HICL Infrastructure Regulatory News (HICL)

2 Apr 2008 07:00

HSBC Infrastructure Company Limited02 April 2008 HSBC Infrastructure Company Ltd (the "Company" or "HICL") Proposed C Share Issue The Company is pleased to announce that the Board of HICL is intending to raiseadditional equity capital by means of an issue of C shares (the "Issue"). Theproposals are for a Placing and Offer for Subscription to raise up to £145million. The proceeds of the Issue will enable the Company to pay down existingdebt and allow the Company to grow the portfolio by pursuing new investmentopportunities to be funded by draw down of the Company's £200 million debtfacilities. Since the Company was launched in March 2006, the portfolio has delivered strongcapital growth and a progressive dividend, both ahead of the original guidanceissued in March 2006. The Directors believe that the Company will continue tomeet its investment objectives and provide shareholders with long termdistributions, at levels that are sustainable, and to preserve the capital valueof the investment portfolio with potential for capital growth. The Company has received indications of interest for the proposed C Share Issuefrom both existing shareholders and prospective new investors. Dresdner Kleinwort and Oriel Securities will act as joint Placing Agents to theIssue. Full details of the issue will be announced later this month, with completionexpected to occur prior to the release of HICL's preliminary results on 28 May 2008. Recovery of withholding tax In the Company's Interim Management Statements of 11 February 2008, it was notedthat discussions with Her Majesty's Revenue & Customs were continuing inrelation to recovering withholding tax. These discussions have now, as expected,been satisfactorily concluded. For further information please contact: HSBC Specialist Fund Management Limited 020 7991 8888Tony RoperKeith PickardSandra Lowe Dresdner Kleinwort LimitedDominic Waters 020 7475 6688Robbie Robertson 020 7475 6674David Yovichic 020 7475 7144 Oriel Securities Limited 020 7710 7600Tom DurieEmma Ormond M: Communications 020 7153 1530Ed OrlebarTilly von Twickel Notes to Editors HSBC Infrastructure Company Limited The Company is a long term investor in infrastructure projects which arepredominantly in their operating phase and yielding steady returns. It was thefirst infrastructure investment company to be listed on the London StockExchange. It manages a portfolio of mostly operational infrastructure projectsand seeks to acquire further investment opportunities. The Investment Adviser to the Company is HSBC Specialist Fund Management Limited(HSFML), whose infrastructure investment team has been successfully investing ininfrastructure projects since 1997. HSFML is part of HSBC SpecialistInvestments, the infrastructure and real estate investment arm of the HSBCGroup, and is authorised and regulated by the Financial Services Authority. This information is provided by RNS The company news service from the London Stock Exchange