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The effect of an UK withdrawal from the European Union on Atlantic Superconnection Corporation.
The decision by the people to vote to leave the European Union on the 23rd June 2016 has created great political uncertainty in the United Kingdom and the remaining member states of the European Union. This in turn has created short-term economic uncertainty as companies adjust to the changing political climate and question what might happen to the regulatory environment.
Our view is that despite the short-term uncertainties, the development of the Iceland-UK inter-connector is now more important than ever. The UK needs to develop new generation to replace ageing coal and nuclear plants; this will not change with an exit from the EU. If anything, the demand for diversified generation may increase; with approximately 4 GW of generation already coming from Europe an alternative power source can only been seen as a good thing.
The UK’s commitment to low carbon generation is unlikely to change. The requirement for a significant portion of this power to be low carbon is set not only by the UK’s policy but also by a number of international agreements including the Paris Agreement. Indeed the UK’s government’s commitment to the energy trilemma is unlikely to change. The other two legs of the trilemma – security of supply and reducing energy costs – are key objectives of many governments both in and outside Europe. The Iceland-UK inter-connector can help the UK meet these objectives by 2025. With further questions already being raised about the possibility of Hinkley Point C being built by 2025, the UK needs projects such as the Iceland-UK inter-connector to meet its objectives.
Iceland’s desire to expand its economy by exporting power is unaffected by UK/EU political changes.
There are several changes that could have an impact on Atlantic Superconnection Corporation. The largest challenge of the UK’s decision will be the potential difficulty of acquiring EU development funding. The inter-connector is currently a project of current interest and whilst we hope this will continue to be the case (thanks to Iceland’s membership of the EEA) this cannot be guaranteed.
Where the UK will end up in relation to EU regulations and directives that will apply to projects going forward, only time will tell. However there are potentially several advantages that could come out of the changes to current regulations. EU utility procurement regulations that may otherwise apply would be expensive in both time and capital to comply; these may no longer apply. Whether the UK will maintain the obligations set out in the Third Energy Package will need to be determined. Further the current rules that govern State Aid within the EU are unlikely to be maintained by the UK outside the EU; these could have been a significant hurdle to a bilaterally negotiated CFD.
We also see a positive effect on UK-Icelandic relations: whether as a member of EFTA or the EEA, Britain will be joining Iceland in the sphere of non-EU European nations, a message that has already been iterated by the Icelandic president.
Overall we see Brexit bringing support to the Iceland-UK inter-connection project. Any consequential reductions in the regulatory burden on the project will clearly benefit our project and in turn the UK’s ability in meeting its policy objectives.
02/11/2023
Global Interconnection Group (GIG) is delighted to have signed an exclusivity agreement with a major UK energy company to explore collaboration on the Atlantic SuperConnection interconnection project.
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02/11/2023
Pension SuperFund Capital, which oversees UK commercial pension consolidator Pension SuperFund, has reached an agreement to acquire the parent group of Options Pensions, STM Group, for £35.6m.
The purchase was made through the Pension SuperFund Capital acquisition arm Bidco. It is expected that if the full value is delivered by the deferred consideration units (DCU), the acquisition value could rise to £39.8m, it was announced this morning.
The scheme shareholders will also be entitled to receive 60 pence per share in cash, rising to 67 pence per share if full value is delivered by DCU.
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02/11/2023
ViroCell’s manufacturing operations are housed within Great Ormond Street Hospital’s state-of-the-art GMP accredited unit for manufacturing cell and gene therapies, the Zayed Centre for Research
London, UK and New York, US, 1 November 2023 – ViroCell Biologics (“ViroCell” or the “Company”), a specialist contract development and manufacturing organisation (“CDMO”) for cell and gene therapy (CGT) clinical trials, announces that the Company is now able to manufacture and globally export viral vectors from Great Ormond Street Hospital’s (GOSH) state-of-the-art manufacturing facility, the Zayed Centre for Research, for use in clinical trials. This follows the grant of a Manufacturer’s Authorisation License (MIA) to GOSH to manufacture viral vectors by the UK’s Medicines and Healthcare products Regulatory Agency’s (MHRA).
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02/06/2023
An experienced team of Private Markets analytics specialists supporting the industry renowned work of Professor Oliver Gottschalg of HEC Paris is delighted to announce the launch of Gottschalg Analytics as an independent second-generation provider of performance intelligence services for the Private Markets.
30/03/2023
Pension Insurance Corporation Group Limited1 ('PICG' or the 'Company'), ultimate parent company of Pension Insurance Corporation plc ('PIC'), the specialist insurer of UK defined benefit pension schemes, today announces its final results for the 12 months to 31 December 2022.
13/03/2023
DCAC announced proposals to form the Advanced Cables Business Combination in the press release issued by the Company on 20th February 2023. The DCAC Board has now decided to expedite the proposals, and DCAC has therefore agreed an exclusive option to acquire the holding company of Advanced Cables, Global InterConnection Group SA (“GIG” or the “Target”). Besides Advanced Cables, GIG is also the holding company of ASC Energy Limited. It is intended that DCAC will be renamed "Global InterConnection Group Limited" on completion of the Business Combination.