REG - Infrastructure India Infrastructure Ind W - Extension to Deadline for Publication of Accounts

Infrastructure IndiaAnnouncement

12/09/2022 16:15

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RNS Number : 1576Z  Infrastructure India plc  12 September 2022

12 September 2022

 

 

Infrastructure India plc

("IIP", the "Company" and together with its subsidiaries the "Group")

 

Extension of Deadline for Publication of Audited Accounts

 

Trading and Liquidity Update

 

Infrastructure India plc, an AIM quoted infrastructure fund investing directly
into assets in India, provides the following notice of an extension to the
deadline for publication of its 2022 audited annual accounts and an update on
trading and Company liquidity.

 

The Group has faced ongoing pandemic related disruptions, with several key
executives at portfolio companies suffering Covid-19 and serious related
health issues, delaying the timely provision of critical data for audit
process. Consequently, the IIP Board believes that the Group will require
additional time beyond 30 September 2022 to complete the audit process in
respect of the Company's annual report and accounts for the year ended 31
March 2022.

 

In accordance with AIM's temporary measures for publication of annual audited
accounts, the Company has applied for, and has been granted, a three month
extension to the deadline for publishing its audited annual accounts for the
year ended 31 March 2022, which are now expected to be published in early
November 2022.

 

Trading and Liquidity Update

 

Since the Company's announcement of 31 August 2022, Distribution Logistics
Infrastructure Limited ("DLI") continues to focus on servicing its existing
customers and managing tight working capital, and so far, despite these
challenges, retains a dominant position in the central Indian region. IIP's
renewable assets are currently operating in line with expectations with
overall increased production at India Hydropower Development Company's
operating plants.

 

IIP is in the closing stages of a sale of Indian Energy Limited ("IEL"), as
announced on 25 February 2022.

 

As announced on 31 August 2022, IIP increased the IIP Bridge Facility term
loan by US$6 million from US$105 million to US$111 million. On that date, the
IIP Group had unaudited cash and cash equivalents available of approximately
US$6.2 million. Although substantially all of the cash available is currently
allocated, the Group expects proceeds from the sale of IEL to be received
during September, which is expected to give the Company a cash runway until
December 2022.

 

The Company's creditors remain supportive and it has agreed with all material
creditors that they will continue to withhold demanding payment for invoices
due at the current time. It is expected the consideration due to the Company
from the sale of IEL will be partially utilised towards settlement of such
creditors.

 

As previously announced, the Board remains in discussions with third parties
regarding the sale of assets, including DLI, and further announcements will be
made as and when appropriate.

 

Liquidity constraints and the increase in Group net debt are anticipated to
impact the net asset value for the reporting period. The Board of IIP
currently expects to provide guidance on net asset value per ordinary share as
at 31 March 2022 and notice of results in mid-October.

 

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 (http://www.iiplc.com/)

 Sonny Lulla                                   Via Novella

 Strand Hanson Limited                         +44 (0) 20 7409 3494

 Nominated Adviser

 James Dance / Richard Johnson / Rob Patrick

 Singer Capital Markets                        +44 (0) 20 7496 3000

 Broker

 James Maxwell - Corporate Finance

 James Waterlow - Investment Fund Sales

 Novella                                       +44 (0) 20 3151 7008

 Financial PR

 Tim Robertson / Safia Colebrook

 

 

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