Investment Companies Daily: INPP pre-close update, RESI/SOHO portfolio SPA, IEM Saba win/upgrade from OW to N, UK Inflation, CLDN new investment, BRSC PM change, PNL final results

Research evidence excerpt

Investment Companies Daily: INPP pre-close update, RESI/SOHO portfolio SPA, IEM Saba win/upgrade from OW to N, UK Inflation, CLDN new investment, BRSC PM change, PNL final results

Christopher Brown AC Europe Equity Research

(44-20) 7134-4722 17 June 2026 C A Z E N O V E

christopher.brown@jpmorgan.com

revised its forecasts and is in discussions with its stakeholders as to implications and next

steps. Prior to the outbreak of the conflict in the Middle East, INPP had announced an

£8.8m capital allocation to toob, of which c.50% currently remains undrawn. Any

decision regarding the deployment of this remaining funding will be deferred until

discussions have concluded. INPP says that should it elect not to provide additional

capital, and in the absence of alternative financing, this could have a material adverse

effect on toob's business. As highlighted in a note (here, see Table 3) from our European

Telecommunications research team, there were five UK alt-nets that went into

administration in 2026 between January and May including Highland Broadband,

KCOM, G. Network, Gigaclear and Gamma Communications. Our European

Telecommunications research team estimated that toob has connections for 295 UK

premises as at 31/12/25, significantly behind other alt-nets including Community Fibre.

• Cadent (15.6% of 31/12/25 NAV): INPP says Cadent is increasingly recognised as a

strategic national asset underpinning the UK's AI infrastructure ambitions, with a

significant increase in data centre connection requests over the past year driven primarily

by constraints in securing electricity connections. NESO has identified 50GW of

electricity demand from data centres which far exceeds Government's 6GW estimate for

2030.