I found this somewhat unsettling, considering I favoured IFT with its position in TLT. In saying that however, renewables will remain an intricate part of the portfolio through the likes of Longroad and Galileo in the US and Europe, both of which are expanding their investment and construction pipelines.
There are a few important points to discuss now if we assume the sale of TLT, because it is somewhat exciting simultaneously.
In regards to the capital, do we:
1. Use the proceeds to pay down debt? 2. Recycle the cash for the likes of CDC, Qscans or more rigorously expand Galileo and make a Tilt 2.0? 3. Maybe another acquisition in a new industry? 4. Special dividend or share buy-back? Most likely the latter if option four is pursued.
For many of us that have held IFT for a while TLT has formed the backbone of the company as we know it. It'll most likely shift to Vodaphone and CDC over the coming years (tech infrastructure), but it'll be good to finally realise some gains on an investment that the market has continuously seemed to under-appreciate. Obviously the consensus is changing for the better.
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