Digital 9 Infrastructure (LSE:DGI9), the listed investor that's now in an orderly wind-down, reported net asset value per share of 8.6p at 30 June, down from 9.3p at the end of December.
The company completed a compulsory pro-rata redemption returning £30 million to shareholders, roughly 3.5p per existing ordinary share at a redemption price of 9.2753p, representing a 37.38% redemption ratio.
The payout was funded by asset disposals completed last year, repayment of the revolving credit facility and an early settlement of the Verne Global earn-out, which brought in £10 million in cash during the period.
"We will not chase an accelerated sale at the expense of value, but we remain alert to opportunities to return capital to shareholders as quickly as circumstances allow", said Eric Sanderson, chair of D9.
The company also received a £0.4 million positive completion adjustment on the Aqua Comms disposal, finalised in the 2025 financial year.
D9's portfolio now consists of two remaining assets, Arqiva and Elio Networks, as InfraRed Capital Partners continues to manage the wind-down and pursue further realisations.
News Intelligence what this means for the company
Digital 9 Infrastructure completed its first compulsory redemption, returning £30 million to shareholders at 3.5p per share as it executes an orderly wind-down. NAV per share fell to 8.6p from 9.3p in six months, reflecting both the capital return and asset disposals; the company retains two assets (Arqiva and Elio Networks) and signals no rush to liquidate at distressed prices.
The redemption demonstrates the wind-down is proceeding and capital is flowing back, but the 7.5% NAV decline over six months and the 37% redemption ratio signal ongoing portfolio shrinkage. Investors holding for recovery should track the pace and pricing of remaining asset sales—the chair's caution against 'accelerated sale' suggests further redemptions may be modest and protracted.
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