Statement re Proposed Financing

RNS Number : 5912O

Infrastructure India plc

30 January 2019

 

30 January 2019

Infrastructure India plc

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

Statement re Proposed Financing

IIP announced on 31 July 2018, that it had entered into conditional proposed financing agreements for up to US$125 million with PSA International, a global port group, and Gateway Partners (the "Proposed Financing"). The transaction related to the issue of convertible preference shares in Distribution Logistics Infrastructure India, Distribution Logistics Infrastructure Limited's ("DLI") parent company, for a consideration of US$75 million and the sale of 24% of DLI by the Group for a consideration of US$50 million ("Transaction"). IIP shareholders approved the terms of the Proposed Financing at an extraordinary general meeting held on 24 August 2018.

As previously announced, the Proposed Financing transaction documentation (the "Transaction Documentation") had envisaged the fulfilment of conditions precedent within a six-month timeframe. 

Owing to the Proposed Financing remaining conditional on receipt of outstanding Indian regulatory and other approvals as at 30 January 2019, the long stop date under the Transaction Documentation, the Transaction lapses today.

The Board of IIP will examine the Company's alternatives, including re-engaging with PSA International and Gateway Partners, and further announcements will be made, as appropriate, in due course.

This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

Enquiries:

Infrastructure India plc        Sonny Lulla	www.iiplc.com
Cenkos Securities plc Nominated Adviser & Joint Broker Azhic Basirov / Ben Jeynes	[phone]
Nplus1 Singer Advisory LLP Joint Broker James Maxwell - Corporate Finance James Waterlow - Investment Fund Sales	[phone]
Novella	[phone]
Financial PR
Tim Robertson / Toby Andrews

 

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