Advertisement

HICL Infrastructure issues 100m new shares

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.

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.

Advertisement - Article continues below

The proceeds of the issue will initially be used to repay its outstanding debt in full, with the remainder put towards further investments.

"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

Advertisement
Advertisement

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

What gold, bonds and tech stocks have in common
Stockmarkets

What gold, bonds and tech stocks have in common

"Risk off" or "safe haven" assets such as gold and government bonds have been doing well lately. But so have riskier tech stocks. That seems to defy c…
10 Jul 2020
An economics lesson from my barber
Inflation

An economics lesson from my barber

On reopening his shop after lockdown, Dominic Frisby’s barber doubled his prices. It’s all part of the post-Covid inflation process – and we’re going …
8 Jul 2020
Share tips of the week
Share tips

Share tips of the week

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
10 Jul 2020