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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Infrastructure India Plc | LSE:IIP | London | Ordinary Share | IM00B2QVWM67 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.035 | 0.02 | 0.05 | 0.035 | 0.027 | 0.035 | 282,193 | 08:00:05 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Trust,ex Ed,religious,charty | -2.2M | -140.03M | -0.2053 | 0.00 | 204.63k |
TIDMIIP TIDMTTM
RNS Number : 9208C
Infrastructure India plc
20 June 2019
20 June 2019
Infrastructure India plc
("IIP" or the "Company" or, together with its subsidiaries, the "Group")
Extension of Asset Management Agreement
Infrastructure India plc, an AIM quoted infrastructure fund investing directly into assets in India, announces that the Group has entered into a revised and restated management and valuation and portfolio services agreement (the "Restated Management Agreement") with Franklin Park Management, LLC ("Franklin Park" or the "Asset Manager"), the Company's existing asset manager, to effect an extension of the term of the Asset Manager's appointment.
Under the Restated Management Agreement, which replaces the prior agreement between the parties entered into in September 2016 (the "Previous Agreement"), the Group has re-appointed Franklin Park to provide investment advisory and valuation and portfolio services to the Group on an exclusive basis.
Entry of the Restated Management Agreement follows the US$105 million financing announced by the Company on 2 April 2019 (the "Loan") and aligns the minimum term of the Asset Manager's appointment with the maturity of the Loan (maturing on 1 April 2023), the maturity of the US$64.1 million Cedar Valley Financial bridging loan (maturing on 30 June 2023) and the maturity of the US$21.5 million GGIC, Ltd. working capital loan (maturing on 30 June 2023) - providing for continuity of Group asset management whilst these loans remain outstanding.
Management fees payable under the Restated Management Agreement are unchanged from those under the Previous Agreement and the Asset Manager is entitled to an unchanged fixed annual management fee of GBP5,520,000 per annum (the "Annual Management Fee"), payable quarterly in arrears. In addition to the Annual Management Fee, the Asset Manager will continue to be issued with 605,716 new ordinary shares in the Company annually on 1 July of each calendar year for the duration of the Restated Management Agreement.
The Restated Management Agreement may be terminated for, inter alia, cause by either party or by either party providing the other with twelve months' written notice, subject to such written notice not being given before 1 April 2023.
Should the Restated Management Agreement be terminated by way of twelve months' prior written notice (by either party), the Asset Manager shall be issued with an additional 454,287 new ordinary shares in the Company, free of charge, on the date of termination.
Franklin Park is the Company's asset manager and, under the AIM Rules for Companies (the "AIM Rules"), Franklin Park is therefore deemed to be a related party to the Company and the Restated Management Agreement represents a related party transaction under the AIM Rules. The independent directors of the Company, M.S. Ramachandran and Timothy Walker, consider, having consulted with the Company's nominated adviser, that the terms of the Restated Management Agreement are fair and reasonable insofar as the Company's shareholders are concerned.
Enquiries:
Infrastructure India plc www.iiplc.com Sonny Lulla Cenkos Securities plc Nominated Adviser & Joint Broker Azhic Basirov / Ben Jeynes +44 (0) 20 7397 8900 Nplus1 Singer Advisory LLP Joint Broker James Maxwell - Corporate Finance James Waterlow - Investment Fund Sales +44 (0) 20 7496 3000 Novella +44 (0) 20 3151 7008 Financial PR Tim Robertson / Toby Andrews
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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(END) Dow Jones Newswires
June 20, 2019 07:17 ET (11:17 GMT)
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