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.

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

Recommended

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

Central banks are rushing to build digital currencies. What are they, and what do they mean for you?
Bitcoin

Central banks are rushing to build digital currencies. What are they, and what do they mean for you?

As bitcoin continues to soar in value, many of the world’s central banks are looking to emulate it by issuing their own digital currencies. But centra…
8 Apr 2021
House prices: from boom to even bigger boom
House prices

House prices: from boom to even bigger boom

UK house prices have risen to new to record highs, says Nicole Garcia Merida. Demand continues to outpace supply, but continued low interest rates, th…
9 Apr 2021
Nuclear power might never be popular – but now looks a good time to invest
Commodities

Nuclear power might never be popular – but now looks a good time to invest

Nuclear power gets a very bad press, but it is the ultimate renewable energy source. Interest in it is perking up again, says John Stepek. Which means…
9 Apr 2021