Proposed Placing

RNS Number : 7054O

Renewables Infrastructure Grp (The)

11 August 2014

 



NOT FOR PUBLICATION, RELEASE, OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN, OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, SOUTH AFRICA OR ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL OR TO U.S. PERSONS (WITHIN THE MEANING OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED).

11 August 2014

The Renewables Infrastructure Group Limited

Proposed Placing

Following the announcement made by The Renewables Infrastructure Group Limited ("TRIG" or the "Company" and, together with the holding company subsidiaries, the "Group") of the acquisition of three fully operational solar generating projects in the UK for an aggregate consideration of £73.7 million on 8 August 2014 and the associated draw down under TRIG's revolving acquisition facility (now approximately £40m drawn), the Board of TRIG announces that the Company is seeking to raise approximately £20 million through a cash placing with institutional investors of new ordinary shares of no par value (the "New Shares") in the Company.

The Placing is expected to close at 3.00 p.m. (London time) today but may close earlier or later at the absolute discretion of the Company.  The issue price per New Share will be 105 pence and is expected to be accretive to the net asset value per share of the Company, after costs.

Application will be made for the New 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 New Shares will commence at 8.00 a.m. on 14 August 2014.

The New Shares will, when issued, be credited as fully paid and rank pari passu with the existing ordinary shares of no par value in the capital of the Company, including the right to receive all future dividends and distributions declared, made or paid (including the Company's interim dividend due to be declared in August 2014).

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Enquiries

InfraRed Capital Partners Limited                              [phone]

Richard Crawford

Matt Dimond

Tulchan Communications                                           [phone]

Martha Walsh

Canaccord Genuity Limited                                                           [phone]

Dominic Walters                                                                            [phone]

Will Barnett                                                                                   [phone]

Andrew Zychowski

Jefferies International Limited                                                      [phone]

Gary Gould

Stuart Klein

Alex Collins

Mark James

Important information

This Announcement has been issued by and is the sole responsibility of the Company.

No representation or warranty express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by Canaccord Genuity Limited ("Canaccord"), Jefferies International Limited ("Jefferies") or by any of their respective affiliates or agents as to or in relation to, the accuracy or completeness of this Announcement or any other written or oral information made available to or publicly available to any interested party or its advisers, and any liability therefore is expressly disclaimed.

Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever in any jurisdiction.

This announcement and the information contained herein is not for publication, release or distribution, directly or indirectly, in or into the United States, Australia, Canada or Japan or any jurisdiction in which the same would be unlawful.  This announcement does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire shares in the capital of the Company in the United States, Australia, Canada or Japan or any jurisdiction in which such an offer or solicitation is unlawful.

The Shares have not been, or will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or with any securities regulatory authority of any State or other jurisdiction of the United States, and accordingly may not be offered, sold or transferred within the United States except pursuant to an exemption from, or in a transaction not subject to, registration under the Securities Act. No offering of the Shares is being made in the United States or to U.S. persons as defined in and in accordance with Regulation S under the Securities Act ("U.S. Persons"). The Company has not been and will not be registered under the U.S. Investment Company Act of 1940, as amended (the "Investment Company Act") and investors will not be entitled to the benefits of that Act.

Jefferies and Canaccord are each authorised and regulated in the United Kingdom by the Financial Conduct Authority, and are each acting exclusively for the Company and are not advising any other person or treating any other person as their respective customers in relation to the Placing or to the matters referred to in this Announcement and neither Jefferies nor Canaccord will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients or for affording advice in relation to the Placing.

InfraRed Capital Partners Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, acts as Investment Manager to the Company and is acting for no-one else in connection with the Issue.

This Announcement is for information purposes only and does not constitute an invitation to subscribe for or otherwise acquire or dispose of securities in the Company in any jurisdiction.  The information contained in this Announcement is for background purposes only and does not purport to be full or complete.  This announcement does not constitute or form part of any offer to issue or sell, or any solicitation of any offer to subscribe or purchase any investments nor shall it (or the fact of its distribution) form the basis of, or be relied on in connection with, any contract therefor.

NOTES TO EDITORS:

The Renewables Infrastructure Group Limited (TRIG)

TRIG is a leading renewable energy infrastructure company delivering long-term, stable dividends from a diversified portfolio of onshore wind and solar photovoltaic projects in the UK and Northern Europe. The Company is seeking to provide investors with long-term, stable dividends, while preserving the capital value of its investment portfolio through re-investment of surplus cash flows after payment of dividends. TRIG is targeting an initial annualised dividend of 6 pence per Ordinary Share for the period from the Initial Public Offering to 30 June 2014 and aims to increase this dividend progressively thereafter in line with inflation over the medium term.

TRIG currently owns a portfolio of 27 wholly-owned assets in the UK, France and the Republic of Ireland. 11 of the assets are solar PV parks and 16 of the assets are onshore wind farms. The Group is seeking further suitable investment opportunities which fit its stated Investment Policy.

Further details can be found on TRIG's website at www.trig-ltd.com.

Investment Manager

TRIG's Investment Manager is InfraRed Capital Partners Limited (InfraRed). InfraRed is an independent investment business, managing a range of infrastructure and real estate funds and investments. It has a strong record of delivering attractive returns for its investors, with total equity under management of more than US$ 7 billion.  

InfraRed currently has staff of over 100 employees and partners, based mainly in offices in London and with smaller offices in Paris, Sydney, Hong Kong and New York. The infrastructure investment team within the InfraRed Group currently consists of over 50 investment professionals, all of whom have an infrastructure investment background and a broad range of relevant skills, including private equity, structured finance, construction, renewable energy and facilities management.

Since 1998, InfraRed has launched 15 funds including two companies listed on the London Stock Exchange:  HICL Infrastructure Company Limited (HICL) and TRIG. To date, six of these funds have been completely or materially realised.

The InfraRed Group has a long and successful proven track record in sourcing, structuring, acquiring, managing and financing infrastructure equity investments. It has been responsible for over 160 infrastructure equity investments for the InfraRed Group (including predecessor organisations) and its funds to date.

InfraRed Capital Partners Limited is authorised and regulated by the Financial Conduct Authority.

Operations Manager

The Operations Manager of the Group is Renewable Energy Systems Limited (RES). RES is one of the world's leading renewable energy developers, with extensive experience in developing, financing, constructing and operating renewable energy infrastructure projects globally across a wide range of low carbon technologies including wind, solar and biomass.

RES has been at the forefront of wind energy development for over 30 years.  Since incorporation, RES has developed and/or constructed more than 140 individual wind farms and PV parks around the world with a combined capacity of over 8,000 MW. 

In recognition of extraordinary business success in growing revenues from international markets, RES was awarded its second Queen's Award for Enterprise in 2013, this time for International Trade. Today, projects developed and/or built by RES are contributing to meeting the needs of a rapidly-evolving energy market and, in doing so, are actively contributing to a more sustainable world.

RES's global headcount totals over 1,000 staff based in thirteen countries across five continents.

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