Infrastructure India plc Notice of Extension and Trading Update (6318L)
14 Settembre 2021 - 8:00AM
UK Regulatory
TIDMIIP TIDMTTM
RNS Number : 6318L
Infrastructure India plc
14 September 2021
14 September 2021
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 for publication of audited accounts and an
update on trading and company liquidity.
The Group has faced ongoing pandemic related disruptions,
particularly during the second wave of Covid-19, which caused
significant and widely publicised disruption in India in the first
half of the calendar year. Consequently, the IIP Board believes
that the Group will require additional time beyond 30 September
2021 to complete the audit process in respect of the Company's
annual report and accounts for the year ended 31 March 2021.
T he Group has applied for, and has been granted by AIM
Regulation, a three month extension to the timeline for publishing
its audited accounts for the year ended 31 March 2021, which are
now expected to be published during October 2021.
Trading and Liquidity Update
Since the announcement on 9 August 2021, Distribution Logistics
Infrastructure Limited ("DLI") continues to focus on its cost base,
core business and strategic partnerships which have bolstered DLI's
strong position in the central Indian region. The primary
challenges remain liquidity, a severe shortage of labour and
regulatory bottlenecks. The disruption and general market
turbulence as a result of Covid-19 is expected to continue this
year. Conversely, IIP's renewable assets are currently operating in
line with expectations due to steady demand for power and longer
term offtake agreements.
As at 31 August 2021, the IIP Group had unaudited cash and cash
equivalents available of US$3.5 million, including approximately
US$1 million of cash receivables. This provides approximately 4-6
months runway for the Group. As announced in August, the Board
continues to evaluate options and explore alternative sources of
financing with third parties and further announcements will be made
as and when appropriate.
The challenging business conditions resulting from of the global
pandemic and devaluation of the Indian Rupee (INR) against Sterling
(GBP) are anticipated to impact the net asset value for the
reporting period. The Board of IIP currently expects to announce
net asset value per ordinary share as at 31 March 2021 in the
region of 10p - 13p.
Further announcements will be made in the upcoming Annual
Results.
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.
Enquiries:
Infrastructure India plc www.iiplc.com
Sonny Lulla Via Novella
Strand Hanson Limited
Nominated Adviser
James Spinney / James Dance +44 (0) 20 7409 3494
Singer Capital Markets
Broker
James Maxwell - Corporate Finance
James Waterlow - Investment Fund Sales +44 (0) 20 7496 3000
Novella
Financial PR
Tim Robertson / Fergus Young +44 (0) 20 3151 7008
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END
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