Issue of Ordinary Shares

RNS Number : 3954T

Renewables Infrastructure Grp (The)

29 March 2016

 

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.

The Renewables Infrastructure Group Limited

Issue of Ordinary Shares under the Management Agreements and pursuant to the Scrip Alternative,
Shareholdings of Managers and Total Voting Rights

Issue of Ordinary Shares under the Management Agreements

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 736,190 Ordinary Shares (the "Management Ordinary Shares"), subject only to Admission (defined below). 

The issue price per Management Ordinary Share is 95.89p (being the 31 December 2015 NAV of 99.0p less the 3.11p dividend).

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"), 478,523 and 257,667 new Ordinary Shares have been allotted to the Investment Manager and the Operations Manager respectively. This is for the period from 1 July to 31 December 2015.

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.

Issue of Ordinary Shares pursuant to the Company's Scrip Dividend Alternative

The Board of the Company announces that, pursuant to the Company's scrip dividend alternative in lieu of cash for the interim dividend for or the six months ended 31 December 2015, elections for the scrip dividend alternative were received in respect of 11.46% of the Ordinary Shares in issue as at the record date of 17 February 2016.  As a consequence, the Company has today issued 2,715,189 Ordinary Shares (the "Scrip Shares"), subject only to Admission (defined below).

When issued, the Management Ordinary Shares and Scrip Shares will rank pari passu with the existing Ordinary Shares.  

A copy of the document relating to the Scrip Dividend Alternative dated 1 March 2016 is available for inspection at the National Storage Mechanism  www.morningstar.co.uk/uk/NSM and can also be obtained from the Company Secretary or from the Investor Relations section of the Company's website at www.trig-ltd.com.

Admission

Application has been made for the Management Ordinary Shares and Scrip Shares to be admitted to the premium segment of the Official List and to trading on the London Stock Exchange's main market for listed securities.  It is expected that dealings in the Management Ordinary Shares and Scrip Shares will commence at 8.00 a.m. on 31 March 2016 ("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) will be as follows:

Entity	Number of Ordinary Shares	% of issued share capital on Admission
InfraRed Capital Partners Limited	1,500,970	0.204
Renewable Energy Systems Limited	12,650,720	1.718

Total Voting Rights

In accordance with the Financial Conduct Authority's Disclosure and Transparency Rules, the total number of Ordinary Shares in issue on Admission will be 736,289,474, 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 Richard Crawford Matt Dimond Phil George	[phone]
Tulchan Communications Martha Walsh Latika Shah	[phone]
Canaccord Genuity Limited Andrew Zychowski Helen Goldsmith Denis Flanagan	[phone]
Liberum Capital Limited Steve Pearce Chris Clarke	[phone]

Ends

 

END

 

 

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