UIL Limited has announced the sale of 11,021 of its 2028 Zero Dividend Preference (ZDP) Shares, issued by its subsidiary UIL Finance Limited, at a price of 133.90p per share on 5 November 2026. The transaction reduces UIL Limited's direct holding in the 2028 ZDP Shares while leaving the total number of shares in issue unchanged at 30,000,000. The disclosure, made via the London Stock Exchange's Regulatory News Service, provides investors with an updated picture of the company's internal shareholding position in its financing subsidiary. Investors in UIL Limited may be watching the company's ongoing management of its ZDP share structure closely.

Key Points

  • UIL Limited (UTL) — a closed-ended investment company with LEI Number 213800CTZ7TEIE7YM468
  • UIL Limited sold 11,021 2028 ZDP Shares issued by subsidiary UIL Finance Limited at 133.90p per share on 5 November 2026
  • Following the sale, UIL Limited holds 3,505,099 of the 30,000,000 2028 ZDP Shares currently in issue
  • Investors should watch for further changes to UIL Limited's holding in its ZDP share structure ahead of the 2028 maturity date

UIL Limited Sells 2028 ZDP Shares at 133.90p Through Its Subsidiary UIL Finance Limited

UIL Limited's board confirmed that on 5 November 2026 it sold 11,021 2028 ZDP Shares in the market at a price of 133.90p per share. These shares were originally issued by UIL Finance Limited, a subsidiary of UIL Limited, as part of the company's capital structure. ZDP shares are a specialist instrument commonly used by investment companies to raise fixed-capital financing, offering a predetermined capital repayment at a future date rather than income distributions. The 2028 designation indicates these shares are structured for repayment in that year, making their ongoing valuation and the management of the company's holding a matter of interest for shareholders.

UIL Limited's Remaining Holding Falls to 3,505,099 Shares After Market Transaction

Following the market sale, UIL Limited's holding in the 2028 ZDP Shares stands at 3,505,099 shares. The total number of 2028 ZDP Shares in issue remains unchanged at 30,000,000, confirming that this was a secondary market transaction and not a redemption or cancellation of shares. UIL Limited therefore continues to hold approximately 11.7% of the total 2028 ZDP Shares in issue following this disposal. The company did not disclose the purpose or intended use of proceeds from this transaction in the announcement, nor did it provide forward guidance on further planned sales of its ZDP holding.

ICM Limited Acts as Secretary as UIL Limited Manages Its Closed-Ended Fund Structure

Enquiries relating to the announcement were directed to Alastair Moreton, acting for and on behalf of ICM Limited, which serves as secretary to UIL Limited. ICM Limited's involvement reflects UIL Limited's structure as a Bermuda-domiciled closed-ended investment company managed externally. UIL Limited's investment portfolio spans a range of sectors and geographies, and the use of ZDP financing through UIL Finance Limited forms a component of its broader capital management approach. The 2028 ZDP maturity horizon means that the management and eventual wind-down of this instrument will remain a relevant consideration for investors monitoring the company's financial structure over the coming years.