HICL C Share issue: Offer target exceeded

The Board of HICL Infrastructure Company Limited (HICL) is pleased to announce that the Placing, Open Offer and Offer for Subscription of C Shares (the Issue) has now closed and that, on the basis of applications received through the Open Offer and Offer for Subscription and of orders taken through the Placing, both the Issue’s target size of £180m and its maximum size of £250m have been exceeded.

In accordance with the terms and conditions of the Issue, all applications made pursuant to Open Offer entitlements will be met in full. The Board is, in conjunction with its advisers, considering the basis upon which applications made pursuant to the Placing, the Offer for Subscription and (to the extent it is relevant) the Excess Application Facility should be scaled back.

As part of that process, the Board has consulted with the Investment Adviser, InfraRed Capital Partners Limited, to ascertain whether and to what extent Additional Investments would allow the size of the Issue to be increased. As a result, the Board, in consultation with Canaccord Genuity, has decided to increase the overall size of the Issue to £250m.

A further announcement providing details of the basis upon which C Shares will be allotted will be made on Wednesday, 28 March 2012.

Graham Picken, Chairman of HICL, said:

“We are delighted with the success of the offer which was significantly oversubscribed. In light of the current pipeline of advanced-stage acquisition opportunities, the Board is pleased to confirm the size of the Issue at £250m. We regard this successful capital raising as an endorsement of the Company’s strategy and track record of successful delivery. The strong demand also reflects the growing importance of infrastructure as an asset class.”