Infrastructure India plc Extension to Deadline for Publication of Accounts (1576Z)
12 Settembre 2022 - 5:10PM
UK Regulatory
TIDMIIP TIDMTTM
RNS Number : 1576Z
Infrastructure India plc
12 September 2022
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, t he 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.
Enquiries:
Infrastructure India plc www.iiplc.com
Sonny Lulla Via Novella
Strand Hanson Limited
Nominated Adviser
James Dance / Richard Johnson / Rob Patrick +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 / Safia Colebrook +44 (0) 20 3151 7008
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END
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