Infrastructure investment company HICL on Tuesday announced a placing, open offer and offer for subscription with a target size of 100m new shares at an issue price of 119.5p each.
The transaction is expected to raise £119.5m before expenses, but the issue can be increased to 140m shares to raise £167.3m.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"Repayment of existing group debt will provide the group with greater flexibility in making further investments in the infrastructure market as suitable opportunities arise," the company said.
The issue expenses are expected to be around £2.55m.
Under the open offer existing shareholders can subscribe for new ordinary shares on the basis of one new ordinary shares for every 15 ordinary shares held at the close of February 22nd.
The share price fell 1.50p to 125.20p by 13:15 Tuesday.
NR
-
Millions at risk of 'unnecessary' tax bill – how to shield your savingsMillions of Brits could be taxed on their savings interest this year as their savings interest exceeds the personal savings allowance. Are you at risk?
-
Savers will have to wait as long as 48 years to build a £1m cash ISA pot if allowance is cutChancellor Rachel Reeves is rumoured to be planning a cut to the cash ISA allowance in the Autumn Budget, making it harder for savers to build wealth. Will you still be able to build a £1 million cash ISA pot?
