Shares in Digital 9 Infrastructure (DGI9 ) have jumped 14% after its board said it had appointed investment bank Goldman Sachs as its lead adviser and was developing ‘a set of actions focused on maximising shareholder value’.

The stock has slumped by a third since scrapping its second-quarter dividend last month, but recovered 4.9p to 39p this morning as the statement raised hopes of a managed wind-down and sale of assets to bolster shareholder returns crushed by the shares falling 65% below asset value.  

The derating reflects shareholders’ unhappiness at the cut in the payout and the delay in selling a stake in its prime asset, Icelandic data centre operator Verne Global, also announced last month.

The Triple Point managed company, which labours under debt of £545m, said it had completed a consultation with investors holding three-quarters of its shares. This included a webinar with retail shareholders.

DGI9 said it had received feedback on the dividend policy and the future direction of the company and would return with proposals in due course.

Stifel analyst Sachin Saggar said while the announcement was ’cryptic’, it was clear Goldman Sachs’ appointment made it likely the fund’s assets would be sold in an orderly manner and capital returned to shareholders.

‘It is hard to see any other route that will maximise shareholder value. It is unclear how this will impact the ongoing negotiations around Verne Global, but given poor sentiment, a majority sale will probably not now provide the re-rating we thought possible post the dividend fiasco,’ Saggar said.

Numis Securities’ Colette Ord said today’s spike would come as relief to DGI9 shareholders.

Ord pointed to an ‘attractive’ opportunity in rival Cordiant Digital Infrastructure (CORD ), which she said had unfairly suffered contagion from DGI9’s difficulties with the shares trading on a discount of 45% and 6.3% yield.

‘In contrast to DGI9, Cordiant continues to comfortably cover its dividend, which was set at a more sustainable level at IPO. The business has access to capital to fund growth capex across its portfolio companies. The board effected a modest share buyback and we note that the manager continues to buy shares in their personal capacity,’ the analyst said.