Notice of Extension and Trading Update

RNS Number : 6318L

Infrastructure India plc

14 September 2021

 

14 September 2021

Infrastructure India plc

("IIP", the "Company and together with its subsidiaries the "Group")

Extension of Deadline for Publication of Audited Accounts

Trading and Liquidity Update

Infrastructure India plc, an AIM quoted infrastructure fund investing directly into assets in India, provides the following notice of an extension for publication of audited accounts and an update on trading and company liquidity.

The Group has faced ongoing pandemic related disruptions, particularly during the second wave of Covid-19, which caused significant and widely publicised disruption in India in the first half of the calendar year. Consequently, the IIP Board believes that the Group will require additional time beyond 30 September 2021 to complete the audit process in respect of the Company's annual report and accounts for the year ended 31 March 2021. 

T he Group has applied for, and has been granted by AIM Regulation, a three month extension to the timeline for publishing its audited accounts for the year ended 31 March 2021, which are now expected to be published during October 2021.

Trading and Liquidity Update

Since the announcement on 9 August 2021, Distribution Logistics Infrastructure Limited ("DLI") continues to focus on its cost base, core business and strategic partnerships which have bolstered DLI's strong position in the central Indian region. The primary challenges remain liquidity, a severe shortage of labour and regulatory bottlenecks. The disruption and general market turbulence as a result of Covid-19 is expected to continue this year. Conversely, IIP's renewable assets are currently operating in line with expectations due to steady demand for power and longer term offtake agreements.

As at 31 August 2021, the IIP Group had unaudited cash and cash equivalents available of US$3.5 million, including approximately US$1 million of cash receivables. This provides approximately 4-6 months runway for the Group. As announced in August, the Board continues to evaluate options and explore alternative sources of financing with third parties and further announcements will be made as and when appropriate.

The challenging business conditions resulting from of the global pandemic and devaluation of the Indian Rupee (INR) against Sterling (GBP) are anticipated to impact the net asset value for the reporting period. The Board of IIP currently expects to announce net asset value per ordinary share as at 31 March 2021 in the region of 10p - 13p.

Further announcements will be made in the upcoming Annual Results.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018.

Enquiries:

Infrastructure India plc Sonny Lulla	www.iiplc.com Via Novella
Strand Hanson Limited Nominated Adviser James Spinney / James Dance	[phone]
Singer Capital Markets Broker James Maxwell - Corporate Finance James Waterlow - Investment Fund Sales	[phone]
Novella Financial PR Tim Robertson / Fergus Young	[phone]

 

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