HICL announces C Share issue

4 April 2019 Corporate
The Board of HICL Infrastructure Company Limited (the Company) is pleased to announce that it intends to proceed with a Placing, Open Offer and Offer for Subscription of C Shares during the first quarter of this year. In the Company’s interim results statement of 16 November 2011, it was noted that the Company would consider undertaking a formal equity fundraising to pay down the Group’s £200m revolving debt facility as and when a material portion of such facility had been employed. The Company subsequently acquired 26 PFI/PPP projects in December 2011 for a total gross consideration of approximately £143.4m.

Further details as to the precise timing and quantum of the Issue will be announced in due course. For indicative purposes, however, it is envisaged that a prospectus will be published in February and that the C Shares will be issued and commence trading in March; conversion of the C Shares into Ordinary Shares will then follow in April. In terms of the size of the Issue, the Board will continue to observe the policy that the Company should not be cash positive to any material extent, and accordingly the Issue will be limited in size to the aggregate of (i) the Group’s current funding requirements which stand at £135m and (ii) the consideration payable for any further investments made or expected to be made by the Group (whether on a conditional or unconditional basis) on or before 30 April 2012 in which regard negotiations are at an advanced stage.

Following the issue of new Ordinary Shares announced last week, the Company’s ability to issue shares by way of a ‘tap’ issue has for practical purposes been fully utilised for the time being. Accordingly no further share capital will be issued by the Company prior to the C Share Issue.

A further announcement giving full details of the Issue will be made at the time of publication of the prospectus.

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