International Public Partnerships Ltd - London-based infrastructure investor - Says assets performed strongly as expected in the first half of 2023. Cash received also was in line with expectations, meaning INPP will be able to cover its dividend with operating cash flows. Reaffirms dividend targets of 7.93 pence per share for 2023 and 8.13p for 2024, both representing about 2.5% increases. Says £350 million revolving credit facility is £125 million drawn and available until June 2025 follow a recent refinancing. To reduce the discount of its share price to net asset value, INPP Is minimising the use of the RCF. It also is realising some investments, including its remaining stake in Airband, a fibre-to-the-premise and fixed wireless access network operator in the UK. INPP says it also may consider share buybacks and a review of its dividend policy as ways to reduce the discount.

INPP will release full interim results on September 7, and this will provide an NAV calculation as of June 30. On December 31, NAV was 159.1p per share.

Current stock price: 132.00p, representing 17% discount to NAV

12-month change: down 19%

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