RNS Number : 4231N
Infrastructure India plc
25 September 2023
 

25 September 2023

Infrastructure India plc

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

Update on publication of 2023 Annual Report

Infrastructure India plc, an AIM quoted infrastructure fund investing directly into assets in India, provides the following update in relation to its audited Annual Report and Financial Statements for its financial year ended 31 March 2023 (the "2023 Annual Report ").

The Company notifies that it will not be in a position to publish the 2023 Annual Report by 30 September 2023, as required by Rule 19 of the AIM Rules for Companies (the "AIM Rules") which requires publication of the 2023 Annual Report within 6 months of the year end.

On 6 September 2023 the Company announced the conditional sale of the Group's interest in 99.99% of Distribution Logistics Infrastructure Private Limited ("DLI") to Pristine Malwa Logistics Park Private Limited ("Pristine Malwa") in consideration for which DLI will receive a cash payment of approximately US$10 million on closing, and up to 33% of Pristine Malwa's issued share capital, subject to customary adjustments based on the net current assets and indebtedness of DLI on the closing date (the "DLI Transaction"). Pristine Malwa is the parent company and c. 95% shareholder of Sical Logistics Limited, a company listed on the India's National Stock Exchange and the BSE (formerly named the Bombay Stock Exchange).

Whilst the audit process is nearing finalisation, the Company has been advised that certain disclosures in the 2023 Annual Report in relation to the valuation of its 99.99% interest in DLI, required to comply with IFRS disclosure obligations, are unable to be published at the current time due to certain  Securities and Exchange Board of India (SEBI) restrictions linked to the DLI Transaction.

Accordingly, the Company's ordinary shares will be suspended from trading on AIM with effect from 7:30 a.m. on Monday 2 October 2023. The temporary suspension from trading on AIM will be lifted once the 2023 Accounts have been published.

The Company expects to be in a position to complete the audit and to report its 2023 Annual Report prior to the end of 2023. Further updates will be notified in due course.

Notwithstanding the temporary suspension of trading in the Company's ordinary shares, the Company will continue to make announcements as and when there are any developments that require announcement in accordance with its obligations under the AIM Rules.

 

Enquiries:

 

Infrastructure India plc

Sonny Lulla 

 

 

 

www.iiplc.com

Via Novella

 



Strand Hanson Limited

Nominated Adviser

Richard Johnson / 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 / Safia Colebrook

+44 (0) 20 3151 7008

 

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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