About us
Utilico Emerging Markets Limited is an exempt, closed-end Bermuda incorporated investment company, with an investing objective to provide long-term capital return by investing predominantly in infrastructure, utility and related companies mainly in Emerging Markets.
Investment Objective
The Company's investment objective is to provide long-term total return by investing predominantly in infrastructure, utility and related sectors, mainly in Emerging Markets.
Investment Policy
The Company's investment policy is flexible and permits it to make investments predominantly in infrastructure, utility and related sectors, mainly in Emerging Markets, including (but not limited to) water, sewerage, waste, electricity, gas, telecommunications, ports, airports, service companies, rail, roads, any business with essential service and/or monopolistic characteristics and in any new infrastructure or utilities which may arise in Emerging Markets. The Company may also invest in businesses which supply services to, or otherwise support, the infrastructure, utilities and related sectors.
The Company focuses on the undeveloped and developing markets of Asia, Latin America, Emerging Europe and Africa but has the flexibility to invest in markets world-wide. The Company generally seeks to invest in Emerging Market countries where the Directors believe that there are positive investment attributes.
The Company 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. The Company may also use derivative instruments such as American Depositary 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 the Company's portfolio and balance sheet from major corrections and reducing, transferring or eliminating investment risks in its investments.
In accordance with the Company's investment policy, the Investment Manager abides by the following investment restrictions:
Investment Restrictions
- Unquoted and untraded investments (excluding the Company's investment in a segregated account of GERP, an unquoted Bermuda segregated accounts company), must not exceed 10 per cent. of Gross Assets at the time of investment;
- No single investment may exceed 20 per cent. of Gross Assets at the time of investment;
- Investments other than in infrastructure, utility and related companies (including GERP) must not exceed 20 per cent. of Gross Assets at the time of investment;
- Investments in a single country must not exceed 50 per cent. of Gross Assets at the time of investment;
- Not more than 10 per cent. in aggregate of the value of the total assets of the Company at the time the investment is made will be invested in other closed-ended investment funds which are listed on the Official List (except to the extent that those investment funds have stated investment policies to invest no more than 15 per cent. of their total assets in other investment companies which are listed on the Official List); and
- Regardless of the investment policy of other closed-ended investment funds listed on the Official List and which are invested in by the Company, the Company shall not invest in such funds more than 15 per cent. in aggregate of the value of the total assets of the Company at the time the investment is made.
Borrowing and gearing policy
The Company may, from time to time, use bank borrowings for short-term liquidity purposes. In addition, the Directors may gear the Company by borrowing on a longer term basis for investment purposes. Borrowings at the time of drawdown must not result in gearing (being total borrowings measured against Gross Assets) exceeding 25 per cent.. Borrowings will be drawn down in Sterling, US Dollars or any currency for which there is a corresponding asset within the Company's portfolio (at the time of draw down the value drawn must not exceed the value of the corresponding asset in the portfolio).
ICM Ltd is the Company's investment manager. Administration and secretarial services are provided by F&C Management Ltd.
The Company's capital structure is comprised of Ordinary Shares.
The Company's Shares are listed on the Official List and admitted to trading on the London Stock Exchange.
The Company publishes the Net Asset Value (NAV) for its Ordinary Shares via the Regulatory News Service (RNS) of the London Stock Exchange. The news section of this website contains an archive of RNS announcements relating to the Company.
Delayed Pricing of the Company's LSE listed securities are available in the prices section of this website and from various other sources online. Closing mid prices are also published daily in the Financial Times and in the Daily Telegraph.
The Company is registered in Bermuda (Company registration number: 36941). Shareholders should note that the rights of shareholders may be different from the rights of shareholders in a UK incorporated company. In particular, it should be noted that the provisions of the Takeover Code do not apply to Bermuda registered companies.
The Company does not have a main country of operation, since it is a global investment company and the weighting of investments will be subject to changes. A summary of the geographic weightings of investments is contained in the monthly factsheet.
