Announcement • Jun 18
BBGI Provides Update Regarding Delisting and Cancellation of Trading of Shares on the London Stock Exchange Further to the announcements made by Bidco and BBGI (BBGI Global Infrastructure S.A.) on 20 May 2025, BBGI confirmed that the listing of the BBGI Shares on the Official List and the admission to trading of the BBGI Shares on the Main Market of the London Stock Exchange will be cancelled with effect from 8.00 a.m. (London time) on 19 June 2025. Terms used but not defined in this announcement have the meaning given to them in the offer document which was published and made available to BBGI Shareholders on 6 March 2025. Announcement • Apr 03
BBGI Global Infrastructure to Apply for Cancellation of Listing from the Official List and Admission to Trading on the London Stock Exchange On 6 February 2025, Boswell Holdings 3 S.C.Sp. (‘Bidco’) (acting by its general partner Boswell Holdings 3 GP S.à r.l.) which is a newly formed special limited partnership indirectly controlled by British Columbia Investment Management Corporation (‘BCI’) and BBGI Global Infrastructure S.A. (‘BBGI’) announced that they had reached agreement on the terms of a recommended cash offer to be made by Bidco, a newly formedspecial limited partnership (société en commandite spéciale) indirectly controlled by BCI,to acquire the entire issued and to be issued share capital of BBGI (the ‘Offer’). The offer document in relation to the Offer (the ‘Offer Document’) and the BBGI circular and notice convening the General Meeting of BBGI Shareholders (the ‘BBGI Shareholder Circular’) were published and made available to BBGI Shareholders on 6 March 2025. BBGI Shareholders are reminded that, as stated in the Offer Document, if the Offer becomes or is declared Unconditional, BBGI will make an application to the FCA to cancel the listing of the BBGI Shares from the Official List and an application to the London Stock Exchange for the cancellation of the admission to trading of BBGI Shares on the Main Market. It is expected that such cancellation of listing and admission to trading will take effect no earlier than 20 Business Days after the Unconditional Date. BBGI will make an announcement through a Regulatory Information Service confirming the Delisting Date. The cancellation of listing and admission to trading of the BBGI Shares from the Official List and the London Stock Exchange's Main Market is expected to significantly reduce the liquidity and marketability of any BBGI Shares and/or BBGI Depository Interests and BBGI Shareholders are therefore strongly encouraged to accept the Offer prior to the Unconditional Date. As described in paragraph 11 of Part 1 (Letter from Bidco to BBGI Shareholders) of the Offer Document, subject to the Offer becoming Unconditional and the occurrence of the Delisting Date, Bidco and BBGI may implement the Asset Sale, being the sale by BBGI, directly or indirectly, of all or any of its assets and undertaking to Bidco (or an affiliate of Bidco) at fair value and otherwise on terms and conditions as either of the BBGI Boards may deem fit. There can be no certainty that Bidco and/or BBGI will elect to implement the Asset Sale following the Offer becoming Unconditional, or that, even if the Asset Sale is implemented,the proceeds will necessarily be distributed by BBGI (whether by way of a dividend or other distribution, or a repayment of capital and whether in a liquidation of BBGI or otherwise), or that if the proceeds of the Asset Sale are distributed by BBGI, BBGI Shareholders that have not accepted the Offer would receive the same amount in respect of their BBGI Shares as they would have received had they accepted the Offer. In light of the above, BBGI Shareholders are therefore strongly encouraged to accept the Offer prior to the Unconditional Date, in order to avoid holding illiquid BBGI Shares and/or BBGI Depository Interests and to ensure that, if the Offer becomes or is declared Unconditional, they realise value for their BBGI Shares in cash at a premium pursuant to the Offer and under the proposed Offer timetable. New Risk • Mar 30
New major risk - Revenue and earnings growth Earnings have declined by 0.4% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 229% Paying a dividend despite having no free cash flows. Earnings have declined by 0.4% per year over the past 5 years. Announcement • Mar 29
BBGI Global Infrastructure S.A., Annual General Meeting, Apr 30, 2025 BBGI Global Infrastructure S.A., Annual General Meeting, Apr 30, 2025, at 11:00 W. Europe Standard Time. Location: the registered office of the company, 6e route de treves, l 2633 senningerberg, grand duchy of luxembourg, Luxembourg New Risk • Mar 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 106% Paying a dividend despite having no free cash flows. Minor Risk Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Announcement • Mar 14
