Liquidity and Financing Update

RNS Number : 2817Y

Infrastructure India plc

13 January 2022

 

13 January 2022

Infrastructure India plc

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

Liquidity and Financing Update

Infrastructure India plc, an AIM quoted infrastructure fund investing directly into assets in India, announces that, further to its interim results published on 24 December 2021, in which it noted that the Company's forecasts indicate that the Company does not have sufficient cash reserves to meet creditors as they fall due beyond January 2022, it has agreed with certain creditors that they will withhold  demanding payment for invoices falling due in January until at least March 2022 (the "Payment Extension").

The Payment Extension provides the Company with cash runway to the end of February 2022 to source the funding required to ensure the Group has adequate funding to continue to meet liabilities as they fall due.

To realise funds within the short term, management continues its advanced discussions with regard to the sale of IEL. The Group has received a Letter of Intent signed by a third party with respect to the sale of IEL and documentation is currently being negotiated. While the sale will likely occur at a discount to the most recently stated NAV, the proceeds will provide the Group with additional runway to pursue the monetisation of other assets, in particular through the partial or complete sale of DLI.

Further updates on progress will be provided as and when appropriate.

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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