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The ordinary shares of Ecofin Global Utilities and Infrastructure Trust plc (EGL or the ‘Company’) began trading on the London Stock Exchange on 26 September 2016, further to a Scheme of Reconstruction which was approved by shareholders of Ecofin Water & Power Opportunities plc ('EWPO') in September 2016.
Ecofin Global‘s investment objectives are to achieve a high, secure dividend yield on its investment portfolio and to realise long-term growth in the capital value of its portfolio for the benefit of shareholders, while taking care to preserve shareholders’ capital. The Company’s assets are primarily invested in equity and equity-related securities of utility and infrastructure companies in developed countries although up to 10% of its assets may be comprised of investments in debt securities and a significant portion of the portfolio may also be comprised of holdings in cash or cash equivalents from time to time. For the purposes of investment, utility companies are those involved in the generation, transmission and distribution of electricity including the production of electricity from renewable sources; the transport, storage and distribution of gas; the abstraction, treatment and supply of water and the treatment of waste water; and the provision of environmental services such as recycling and waste management. Infrastructure companies are those that own and operate assets which are essential to the functioning of developed economies and to economic development and growth, notably transportation-related assets such as roads, railways, ports and airports.
Ecofin Global may make use of gearing to enable it to earn a high level of dividend income and to offer the Shareholders a geared return on their investment. The Directors believe that the use of gearing is justified given the nature of most of the companies in which EGL will invest; that is, companies which provide essential services, operate in regulated markets and within stable regulatory frameworks, and pay dividends. The nature and term of any borrowings are the responsibility of the Directors. The Company will not have any structural gearing but will utilise a flexible gearing policy with the ability to borrow amounts up to 25% of the Company’s net assets.
EGL’s accounts are maintained in sterling. Many of the Company’s investments are denominated and quoted in currencies other than sterling, and although the Company does not pursue a policy of hedging such investments back into sterling, it may do so from time to time, depending on market conditions.