BBGI Global Infrastructure S.A. to Report Fiscal Year 2024 Results on Mar 28, 2025 BBGI Global Infrastructure S.A. announced that they will report fiscal year 2024 results on Mar 28, 2025 Declared Dividend • Mar 02
First half dividend of UK£0.042 announced Shareholders will receive a dividend of UK£0.042. Ex-date: 6th March 2025 Payment date: 16th April 2025 Dividend yield will be 5.9%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is not covered by earnings (106% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 4.5% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 17% to bring the payout ratio under control. However, EPS has remained steady over the last 5 years so the company would need to improve on their historical growth rates. Announcement • Feb 27
BBGI Global Infrastructure S.A. to Declare Second Interim Cash Dividend for the Period 1 July - 31 December 2024, to Be Paid on 16 April 2025 BBGI Global Infrastructure S.A. to declare a second interim cash dividend of 4.20 pence per share for the period 1 July - 31 December 2024, to be paid on 16 April 2025 (the Second Interim Dividend). Payment of the Second Interim Dividend is consistent with the Company's target dividend payment of 8.40 pence per share in respect of the financial year ending 31 December 2024. Ex-Dividend Date is 6 March 2025 and Dividend Record Date is 7 March 2025. Announcement • Feb 06
British Columbia Investment Management Corporation entered into an implementation agreement on terms of recommended cash offer to acquire BBGI Global Infrastructure S.A. (LSE:BBGI) from group of shareholders for £1.1 billion. British Columbia Investment Management Corporation entered into an implementation agreement on terms of recommended cash offer to acquire BBGI Global Infrastructure S.A. (LSE:BBGI) from group of shareholders for £1.1 billion on February 6, 2025. A cash consideration valued at £1.475 per share will be paid by British Columbia Investment Management Corporation. British Columbia Investment has received irrevocable undertakings from the members of the BBGI Management Board and the BBGI Supervisory Board holding, in aggregate, 2,611,023 BBGI Shares representing approximately 0.4%.
BBGI Supervisory Board and the BBGI Management Board approved the deal and unanimously recommend all the shareholders of BBGI to vote in the favour of the deal. The transaction is subject to approval by German Federal Cartel Office, Canada (Merger Control), Germany (FDI), Australia (FDI), United Kingdom (FDI) and valid acceptances of the Offer in respect of 90%. The transaction is expected to complete in Q3 of 2025. If offer becomes unconditional, applications will be made for the cancellation of listing of BBGI shares.
MUFG Corporate Markets Limited acted as transfer agent/registrar for BBGI Global Infrastructure S.A. Philip Noblet, Dai Clement, Tom Yeadon and Thomas Bective of Jefferies International Limited acted as financial advisor for BBGI Global Infrastructure S.A. Philip Turville, Mark Rushton, Matthew Coakes and Samuel Jackson of RBC Capital Markets, London acted as financial advisor for British Columbia Investment Management Corporation. James Pincus, Jon Raggett and Nitin Premchandani of PwC Corporate Finance LLP acted as financial advisor for British Columbia Investment Management Corporation. Weil, Gotshal & Manges Llp acted as legal advisor for British Columbia Investment Management Corporation. Elvinger, Hoss & Prussen acted as legal advisor for British Columbia Investment Management Corporation. Norton Rose Fulbright LLP acted as legal advisor for BBGI Global Infrastructure S.A. A&O Shearman, Luxembourg acted as legal advisor for BBGI Global Infrastructure S.A. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to UK£1.43, the stock trades at a trailing P/E ratio of 18.5x. Average trailing P/E is 12x in the Capital Markets industry in the United Kingdom. Total loss to shareholders of 2.4% over the past three years. Declared Dividend • Sep 01
First half dividend increased to UK£0.042 Dividend of UK£0.042 is 5.9% higher than last year. Ex-date: 5th September 2024 Payment date: 17th October 2024 Dividend yield will be 6.0%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is not covered by earnings (106% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 4.5% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 17% to bring the payout ratio under control. However, EPS has remained steady over the last 5 years so the company would need to improve on their historical growth rates. Announcement • May 10
