Last checked at 
13 Dec 2010 11:51
13 December 2010
Not for publication, release or distribution in whole or in part in Australia, Canada, Japan or the United States
HSBC Infrastructure Company Limited
Placing, Open Offer and Offer for Subscription of C Shares at an Issue Price of £1.00 per C Share
The Board of HSBC Infrastructure Company Limited ('the 'Company') announces the results of its Placing, Open Offer and Offer for Subscription of C Shares with a target size of £110.0m (the 'Issue').
The Issue was oversubscribed, with applications for in excess of 117 million C Shares received. A partial scaling back will therefore be applied to applications received. Applications under the Open Offer, pursuant to which an aggregate amount of 62,040,247 C Shares was made available to Existing Shareholders, totalled 56,739,235 C Shares (including applications under the Excess Application Facility), and accordingly such applications will be met in full. Applications under the Offer for Subscription, which amounted to 2,769,811 C Shares, will also be met in full. Commitments under the Placing will be scaled back in accordance with the principle set out in the Prospectus that preference should be given to earlier applications received. 110,000,000 C Shares will be issued at a price of £1.00 per C Share, of which 56,739,235 C Shares will be issued pursuant to the Open Offer, 2,769,811 C Shares will be issued pursuant to the Offer for Subscription and 50,490,954 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, to meet outstanding investment obligations and to acquire a Conditional Investment. 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 2010 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 2011 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 GG00B4TB1205 and the TIDM is HICC.
Collins Stewart Europe Limited and Oriel Securities Limited acted as Placing Agents.
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 15 December 2010 |
CREST accounts credited
| 15 December 2010 |
Conversion of C Shares into Ordinary Shares | January 2011 |
-ends-
Enquiries:
HSBC Specialist Fund Management Limited | 020 7991 8888 |
Tony Roper | |
Keith Pickard | |
David Foot | |
Erwan Fournis | |
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 Griffin | |
Gareth Price | |
Neil Winward | |
M:Communications | 020 7920 2330 |
Ed Orlebar | |
Andrew Benbow |
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 17 November 2010.