22nd Nov 2019 09:00
(Alliance News) - HICL Infrastructure PLC said Friday it plans to raise up to GBP100 million through an equity issue to support funds to invest in its current infrastructural projects.
The FTSE 250-listed firm plans to raise up to GBP100 million through the tap issuance, using the authority to issue shares granted to the firm in July.
The pricing and number of shares to be issued by the firm will be announced next Friday.
"HICL has a strong track record of delivering consistent and sustainable returns to shareholders, having delivered an annualised 9.3% total shareholder return on a NAV basis since IPO," said Harry Seekings, co-head of infrastructure at InfraRed Capital Partners Ltd.
"The funds raised under this Issue will enable HICL to pursue its healthy and diversified pipeline, with InfraRed leveraging its expertise and network of relationships to generate new investment opportunities for the group", Seekings added.
HICL said it currently had a funding requirement for its pipeline of around GBP90 million. The remainder of the funds will be used to support its existing investment commitment to the Walney Extension offshore transmission owner wind farm project.
Shares in HICL were 3.9% lower at 163.80 pence in London on Friday.
By Ahren Lester; [email protected]
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