BBGI Global Infrastructure S.A. (LSE:BBGI) commences an Equity Buyback Plan for 107,160,008 shares, under the authorization approved on April 30, 2024. BBGI Global Infrastructure S.A. (LSE:BBGI) ) commences share repurchases on May 7, 2024, under the program mandated by the shareholders in the Annual General Meeting held on April 30, 2024. As per the mandate, the company is authorized to repurchase up to 107,160,008 shares, representing 14.99% of its issued share capital. The minimum price (exclusive of expenses) which may be paid for each ordinary share is £0.01 and the maximum price which may be paid for each ordinary share is the higher an amount equal to 105% of the average of the middle market quotations for an ordinary share as derived from the London Stock Exchange Daily Official List of the UK Listing Authority for the five business days immediately preceding the day on which the ordinary share is contracted to be purchased and an amount equal to the higher of the price of the last independent trade of an ordinary share and the current highest independent bid for an ordinary share as derived from the London Stock Exchange Trading System. The shares purchased may either be cancelled or held as treasury shares. The authority shall expire at the conclusion of the next Annual General Meeting of the company or, if earlier, 18 months from the date of the passing of this resolution. As of March 27, 2024, the company had 714,876,637 ordinary shares in issue and 0 ordinary shares in treasury. New Risk • Mar 30
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 107% The company is paying a dividend despite having no free cash flows. Dividend yield: 6.1% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Announcement • Mar 29
BBGI Global Infrastructure S.A., Annual General Meeting, Apr 30, 2024 BBGI Global Infrastructure S.A., Annual General Meeting, Apr 30, 2024, at 11:00 Central European Standard Time. Location: the Hotel Sofitel Luxembourg Europe, 6 Rue du Fort Niedergruenewald, Plateau de Kirchberg Kirchberg Luxembourg Agenda: To discuss Presentation of the reports of the Management Board and the independent auditor of the Company on the activities of the Company during the financial year which ended on 31 December 2023; to Review and approval of the standalone financial statements of the Company (statement of financial position, statement of comprehensive income, statement of changes in equity, statement of cash flow and notes to the financial statements) for the financial year which ended on 31 December 2023, allocation of the results and payment of a dividend; and to discuss other matters. New Risk • Mar 18
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Paying a dividend despite having no free cash flows. Announcement • Feb 26
BBGI Global Infrastructure S.A. to Report Fiscal Year 2023 Results on Mar 28, 2024 BBGI Global Infrastructure S.A. announced that they will report fiscal year 2023 results on Mar 28, 2024 Declared Dividend • Feb 18
First half dividend of UK£0.04 announced Shareholders will receive a dividend of UK£0.04. Ex-date: 22nd February 2024 Payment date: 5th April 2024 Dividend yield will be 6.4%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is covered by earnings (71% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 3.1% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to decline by 21% to shift the payout ratio to a potentially unsustainable range, which is more than the 14% EPS decline seen over the last 5 years. Announcement • Feb 15
BBGI Global Infrastructure S.A. Declares Second Interim Cash Dividend for the Period from July 1, 2023 to December 31, 2023 BBGI Global Infrastructure S.A. declared a second interim cash dividend of 3.965 pence per share for the period 1 July - 31 December 2023, to be paid on 5 April 2024. Payment of this second interim dividend is consistent with the Company's target dividend payment of 7.93 pence per share in respect of the financial year ending 31 December 2023. Ex-Dividend date is February 22, 2024. Dividend Record date is February 23, 2024. The dividend will be payable on April 5, 2024. Announcement • Nov 26
BBGI Global Infrastructure S.A Announces Executive Chances BBGI Global Infrastructure S. A announced that Frank Schramm has announced the Board of his intention to retire, after 12 years, as Co-CEO of the Company for personal reasons. To ensure an orderly handover and seamless transition, Frank will remain in his position until 31 January 2024 and then as an advisor to the business until December 2024. The Board to confirm, effective 31 January 2024, Duncan Ball will continue in his role as sole CEO and he will continue as a member of the Management Board of the Company. Duncan has been Co-CEO with Frank since BBGI's inception in December 2011. Frank and Duncan as Co-CEOs were both instrumental in floating the Company in 2011, leading and working together with Michael and the wider BBGI team to grow BBGI's defensive and globally diversified portfolio from 19 assets at IPO to 56 assets now, all of which are 100% availability-style critical social infrastructure investments. Announcement • Nov 25
