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11 Dec 2009 16:19
HSBC Infrastructure Company Limited
11 December 2009
Not for publication, release or distribution in whole or in part in Australia, Canada, Japan or the United States
HSBC Infrastructure Company Limited
Placing and Offer for Subscription of C Shares at an Issue Price of £1.00 per C Share
The Board of HSBC Infrastructure Company Limited ('HICL' or the 'Company'), announces the results of its Placing and Offer for Subscription of up to 80,000,000 C Shares (the 'Issue').
The Issue was substantially oversubscribed, with applications for in excess of 122 million C Shares received, of which approximately 25.3 million related to the Offer for Subscription and approximately 97.5 million related to the Placing. A partial scaling back will be applied to applications received. Applications under the Offer for Subscription of £100,000 or less will be met in full, with all other commitments under the Placing or Offer for Subscription being scaled back in accordance with the principles set out in the Prospectus (including, inter alia, the principle that all applications from existing shareholders will as a minimum be met pro rata to their holding of Ordinary Shares). 80,000,000 C Shares will be issued at a price of £1.00 per C Share, of which 19,838,594 C Shares will be issued pursuant to the Offer for Subscription and 60,161,406 C Shares will be issued by way of the Placing.
The net proceeds of the Issue will be used to pay down existing Group Debt and to meet the Company's outstanding subscription obligations in respect of existing investments. The repayment of existing Group Debt will provide the Group with greater flexibility to make further investments in the infrastructure market as suitable opportunities arise. In order that the portfolio value as at 31 December 2009 forms the basis for the calculation of the Conversion Ratio, it is intended that the proceeds from the Issue will be applied at the beginning of January 2010 with Conversion occurring later that month.
Application has been made for the C Shares to be admitted to the Official List of the UK Listing Authority and to trading on the main market for listed securities of the London Stock Exchange.
The International Security Identification Number for the C Shares is GG00B597WD39 and the TIDM is HICC.
Collins Stewart Europe Limited and Oriel Securities Limited acted as Placing Agents.
Graham Picken, Chairman of HSBC Infrastructure Company Limited said: 'We are delighted to have received such a strong response from shareholders and the wider investor market to the C Share issue. This demonstrates that investors are attracted to HICL's attractive yield characteristics, proven track record in delivering excellent returns and its diverse portfolio of assets with predictable and long term income streams.'
Expected timetable:
| Admission to the Official List and unconditional dealings in the C Shares to commence on the London Stock Exchange | 8.00 a.m. on 16 December 2009 |
| CREST accounts credited | 16 December 2009 |
| Conversion of C Shares into Ordinary Shares | January 2010 |
Enquiries:
| HSBC Specialist Fund Management Limited | 020 7991 8888 |
| Tony Roper | |
| Keith Pickard | |
| Sandra Lowe | |
| | |
| Collins Stewart Europe Limited | 020 7523 8000 |
| Robbie Robertson | |
| David Yovichic | |
| Lucy Lewis | |
| Dominic Waters | |
| Neil Brierley | |
| Will Barnett | |
| | |
| Oriel Securities Limited | 020 7710 7600 |
| Tom Durie | |
| Emma Ormond | |
| | |
| M:Communications | 020 7920 2330 |
| Ed Orlebar | |
| James Hill | |
Collins Stewart and Oriel, each of which is authorised and regulated in the United Kingdom by the Financial Services Authority, are acting for the Company and for no one else in connection with the Issue and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Collins Stewart and Oriel or for affording advice in relation to the Issue, or any other matters referred to herein.
Defined words and terms used in this announcement shall have the same meaning as ascribed to them in the Company's prospectus dated 12 November 2009.