We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.02475 | -41.42% | 0.035 | 0.02 | 0.05 | 0.05975 | 0.035 | 0.05975 | 8,407 | 08:23:15 |
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 : 8001Q
Infrastructure India plc
21 February 2019
21 February 2019
Infrastructure India plc
("IIP", the "Company" and together with its subsidiaries the "Group")
Increase of Bridging Loan
Infrastructure India plc, an AIM quoted infrastructure fund investing directly into assets in India, announces that it has agreed a US$3.2 million increase to the existing US$53.4 million unsecured bridging loan facility (the "Bridging Loan") originally provided to the Company in June 2017 by Cedar Valley Financial (the "Bridging Loan Increase").
Following the lapsing of the Company's previously announced proposed financing on 30 January 2019, the Board of IIP is continues to examine the Company's funding alternatives, including re-engaging with PSA International and Gateway Partners. The Bridging Loan Increase will provide the Group with additional short-term capital for working capital purposes.
As at 31 January 2019, IIP had unaudited cash balances of approximately GBP1.3 million. Both the Bridging Loan and the US$21.5 million working capital loan originally provided to the Company in April 2013 by GGIC, Ltd ("GGIC") mature on 1 April 2019. IIP is expected to require access to additional funding prior to 1 April 2019.
Bridging Loan Increase
The Bridging Loan was originally provided to the Company in June 2017 by Cedar Valley in an amount of US$8.0 million and has been subsequently increased in multiple tranches. The Bridging Loan currently carries an interest rate of 12.0% per annum and is due for repayment by the Company on the earlier of: (i) 15 days following the completion of a financing; or (ii) 1 April 2019.
Pursuant to the Bridging Loan Increase, a further US$3.2 million (the "Additional Funds") has been made available to the Company. The Company intends to draw down the Additional Funds immediately. On draw down of the Additional Funds, the Bridging Loan, now totaling US$56.6 million, will be fully drawn down.
A fee equal to 1% of the Additional Funds drawn down is payable by IIP to Cedar Valley Financial on drawn down.
The other terms of the Bridging Loan remain unchanged.
Related Party Transaction
GGIC is, directly and indirectly, interested in 75.4% of the Company's issued share capital and Cedar Valley Financial is an affiliate of GGIC. Under the AIM Rules for Companies ("AIM Rules") Cedar Valley Financial is, therefore, deemed to be a related party of the Company and the Bridging Loan Increase is a related party transaction pursuant to Rule 13 of the AIM Rules. The independent directors of IIP, M.S. Ramachandran and Timothy Walker, consider, having consulted with Cenkos Securities plc in its capacity as the Company's nominated adviser, that the terms of the Bridging Loan Increase are fair and reasonable insofar as the shareholders of IIP are concerned.
This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
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
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.
END
MSCDFLFLKLFXBBD
(END) Dow Jones Newswires
February 21, 2019 12:44 ET (17:44 GMT)
1 Year Infrastructure India Chart |
1 Month Infrastructure India Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions