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LONDON (Alliance News) - GCP Infrastructure Investments Ltd Thursday said a share placing it announced in January has been significantly oversubscribed, provided the company with GBP80 million in funding.
The infrastructure fund which focused primarily on investments in UK infrastructure debt, announced in January that it was seeking to raise GBP75-100 million in a C share issuance with scope for an additional capital raising by the issuance of a further 100 million ordinary shares.
The capital was raised through an open offer, placing and offer for subscription of up to 100 million C shares at GBP1.00 per C share and the creation of a placing programme for its ordinary shares.
The company said that the issuance was oversubscribed and as such, applications will be scaled back but that all applications made pursuant to basic entitlements under the open offer will be met in full.
GCP said 80 million C shares will be issued as part of the capital raise.
"The Board remains focused on this objective and as a result, the proceeds raised have been capped at GBP80 million in order to execute the specifically identified investment opportunities available to the Company in the near future," Chairman Ian Reeves said in a statement.
GCP Infrastructure shares were up 0.5% to 109.518 pence Thursday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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