HICL Infrastructure has announced the results of its recent equity issue. The issue has raised gross proceeds of £267.7m through the issue for cash, subject to listing, of 162,246,567 Ordinary Shares at an issue price of 165.0p per new ordinary share. HICL Infrastructure says that the Issue was materially oversubscribed and in light of the Company’s current investment pipeline, the size of the Issue was increased from its initial target size of £205m to the maximum available to the Company. Following the issue of the New Ordinary Shares on 7 June 2017, the total number of voting rights in the Company will be 1,785,507,302.
Chairman’s view
Ian Russell, Chairman of HICL Infrastructure Company Limited, says that, “I am delighted that HICL continues to represent such a compelling proposition for the broad range of investors on our share register. The strong demand for shares in the Company, already demonstrated at the time of the formal fundraising in March, has clearly been maintained for this subsequent issue. We will continue to seek out risk-appropriate investments which can enhance the existing portfolio whilst preserving our pricing discipline.”
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.
HICL : HICL Infrastructure equity issue raises £267.7m