TIDMHICL
RNS Number : 0628U
HICL Infrastructure Company Ld
12 January 2017
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT
FOR PUBLICATION, RELEASE, OR DISTRIBUTION, DIRECTLY OR INDIRECTLY,
IN, OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH
AFRICA OR ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL OR
TO U.S. PERSONS. THE INFORMATION CONTAINED HEREIN DOES NOT
CONSTITUTE AN OFFER OF SECURITIES FOR SALE INCLUDING IN THE UNITED
STATES, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA OR TO U.S.
PERSONS.
HICL Infrastructure Company Limited
12 January 2017
Intention to issue new equity
HICL Infrastructure Company Limited ("HICL" or the "Company"),
the listed infrastructure investment company advised by InfraRed
Capital Partners Limited ("InfraRed" or the "Investment Adviser"),
is pleased to announce that it intends to proceed with a Placing,
Open Offer and Offer for Subscription of Ordinary Shares (the
"Issue") during the first quarter of this year.
As noted in its announcement of last week, the Company currently
has a funding surplus of around GBP6m, but also has commitments of
approximately GBP200m in aggregate in respect of conditional
acquisitions which are expected to complete during the first half
of 2017.
The pipeline of potential new acquisitions remains healthy and
the Investment Adviser is confident that further attractive
investment opportunities will arise in the coming months.
Furthermore, the Board recognises that it has been some time since
shareholders, and other investors, have had the opportunity to take
part in a fundraising by the Company on a more formal footing. The
Company's use of tap issues has facilitated efficient,
cost-effective fundraising on short notice but the Board is
conscious that it affords investors limited time to determine
whether and on what basis to participate.
Accordingly, it is the Board's intention to publish a prospectus
in relation to the Issue and to convene an extraordinary general
meeting for the purpose of seeking shareholder approval for the
Issue. As with previous formal equity fundraisings by the Company,
the inclusion of an Open Offer will ensure that a portion of the
Issue is reserved in the first instance exclusively for existing
shareholders.
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 (subject to shareholder approval) the new
Ordinary Shares will be issued and commence trading by the end of
March. 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 funding requirements at
the time of publication of the prospectus and (ii) the
consideration payable for further investments made, contracted to
be made (whether on a conditional or unconditional basis) or
expected to be made by the Group.
As part of the process, and in order to provide guidance to
potential investors, the Board intends to publish the Company's
(unaudited) Net Asset Value per Ordinary Share as at 31 December
2016 in due course.
A further announcement giving full details of the Issue will be
made at the time of publication of the prospectus.
Enquiries:
InfraRed Capital Partners Limited 020 7484 1800
Tony Roper
Keith Pickard
Harry Seekings
Canaccord Genuity Limited
Sales Enquiries
Dominic Waters 020 7523 8473
Neil Brierley 020 7523 8478
Will Barnett 020 7523 8094
Robbie Robertson 020 7523 8474
Gavin Tooke 020 7523 8470
Corporate Enquiries
David Yovichic 020 7523 8361
Lucy Lewis 020 7523 8360
Denis Flanagan 020 7523 8356
Tulchan Communications 020 7353 4200
David Allchurch
Latika Shah
Important Information
This Announcement contains Inside Information as defined under
the Market Abuse Regulation (EU) No. 596/2014.
This Announcement has been issued by and is the sole
responsibility of the Company.
This Announcement is for information purposes only and does not
constitute an invitation to subscribe for or otherwise acquire or
dispose of securities in the Company in any jurisdiction. The
information contained in this Announcement is for background
purposes only and does not purport to be full or complete. This
announcement does not constitute or form part of any offer to issue
or sell, or any solicitation of any offer to subscribe or purchase
any investments nor shall it (or the fact of its distribution) form
the basis of, or be relied on in connection with, any contract
therefor.
No representation or warranty express or implied, is or will be
made as to, or in relation to, and no responsibility or liability
is or will be accepted by Canaccord Genuity Limited or by any of
its respective affiliates or agents as to or in relation to, the
accuracy or completeness of this Announcement or any other written
or oral information made available to or publicly available to any
interested party or its advisers, and any liability therefore is
expressly disclaimed.
This Announcement and the information contained herein is not
for publication, release or distribution, directly or indirectly,
in or into the United States, Australia, Canada, Japan or South
Africa or any jurisdiction in which the same would be unlawful.
This announcement does not constitute an offer to sell or issue or
the solicitation of an offer to buy or acquire shares in the
capital of the Company in the United States, Australia, Canada,
Japan or South Africa or any jurisdiction in which such an offer or
solicitation is unlawful.
Shares in the Company have not been, nor will be, registered
under the U.S. Securities Act of 1933, as amended (the "Securities
Act") or with any securities regulatory authority of any State or
other jurisdiction of the United States, and accordingly may not be
offered, sold or transferred within the United States except
pursuant to an exemption from, or in a transaction not subject to,
registration under the Securities Act. The Company has not been and
will not be registered under the U.S. Investment Company Act of
1940, as amended (the "Investment Company Act") and investors will
not be entitled to the benefits of that Act. In addition, relevant
clearances have not been, and will not be, obtained from the
securities commission (or equivalent) of any province of Australia,
Canada, Japan or South Africa and, accordingly, unless an exemption
under any relevant legislation or regulations is applicable, none
of the Ordinary Shares or the New Ordinary Shares may be offered,
sold, renounced, transferred or delivered, directly or indirectly,
in Australia, Canada, Japan or South Africa.
Canaccord Genuity Limited, which is authorised and regulated in
the United Kingdom by the Financial Conduct Authority, is acting
for the Company and is acting for no-one else in connection with
the Issue.
InfraRed Capital Partners Limited, which is authorised and
regulated in the United Kingdom by the Financial Conduct Authority,
acts as Investment Adviser to the Company and is acting for no-one
else in connection with the Issue.
HICL Infrastructure Company Limited
HICL Infrastructure Company Limited ("HICL" or the "Company",
and together with its subsidiaries the "HICL Group") is a long term
investor in infrastructure assets which are predominantly
operational and yielding steady returns. It was the first
infrastructure investment company to be listed on the London Stock
Exchange. With a current portfolio of 114 infrastructure
investments (including the A63 and Northwest Parkway commitments
with limited conditions to completion), HICL is seeking further
suitable opportunities, which are positioned at the lower end of
the risk spectrum, in three target markets segments: PPPs;
regulated assets; and demand-based assets.
Further details can be found on the HICL website,
www.hicl.com.
Investment Adviser
The Investment Adviser to HICL is InfraRed Capital Partners
Limited ("InfraRed") which has successfully invested in over 200
infrastructure projects since 1997. InfraRed is a leading
international investment manager focused on infrastructure and real
estate. It operates worldwide from offices in London, Hong Kong,
New York, Seoul and Sydney. With over 120 professionals it manages
in excess of USD 9bn of equity capital in multiple private and
listed funds, primarily for institutional investors across the
globe. InfraRed is authorised and regulated by the Financial
Conduct Authority.
The infrastructure investment team at InfraRed consists of 60
investment professionals, all with an infrastructure investment
background and a broad range of relevant skills, including private
equity, structured finance, construction, renewable energy and
facilities management.
InfraRed implements best-in-class practices to underpin asset
management and investment decisions, promotes ethical behaviour and
has established community engagement initiatives to support good
causes in the wider community. InfraRed is a signatory of the
Principles of Responsible Investment.
Further details can be found on InfraRed's website,
www.ircp.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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