REG - Digital 9 Infrastr. - Portfolio Update and Arqiva Valuation

Digital 9 InfrastructureAnnouncement

Wed 11:00

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RNS Number : 1067J  Digital 9 Infrastructure PLC  26 November 2025

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK
MARKET ABUSE REGULATION. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, SUCH
INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN

 

 

26 November 2025

 

DIGITAL 9 INFRASTRUCTURE PLC

 

("D9" or the "Company" and, together with its subsidiaries, the "Group")

 

Portfolio Update

 

The Company has received a pre-emption notice stating that certain minority
shareholders of Arqiva Group ("Arqiva") representing a 26.5% aggregate stake
held by Macquarie European Infrastructure Fund II ("MEIF II") and other
Macquarie-managed vehicles (together "Macquarie"), have agreed to the sale of
their interests in Arqiva for a consideration of £16.5m.

 

MEIF II, launched in 2006, is now seven years beyond its maturity date. A
liquidating trustee was appointed to MEIF II in 2022 and the sale of its
minority interests in Arqiva now enables the dissolution of MEIF II.

 

Arqiva is the sole provider of national terrestrial TV and radio broadcasting
infrastructure in the UK and has been an early and leading participant in the
development of smart utility infrastructure in the UK through its smart water
and energy metering services. It is also a leading provider of satellite
uplink infrastructure and distribution services in the UK.

 

Arqiva Valuation

 

The Company's 51.8% interest in Arqiva represented approximately 75% of the
Company's adjusted Gross Asset Value as of 30 June 2025, based on an
investment valuation of £213.2 million, net of the Vendor Loan Note ("VLN").
The sale of Macquarie's interests is clearly priced well below the value of
the Company's VLN.

 

Arqiva derives a large portion of its income from transmission services
provided to UK public sector broadcasters under contracts which expire from
2030. As previously disclosed, the Company's valuation base case for Arqiva is
determined by and highly sensitive to achieving a reasonable outcome on
several material factors, including:

 

·      The Department for Culture Media & Sport ("DCMS") policy
consultation on the future of TV distribution by the end of 2027;

·      Broadcasting contract renewals for longer term extensions; and,

·      The refinancing of Arqiva's capital structure.

 

The Investment Manager, InfraRed Capital Partners will carry out the 31
December 2025 valuation for the portfolio including Arqiva, in the ordinary
course. This year-end valuation will be independently reviewed by a
third-party expert, and the financial statements will be audited.

 

D9 is mandated to execute a managed wind-down aimed at maximising shareholder
value through the orderly realisation of remaining portfolio companies. As
such, the Board and InfraRed continues to judge that pursuing a divestment of
its stake in Arqiva prior to the resolution of the key contractual and
financing decisions noted above would be premature as it would not result in
an acceptable outcome for realising shareholder value.

 

 

ENDS.

Contacts

 Digital 9 Infrastructure plc                                                                             via FTI

                                                                                                        Consulting
 Eric Sanderson

 InfraRed Capital Partners Limited                                                                        +44 (0) 207 484 1751

 James O'Halloran

 Mohammed Zaheer
 Panmure Liberum Limited (Financial Adviser to the Company)                                               +44 (0) 203 100 2222

 Chris Clarke

 Darren Vickers
 J.P. Morgan Cazenove (Corporate Broker)                                                                  +44 (0) 20 7742 4000

 William Simmonds
 FTI Consulting (Communications Adviser)                                                                  dgi9@fticonsulting.com (mailto:dgi9@fticonsulting.com)

 Mitch Barltrop                                                                                           +44 (0) 7807 296 032

 Maxime Lopes                                                                                             +44 (0) 7890 896 777

 

LEI Code: 213800OQLX64UNS38U92

 

The person responsible for arranging the release of this announcement on
behalf of the Company is Uloma Adighibe of Hanway Advisory Limited, the
Delegated Company Secretary.

 

About Digital 9 Infrastructure plc

 

Digital 9 Infrastructure plc (DGI9) is an investment trust listed on the
London Stock Exchange and a constituent of the FTSE All-Share, with the ticker
DGI9. The Company's investment objective is to undertake a Managed wind-down
of the Company and realise all existing assets in the Company's portfolio in
an orderly manner. For more information, please visit www.d9infrastructure.com
(http://www.d9infrastructure.com) .

 

About InfraRed Capital Partners (Investment Manager to D9 appointed to effect
the wind-down)

 

InfraRed was appointed in an advisory position on 11 October 2024 and AIFM on
11 December 2024 to effect the Managed Wind-Down of D9.

 

InfraRed manages US$13bn of equity capital for investors around the globe, in
listed and private funds across both core and value-add strategies. InfraRed
combines a global reach, operating worldwide from offices in London, Madrid,
New York, Sydney and Seoul, with deep sector expertise from a team of more
than 160 people. InfraRed is part of SLC Management, the institutional
alternatives and traditional asset management business of Sun Life, and
benefits from its scale and global platform.

 

Further details can be found on InfraRed's website www.ircp.com
(http://www.ircp.com/) .

 

 

 

 

 

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