10th Oct 2018 08:23
LONDON (Alliance News) - International Public Partnerships Ltd said on Wednesday it plans to raise around GBP75 million through a placing of shares at a price of 152.5 pence per share.
Shares in the FTSE 250-listed investment company were down 0.8% at 153.35 pence early Wednesday.
Based on the issue price and total amount expected to be raised, INPP would issue about 49 million shares in the placing.
INPP raising the money in response to shareholder feedback "indicating a demand to reinvest into the infrastructure sector following recent market transactions", it said.
The funds will also go towards repaying drawn debt facilities, and providing resources for future acquisitions and investments.
INPP said that GBP24.8 million is currently drawn of the cash component of its corporate debt facility, and following its eventual investment in the Dudgeon Offshore Transmission Owner Project, the amount drawn will increase to GBP72 million.
Therefore, the GBP75 million will be raised to pay down the drawn balance of the facility. The placing is expected to close on October 25.
Related Shares:
International Public Partnerships