REG - Infrastructure India - Resignation of Nominated Adviser

Infrastructure IndiaAnnouncement

01/08/2024 07:00

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RNS Number : 6835Y  Infrastructure India plc  01 August 2024

 

1 August 2024

 

Infrastructure India plc

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

 

Resignation of Nominated Adviser

 

Infrastructure India plc, an AIM quoted infrastructure fund investing directly
into assets in India, announces that Strand Hanson Limited, the Company's
nominated adviser (the "Nominated Adviser"), has resigned with immediate
effect.

 

Following the AGM on 26 June 2024, when two of IIP's directors were not
re-elected to the Board, and the subsequent resignation of M.S. Ramachandran
on 12 July 2024, the Company's Board comprises two directors and is therefore
not quorate under its articles of association (the "Articles"). As such, IIP
has not been able to operate effectively under the Articles, with the powers
of the directors limited to the appointment of additional directors or the
convening of a general meeting for the purpose of making such appointment.
Accordingly, trading in IIP's ordinary shares on AIM was suspended on 16 July
2024, pending the appointment of at least one additional director.

 

IIP has been unable to identify an appropriate director to be appointed, and
the Board does not believe that there is any reasonable prospect of appointing
an additional director whilst it remains admitted to trading on AIM, resulting
in the Company being unable to operate effectively on an indefinite basis.

 

Following the resignation of the Company's Nominated Adviser, the Company's
ordinary shares continue to be suspended from trading on AIM. AIM Rule 1
provides the Company with one month to appoint a replacement nominated
adviser. If no replacement nominated adviser is appointed within that
timeframe, the admission of the Company's AIM securities will be cancelled
(the "Cancellation"). The Company does not intend to appoint a replacement
nominated adviser and the Cancellation is therefore expected to take effect at
07:00 a.m. on 2 September 2024.

 

Following the Cancellation, the Company expects be able to return the Board to
a quorate status, to enable the Company to continue with its asset disposal
strategy to maximise the returns from its assets and pursue an orderly winding
up.

 

Enquiries:

 Infrastructure India plc                 www.iiplc.com (http://www.iiplc.com/)

 Sonny Lulla                              Via Novella

 Singer Capital Markets

 Broker                                   +44 (0) 20 7496 3000

 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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