Infra.india Regulatory News (IIP)

12 September 2022

Infrastructure India plc

("IIP", the "Company" and together with its subsidiaries the "Group")

Extension of Deadline for Publication of Audited Accounts

Trading and Liquidity Update

Infrastructure India plc, an AIM quoted infrastructure fund investing directly into assets in India, provides the following notice of an extension to the deadline for publication of its 2022 audited annual accounts and an update on trading and Company liquidity.

The Group has faced ongoing pandemic related disruptions, with several key executives at portfolio companies suffering Covid-19 and serious related health issues, delaying the timely provision of critical data for audit process. Consequently, the IIP Board believes that the Group will require additional time beyond 30 September 2022 to complete the audit process in respect of the Company's annual report and accounts for the year ended 31 March 2022. 

In accordance with AIM's temporary measures for publication of annual audited accounts, the Company has applied for, and has been granted, a three month extension to the deadline for publishing its audited annual accounts for the year ended 31 March 2022, which are now expected to be published in early November 2022.

Trading and Liquidity Update

Since the Company's announcement of 31 August 2022, Distribution Logistics Infrastructure Limited ("DLI") continues to focus on servicing its existing customers and managing tight working capital, and so far, despite these challenges, retains a dominant position in the central Indian region. IIP's renewable assets are currently operating in line with expectations with overall increased production at India Hydropower Development Company's operating plants.

IIP is in the closing stages of a sale of Indian Energy Limited ("IEL"), as announced on 25 February 2022.

As announced on 31 August 2022, IIP increased the IIP Bridge Facility term loan by US$6 million from US$105 million to US$111 million. On that date, the IIP Group had unaudited cash and cash equivalents available of approximately US$6.2 million. Although substantially all of the cash available is currently allocated, the Group expects proceeds from the sale of IEL to be received during September, which is expected to give the Company a cash runway until December 2022.

The Company's creditors remain supportive and it has agreed with all material creditors that they will continue to withhold demanding payment for invoices due at the current time. It is expected the consideration due to the Company from the sale of IEL will be partially utilised towards settlement of such creditors.

As previously announced, the Board remains in discussions with third parties regarding the sale of assets, including DLI, and further announcements will be made as and when appropriate.

Liquidity constraints and the increase in Group net debt are anticipated to impact the net asset value for the reporting period. The Board of IIP currently expects to provide guidance on net asset value per ordinary share as at 31 March 2022 and notice of results in mid-October.

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.

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