Results of the Placing

RNS Number : 2365A

HICL Infrastructure Company Ld

28 March 2012

 



28 March 2012

Not for publication, release or distribution in whole or in part in Australia, Canada, Japan, South Africa or the United States

HICL INFRASTRUCTURE COMPANY LIMITED

Results of the Placing, Open Offer and Offer for Subscription of C Shares

The Board of HICL Infrastructure Company Limited (the 'Company') is pleased to announce the results of the Placing, Open Offer and Offer for Subscription of C Shares (the 'Issue').  As the Board announced on 27 March, the Issue, which was confirmed at £250m in size, was significantly oversubscribed and accordingly a partial scaling back has been applied to applications received.

A total of 250,000,000 C Shares will be issued at a price of £1.00 per C Share, of which 82,685,943 C Shares will be issued pursuant to the Open Offer, 10,029,500 C Shares will be issued pursuant to the Offer for Subscription and 157,284,557 C Shares will be issued under the Placing. 

Open Offer

Applications under the Open Offer, pursuant to which an aggregate amount of 110,903,702 C Shares was made available to Existing Shareholders, totalled 82,685,943 C Shares (including applications under the Excess Application Facility), and accordingly all such applications will be met in full. 

Offer for Subscription

Applications under the Offer for Subscription amounted to 10,029,500 C Shares. All applications under the Offer for Subscription will be met in full.

Placing

Commitments under the Placing will be scaled back in accordance with the principle set out in the Prospectus that preference should be given to earlier applications received.

The net proceeds of the Issue will be used to meet the Company's funding requirements, to reduce outstanding Group Debt and to provide the Group with further resources to make the Additional Investments identified by the Investment Adviser. In order that the portfolio value as at 31 March 2012 forms the basis for the calculation of the Conversion Ratio, it is intended that the proceeds from the Issue will be applied during the course of April 2012 with Conversion occurring later that month (and in any event no later than 31 May 2012).

Application has been made for the C Shares to be admitted to the Official List of the UK Listing Authority and to trading on the standard segment of the Main Market of the London Stock Exchange.

The International Security Identification Number for the C Shares is GG00B5SNML04 and the TIDM is HIC.

Canaccord Genuity Limited (formerly Collins Stewart Europe Limited) acted as Placing Agent. 

Expected timetable

Admission to the Official List and unconditional dealings in the C Shares to commence on the London Stock Exchange	8.00 a.m. on Friday, 30 March 2012
CREST accounts credited	Friday, 30 March 2012
Conversion of C Shares into Ordinary Shares	End April 2012

Defined words and terms used in this announcement shall have the same meaning as ascribed to them in the Company's prospectus dated 29 February 2012.

Enquiries:

InfraRed Capital Partners Limited	020 7484 1800
Tony Roper
Keith Pickard
David Foot
Sandra Lowe
Erwan Fournis
Canaccord Genuity Limited	020 7523 8000
Robbie Robertson
David Yovichic
Lucy Lewis
Dominic Waters
Neil Brierley
Will Barnett
Tulchan Communications	020 7353 4200
Ed Orlebar
Rebecca Scott

Canaccord Genuity Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting for the Company and for no one else in connection with the Issue and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Canaccord Genuity Limited or for affording advice in relation to the Issue, or any other matters referred to herein.

 

END

 

 

ROIEAXDPAEDAEEF