GCP Infrastructure Investments Limited, the UK's only listed infrastructure fund focused primarily on investments in UK infrastructure debt, announced in its annual results on 16 December 2013 that in order to fund the continued growth of the company through the acquisition of further high quality assets, the directors of the company were considering various near term funding options, including a capital raise.
On Monday, GCP Infrastructure Investments' board announced its final intention to raise additional capital through an open offer, placing and offer. The company is targeting an initial fundraising of in excess of £75 million, up to a maximum of £100 million.
Further details of the transaction will be set out in a prospectus expected to be published on or around 12 February 2014.
The company also previously announced on 20 December 2013 a reorganisation, involving a proposed purchase, subject to conditions, of the shares in its majority-owned subsidiary, GCP Infrastructure Fund Limited, which the company does not already own, such that the subsidiary will become a 100% subsidiary of the company.
GCP Infrastructure Investments said that further details of the reorganisation will be set out in a prospectus expected to be published on or around 3 February 2014. If the conditions are met and required approvals granted, the reorganisation is expected to become effective on 7 February 2014.
GCP Infrastructure Investments is a closed-ended investment company incorporated in Jersey.
The company is a feeder fund which invests all the proceeds in the GCP Infrastructure Fund Limited. On 20 July 2010, it raised £40.0 million through its listing on the London Stock Exchange's Main Market. As of September 2013, the company had a market capitalization of £308.1 million and investments with Net Asset Value of £291.9 million.