares as treasury stock, providing strategic options without immediate share cancellation and minimizing dilution for existing shareholders.

Voting Rights and Regulatory Disclosure Obligations

Excluding treasury shares, HICL’s total voting rights amount to 1,862,942,073 shares. Shareholders must use this number when determining whether FCA Disclosure Guidance and Transparency Rules notifications are required upon crossing specific ownership thresholds (3%, 5%, 10%, 15%, 20%, 25%, 30%, 50%, and 75%).

By disclosing this voting rights figure, HICL promotes market transparency and assists shareholders in accurately assessing their notification responsibilities. Treasury shares carry no voting rights, so only non-treasury shares count toward voting power. This disclosure complies with the Market Abuse Regulation and UK listing rules, which remain applicable post-Brexit.

Overview of HICL Infrastructure’s Investment Model and Market Position

HICL Infrastructure plc is a closed-ended investment company listed on the London Stock Exchange, focusing on infrastructure assets across the UK and internationally. It generates returns through operational cash flows and capital appreciation, investing primarily in established infrastructure with inflation-linked cash flows. Its portfolio spans sectors such as transport, utilities, waste management, and social infrastructure.

HICL aims to deliver attractive total returns combining income and capital growth. Treasury share holdings are a key tool in managing shareholder returns, allowing buybacks when shares trade below net asset value, thereby protecting shareholder value. Buybacks typically occur when management views shares as undervalued, benefiting remaining shareholders through capital accretion. HICL’s FTSE listing and scale provide access to significant infrastructure investment opportunities and institutional capital.

Capital Management and Treasury Share Utilization Strategy

HICL’s share buyback programme forms part of a broader capital management strategy focused on optimizing shareholder returns. With over 168 million shares held in treasury, the company has multiple strategic options including supporting dividends, cancelling shares to boost earnings per share, issuing shares for acquisitions without immediate dilution, or deploying shares for employee incentives.

Retaining shares as treasury stock rather than cancelling them offers greater strategic flexibility. While buybacks can improve earnings per share by reducing share count, treasury shares provide optionality for future corporate uses. The buyback price around 134.92 pence reflects management’s view of the company’s valuation relative to net asset value, with purchases at discounts to NAV enhancing value for continuing shareholders.

Execution Venue and Transaction Specifics

The entire 500,000-share purchase was conducted on the London Stock Exchange’s XLON venue at 16:35 GMT on 21 July 2026. Using the primary exchange rather than alternative venues indicates Investec Bank plc consolidated the buyback into a single block trade, a common practice for institutional share repurchases to ensure efficient execution and price discovery.

This transaction disclosure complies with Article 5(1)(b) of Regulation (EU) No 596/2014 (Market Abuse Regulation), which mandates transparency in issuer share transactions. Detailed trade data including venue, time, volume, and prices promotes market fairness and prevents information asymmetry. The single-price, single-venue execution demonstrates HICL’s transparent and compliant capital management approach.

Investor Transparency and Regulatory Compliance

HICL issued a full transaction notification via the Regulatory News Service, the official channel for listed company disclosures. The announcement details shares purchased, prices paid, treasury share balance, voting rights, and execution venue, ensuring all market participants receive timely, accurate information.

Contact details for InfraRed Capital Partners Limited (investment manager), Brunswick (public relations adviser), Investec Bank plc (transaction intermediary), RBC Capital Markets, and Aztec Financial Services are provided to facilitate investor inquiries. This transparent disclosure aligns with best practices in corporate governance and market regulation.

Share Price Range and Valuation Insights

The buyback shares were acquired at a weighted average price of 134.9208 pence, with trade prices between 134.60 pence and 135.20 pence on 21 July 2026. Investors evaluating HICL’s value consider the relationship between share price and net asset value (NAV), as investment companies often trade at premiums or discounts to NAV.

Management’s decision to repurchase at approximately 134.92 pence per share indicates confidence that shares were undervalued relative to the company’s asset base. Although immediate share price impact was not disclosed, these buyback prices serve as reference points for monitoring valuation trends and management sentiment.

Regulatory Adherence and Market Abuse Regulation Compliance

This buyback and disclosure fully comply with UK regulations, including the Market Abuse Regulation (EU Regulation 596/2014), which continues to apply in many respects to UK-listed firms. The comprehensive trade disclosure satisfies transparency requirements designed to prevent market abuse and ensure fair trading. Investec Bank plc’s role as intermediary provides regulated oversight of the transaction.

Publication through the Regulatory News Service meets FCA Disclosure Guidance and Transparency Rules obligations. By clearly distinguishing treasury shares from voting shares, HICL enables shareholders to accurately calculate voting interests and disclosure thresholds. This level of compliance reflects the standards expected of a FTSE-listed investment company managing shareholder capital responsibly.