Issue of Ordinary Shares

RNS Number : 1564D

Renewables Infrastructure Grp (The)

25 March 2014

 



THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA.

25 March 2014

The Renewables Infrastructure Group Limited

Issue of Ordinary Shares under the Management Agreements,
Shareholdings of Managers and Total Voting Rights

The Board of The Renewables Infrastructure Group Limited (the "Company") announces that, in accordance with the terms of the management fee arrangements with InfraRed Capital Partners Limited (the "Investment Manager") and Renewable Energy Systems Limited (the "Operations Manager") under which 20 per cent. of the management fee is payable in new ordinary shares of no par value in the capital of the Company ("Ordinary Shares"), it has today issued in aggregate 235,351 Ordinary Shares (the "Management Ordinary Shares"), subject only to Admission (defined below). 

The issue price per Management Ordinary Share is 99.0p (being the most recently published net asset value of 101.5p net asset value per share as at 31 December 2013, less the interim dividend of 2.5p per Ordinary Share).

Application has been made for the Management Ordinary Shares to be admitted to the premium segment of the Official List and to trading on the main market of the London Stock Exchange.  It is expected that dealings in the Management Ordinary Shares will commence at 8.00 a.m. on 28 March 2014 ("Admission").

Pursuant to the terms of (a) the Investment Management Agreement between, inter alia, the Company and the Investment Manager dated 5 July 2013 (the "Investment Management Agreement") and (b) the Operations Management Agreement between, inter alia, the Company and the Operations Manager and dated 5 July 2013 (the "Operations Management Agreement"), 152,978 and 82,373 new ordinary shares of no par value each in the capital of the Company ("Ordinary Shares") have been allotted to the Investment Manager and the Operations Manager respectively, subject to Admission. This is for the period from IPO Admission to 31 December 2013.

The Ordinary Shares allotted and issued to the Investment Manager and Operations Manager set out above are subject to a lock up of one year from Admission.

Manager share holdings

Following Admission, the beneficial interests of the Investment Manager and the Operations Manager (both of which have day-to-day management responsibilities in connection with the services provided to the Company and its subsidiaries) were as follows:

Entity	Number of Ordinary Shares	% of issued share capital on Admission
InfraRed Capital Partners Limited	152,978	0.0493
Renewable Energy Systems Limited	15,082,373	4.8616

Total Voting Rights

In accordance with the Financial Conduct Authority's Disclosure and Transparency Rules, the total number of Ordinary Shares in the capital of the Company in issue on Admission will be 310,235,351, each with one voting right.   No Ordinary Shares are held in treasury.

The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the Disclosure and Transparency Rules.

Enquiries

InfraRed Capital Partners Limited                                   [phone]

Richard Crawford

Matt Dimond

Tulchan Communications                                                 [phone]

Martha Walsh

Victoria Huxster

Canaccord Genuity Limited                                               [phone]

Andrew Zychowski

Lucy Lewis

Jefferies International Limited                                         [phone]

Gary Gould

Alex Collins

Stuart Klein

Ends

 

END

 

 

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