REG - Infrastructure India - Update on Results Dates and Investment Disposals

Infrastructure IndiaAnnouncement

19/12/2023 07:00

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

 Sonny Lulla                              Via Novella

 Strand Hanson Limited                    +44 (0) 20 7409 3494

 Nominated Adviser

 James Dance / Richard Johnson

 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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