LONDON (dpa-AFX) - HICL Infrastructure Plc. (HICL.L) Thursday said that the operational performance of its demand-based assets has been reassuring in the context of the gradual easing of travel restrictions amid Covid-19 pandemic. Revenue on the toll roads is ahead of expectations at the current time.
In its trading update for the period from April 1 to July 15, the company said its Board remains comfortable that cash generation from the portfolio remains in line with forecast. The Board re-affirmed the target dividend guidance of 8.25 pence per Ordinary Share for the financial year to March 31, 2021.
Separately, the company announced its proposal to raise additional equity capital through the issue of new Ordinary Shares by way of non-pre-emptive tap issuance, priced at 164.0 pence per ordinary share, a discount to the pre-announcement share price of 5.7 percent. The equity fund raising is to pay down the Revolving Credit Facility in respect of investments and to provide additional resources to fund HICL's near-term pipeline of attractive opportunities.
Looking ahead, the company said, 'Whilst uncertainty stemming from Covid-19 continues to create a degree of volatility in financial markets, the resumption of transaction activity in the sector demonstrates continued investor appetite for core infrastructure assets.... The pipeline remains focused on HICL's core geographies (UK, Europe, North America and Australia / New Zealand)...'
Copyright RTT News/dpa-AFX
© 2020 AFX News