BBGI Global Infrastructure S.A Announces Management Changes BBGI Global Infrastructure S. A announced that Frank Schramm has informed the Board of his intention to retire, after 12 years, as member of the Management Board of the Company for personal reasons. The Board is pleased to confirm, effective 31 January 2024, Duncan Ball will continue in his role as sole CEO and he will continue as a member of the Management Board of the Company. Duncan has been Co-CEO with Frank since BBGI's inception in December 2011. The Board is also pleased to appoint, effective 1 February 2024, Michael Denny as COO alongside his existing CFO duties and he will continue as a member of the Management Board of the Company. Michael is based in Luxembourg and has been CFO since 2012. Furthermore, the Board is pleased that Andreas Parzych will join the Management Board of the Company, effective 31 January 2024, subject to confirmation by the Commission de Surveillance du Secteur Financier ("CSSF"), the main financial regulatory authority inLuxembourg. As Director, Business Development Europe and North America at BBGI since 2016, Andreas has played an integral part in the implementation of the Company's disciplined growth strategy, and will continue to do so in his new role on the Management Board. Frank and Duncan as Co-CEOs were both instrumental in floating the Company in 2011, leading and working together with Michael and the wider BBGI team to grow BBGI's defensive and globally diversified portfolio from 19 assets at IPO to 56 assets now, all of which are 100% availability-style critical social infrastructure investments. Announcement • Sep 01
BBGI Global Infrastructure S.A. Declares an Interim Cash Dividend for the Period 1 January - 30 June 2023, Payable on 19 October 2023; Provides Dividend Target for the Year 2023 BBGI Global Infrastructure S.A. declared an interim cash dividend of 3.965 pence per share for the period 1 January - 30 June 2023, to be paid on 19 October 2023. Payment of this interim dividend is consistent with the Company's target dividend payment of 7.93 pence per share in respect of the financial year ending 31 December 2023.Distributions on the ordinary shares are planned to be paid twice a year, subject to market conditions and to conditions as prescribed by Luxembourg law. The Company has set a target dividend of 7.93 pence per share for 2023. Announcement • Aug 16
BBGI Global Infrastructure S.A. to Report First Half, 2023 Results on Aug 31, 2023 BBGI Global Infrastructure S.A. announced that they will report first half, 2023 results on Aug 31, 2023 Price Target Changed • Jun 29
Price target decreased by 18% to UK£1.30 Down from UK£1.58, the current price target is provided by 1 analyst. New target price is 5.2% below last closing price of UK£1.37. Stock is down 13% over the past year. The company posted earnings per share of UK£0.17 last year. Announcement • Feb 16
BBGI Global Infrastructure S.A Declares Second Interim Dividend for the Period 1 July - 31 December 2022, Payable on 5 April 2023 BBGI Global Infrastructure S. A declare a second interim dividend of 3.74 pence per share with scrip alternative for the period 1 July - 31 December 2022, to be paid on 5 April 2023. Payment of this second interim dividend is consistent with the Company's target dividend payment of 7.48 pence per share in respect of the financial year ended 31 December 2022. Ex-Dividend date is 23 February 2023 and Dividend record date is 24 February 2023. Announcement • Feb 07
BBGI Global Infrastructure S.A. to Report Fiscal Year 2022 Results on Mar 30, 2023 BBGI Global Infrastructure S.A. announced that they will report fiscal year 2022 results on Mar 30, 2023 Price Target Changed • Nov 16
Price target increased to UK£1.74 Up from UK£1.58, the current price target is provided by 1 analyst. New target price is 9.4% above last closing price of UK£1.59. Stock is down 8.1% over the past year. The company posted earnings per share of UK£0.085 last year. Upcoming Dividend • Sep 02
Upcoming dividend of UK£0.037 per share Eligible shareholders must have bought the stock before 09 September 2021. Payment date: 21 October 2021. Trailing yield: 4.2%. Within top quartile of British dividend payers (3.8%). Higher than average of industry peers (2.6%). Recent Insider Transactions • May 27
CO-CEO & Member of Management Board recently sold UK£666k worth of stock On the 25th of May, Frank Schramm sold around 382k shares on-market at roughly UK£1.75 per share. This was the largest sale by an insider in the last 3 months. This was Frank's only on-market trade for the last 12 months. Is New 90 Day High Low • Feb 06
New 90-day high: UK£1.79 The company is up 5.0% from its price of UK£1.70 on 06 November 2020. The British market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 14% over the same period. Is New 90 Day High Low • Dec 18
New 90-day low: UK£1.66 The company is down 3.0% from its price of UK£1.71 on 18 September 2020. The British market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 7.0% over the same period. Is New 90 Day High Low • Sep 30
New 90-day high: UK£1.72 The company is up 5.0% from its price of UK£1.64 on 02 July 2020. The British market is down 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 1.0% over the same period.