HICL Infrastructure Company Limited has announced a fund raising with a target size of £205m that comprises a placing, open offer, offer for subscription and intermediaries offer at an issue price of 159.0p per New Ordinary Share. The Company has published a prospectus relating to the Issue and says that this and a circular will be posted to shareholders shortly.
New fundraise for HICL Infrastructure is first formal fund raising in four years
This is HICL’s first formal fund raising in four years. The company’s chairman, Ian Russell, says that they, “believe that the pipeline of potential new business remains healthy and that further attractive investment opportunities will arise in the coming months. The Issue will leave the Company best placed to take advantage of those opportunities, and thereby further to develop the portfolio.”
General meeting on 20 March 2017
The Company is convening a general meeting on 20 March 2017 in order to seek shareholder approval in connection with the Issue. Assuming this is received, the company expects to announce the results of the issue on 22 March 2017 and expects dealings in the new shares to commence on 24 March 2017.
About HICL Infrastructure
HICL Infrastructure was established to be a long term investor in public infrastructure, working with the public sector to deliver high-quality infrastructure projects. Its portfolio is diversified across various sectors, including education, health, and transport infrastructure, both in the UK and overseas. HICL’s assets are predominantly operational, underpinned by long term contractual agreements that deliver annual yield. HICL Infrastructure aims to be cost efficient by having low management fees and operating expenses, and works constantly with clients to find efficiency savings which benefit them. HICL Infrastructure also aims to distribute the majority of underlying investment returns to its shareholders and without the accumulation of profits offshore.
New fundraise for HICL Infrastructure to target £205m : HICL