GCP Infrastructure raising £60m in placing

Infrastructure investment fund GCP Infrastructure announced a placing of new ordinary shares under its placing programme on Friday.

The company said the placing will seek to raise gross proceeds of around £60m in accordance with the prospectus.

It is being effected to allow the company to take advantage of a number of attractive investment opportunities in the near term and in accordance with its investment objective and policy, the board said.

The placing price has been set at 123.5p per ordinary share, which represents a discount of 9p to the closing market price on 17 November.

GCP confirmed the placing will be NAV accretive for existing shareholders, will be non pre-emptive and was to commence immediately following the announcement.

“Under the terms of the company's placing programme the board has the discretion to issue up to a maximum of 110.6 million new ordinary shares,” it confirmed in a statement.