TIDMHICL
RNS Number : 1257K
HICL Infrastructure Company Ld
19 September 2016
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT
FOR PUBLICATION, RELEASE, OR DISTRIBUTION, DIRECTLY OR INDIRECTLY,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. 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.
19 September 2016
HICL Infrastructure Company Limited (the "Company" or
"HICL")
Issue of Equity
Introduction
The Board of HICL today announces a proposal to raise GBP76
million through an issue of Ordinary Shares in the capital of the
Company (the "New Ordinary Shares") by way of tap issuance (the
"Issue"). The Issue will be made to qualifying investors* through
HICL's corporate broker, Canaccord Genuity Limited ("Canaccord
Genuity").
The net proceeds of the Issue will be applied in addressing the
Company's net funding requirement, which currently stands at
approximately GBP76 million and which is due to increase to GBP148m
once the Company's conditional investment in the A63 motorway
project is completed in Q1 2017.
Given the pipeline of investment opportunities currently being
considered by the Investment Adviser, as a result of which the
Company may soon have additional funding requirements, and in light
of the forthcoming investment in the A63 project, the Directors
will give consideration to increasing the size of the Issue in the
event of material excess demand for New Ordinary Shares. At
present, the Company has the ability to issue up to 81,922,684 New
Ordinary Shares by way of tap issuance, allowing it to raise a
maximum of approximately GBP145 million.
Details of the Issue and expected timetable
Under the terms of the Issue, HICL intends to issue Ordinary
Shares of 0.01 pence each in the capital of the Company, under
authority granted by Shareholders at its Annual General Meeting on
19 July 2016.
The Issue will be non pre-emptive and will be launched
immediately following this announcement, when Canaccord Genuity
will commence a bookbuilding process to determine the level of
demand from potential investors for participation in the Issue. The
number of New Ordinary Shares to be issued and the price per Share
(the "Strike Price") will be agreed between Canaccord Genuity and
the Company following close of the bookbuild at 10.00 a.m. on
Thursday 22 September, and announced shortly thereafter. Canaccord
Genuity and the Company reserve the right to set a maximum
percentage of New Ordinary Shares that may be allocated to any one
investor.
The New Ordinary Shares are not being offered at a fixed price.
To bid in the bookbuild, investors should communicate their bid (or
bids) by telephone to their usual sales contact at Canaccord
Genuity. Each bid should state the number of New Ordinary Shares
for which the prospective investor wishes to subscribe and the
price or price range that the prospective investor is offering to
pay; any bid price must be for a full pence or half pence amount.
The Strike Price will be in excess of the Company's prevailing net
asset value per Ordinary Share.
The bookbuild is expected to close at 10.00 a.m. (London time)
on 22 September 2016 but may be closed earlier or later at the
discretion of the Company and Canaccord Genuity. Canaccord Genuity
may, in agreement with the Company, accept bids that are received
after the bookbuild has closed.
Subject to the above, Canaccord Genuity may choose to accept
bids, either in whole or in part, on the basis of allocations
determined in agreement with the Company, and may scale down any
bids for this purpose on such basis as the Company and Canaccord
Genuity may determine. Canaccord Genuity may also, notwithstanding
the above, subject to the prior consent of the Company: (i)
allocate New Ordinary Shares after the time of any initial
allocation to any person submitting a bid after that time, and (ii)
allocate New Ordinary Shares after the bookbuild has closed to any
person submitting a bid after that time. The Company reserves the
right to reduce the amount to be raised pursuant to the Issue.
Application for listing and admission to trading
Application will be made to the Financial Conduct Authority for
admission of the New Ordinary Shares to the premium segment of the
Official List of the FCA and to London Stock Exchange plc for
admission to trading of the New Ordinary Shares on its main market
for listed securities (together, "Admission"). It is expected that
Admission will become effective on or around 26 September 2016 and
that dealings in the New Ordinary Shares on the London Stock
Exchange's main market for listed securities will commence at that
time.
* As defined in section 86(7) of the Financial Services and
Markets Act 2000 (as amended).
For further information, please contact:
InfraRed Capital Partners
Limited
Tony Roper
Keith Pickard +44 (0) 20 7484
Harry Seekings 1800
Canaccord Genuity Limited
Robbie Robertson
Dominic Waters
Neil Brierley
Will Barnett +44 (0) 20 7523
David Yovichic 8000
Tulchan Communications
David Allchurch +44 (0) 20 7353
Latika Shah 4200
Aztec Financial Services
(Guernsey) Limited
Chris Copperwaite
Jacques Colley +44 (0) 1481 748831
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.
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.
Neither this announcement nor anything contained herein shall
form the basis of, or be relied upon in connection with, any offer
or commitment whatsoever in any jurisdiction.
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 or Japan 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 or Japan or any
jurisdiction in which such an offer or solicitation is
unlawful.
Shares in HICL 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. No offering of the Shares is
being made in the United States or to U.S. persons as defined in
and in accordance with Regulation S under the Securities Act ("U.S.
Persons"). 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.
Canaccord Genuity Limited, which is authorised and regulated in
the United Kingdom by the Financial Conduct Authority, is acting
for HICL Infrastructure Company Limited 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 HICL Infrastructure Company Limited
and is acting for no-one else in connection with the Issue.
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IOEQQLFFQKFFBBQ
(END) Dow Jones Newswires
September 19, 2016 02:00 ET (06:00 GMT)
Hicl Infrastructure (LSE:HICL)
Historical Stock Chart
From Apr 2024 to May 2024
Hicl Infrastructure (LSE:HICL)
Historical Stock Chart
From May 2023 to May 2024