Infrastructure India plc Update on Results Dates and Investment Disposals (1935X)
19 Décembre 2023 - 8:00AM
UK Regulatory
TIDMIIP
RNS Number : 1935X
Infrastructure India plc
19 December 2023
19 December 2023
Infrastructure India plc
("IIP", the "Company" and together with its subsidiaries the
"Group")
Update on Annual Report, Interim Results and Investment
Disposals
Infrastructure India plc, an AIM quoted infrastructure fund
investing directly into assets in India, provides the following
update regarding the publication of its audited annual report and
financial statements for the year ended 31 March 2023 ("2023 Annual
Report), the publication of its unaudited interim accounts for the
six months ended 30 September 2023 ("2023 Interims"), the 2023
annual general meeting ("AGM") and an update on the disposals of
the Company's Distribution Logistics Infrastructure Private Limited
("DLI") and Indian Energy Limited ("IEL") interests.
Update on the publication of accounts
The Company notified on 25 September 2023 that it would not be
in a position to publish the 2023 Annual Report by 30 September
2023, as required by Rule 19 of the AIM Rules for Companies (the
"AIM Rules"), which sets publication of the 2023 Annual Report
within 6 months of the year end.
The Company announced on 6 September 2023 the conditional sale
of the Group's interest in 99.99% of DLI to Pristine Malwa
Logistics Park Private Limited ("Pristine Malwa"), in consideration
for which DLI will receive a cash payment of approximately US$10
million on closing, and up to 33% of Pristine Malwa's issued share
capital, subject to customary adjustments based on the net current
assets and indebtedness of DLI on the closing date (the "DLI
Transaction"). Pristine Malwa is the parent company and c. 95%
shareholder of Sical Logistics Limited ("Sical"), a company listed
on the India's National Stock Exchange and the BSE (formerly named
the Bombay Stock Exchange).
Following the DLI Transaction announcement and during a stage in
the audit process for the 2023 Annual Report, the Company was
advised that certain disclosures in the 2023 Annual Report in
relation to the valuation of its interest in DLI, required to
comply with IFRS disclosure obligations, were unable to be
published at that time due to certain Securities and Exchange Board
of India (SEBI) restrictions linked to the DLI Transaction, and
consequently the audit could not be completed prior to 30 September
2023. Accordingly, the Company's ordinary shares were suspended
from trading on AIM with effect from 2 October 2023. This temporary
suspension will be lifted once the 2023 Annual Report has been
published.
The Company updates that it expects to be in a position to
complete the audit and to publish its 2023 Annual Report within the
first calendar quarter of 2024.
In light of the above, the Company will not be in a position to
publish its 2023 Interims by 31 December 2023, but expects to be in
a position to publish to 2023 Interims immediately after publishing
the 2023 Annual Report.
Annual General Meeting
With the 2023 Annual Report now being published in early 2024,
IIP is unable to hold an annual general meeting ("AGM") in 2023.
Pursuant to the Company's Articles of Association, the Company
should hold an AGM in each calendar year providing notice and a
copy of the published annual audited accounts to shareholders not
less than 21 clear days before the AGM date. With the revised
publication of the Annual Report, IIP currently expects to convene
an AGM in the first calendar quarter of 2024.
Update on disposals
The DLI Transaction allows the Company to remain invested in the
Indian logistics sector through its substantial interest in the
Merged Group and is expected to realise enhanced value for the
Company's shareholders at the time of exit, which is contemplated
to be within 24 to 36 months from the date of closing of the DLI
Transaction. It also allows the Company to retain a significant
indirect interest in DLI, whilst also benefitting from asset
diversification through its significant interest in Pristine Malwa
and, indirectly, Sical. In addition, the Board expects that by DLI
being part of a larger group, it will benefit from economies of
scale.
Both DLI and Pristine Malwa are working diligently towards
completion. Certain complex issues, which have delayed the initial
expected close, are nearing resolution. IIP currently expects to
complete the transaction prior to 15 January 2024.
In relation to IEL, the closing of the sale announced on 4 April
2023 to FA Power Renewables Private Limited, which was initially
delayed due to regulatory matters, is now nearing finalisation
based on the net current assets position, which would allow the
final adjustments to be agreed and the transaction to be
completed.
The Board looks forward to providing shareholders with further
updates, as appropriate, in due course.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018, as amended.
Enquiries:
Infrastructure India plc www.iiplc.com
Sonny Lulla Via Novella
Strand Hanson Limited
Nominated Adviser
James Dance / Richard Johnson +44 (0) 20 7409 3494
Singer Capital Markets
Broker
James Maxwell - Corporate Finance
James Waterlow - Investment Fund Sales +44 (0) 20 7496 3000
Novella
Financial PR
Tim Robertson / Safia Colebrook +44 (0) 20 3151 7008
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