Proposed Placing

RNS Number : 2934E

Renewables Infrastructure Grp (The)

03 November 2015

 



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

This announcement is an advertisement and not a prospectus. Investors should not purchase or subscribe for any transferable securities referred to in this announcement except on the basis of information contained in the prospectus published by The Renewables Infrastructure Group Limited (the "Company") in connection with the Company's share issuance programme (the "Share Issuance Programme"). The prospectus published in connection with the Share Issuance Programme comprises the registration document, securities note and summary published by the Company on 1 December 2014, (as supplemented by supplementary prospectuses respectively dated 3 March 2015, 24 June 2015, 13 July 2015, 27 August 2015 and a fifth supplementary prospectus expected to be published today) (the "Prospectus"). This announcement is not an offer to sell, or a solicitation of an offer to acquire, securities in the United States or in any other jurisdiction. Neither this announcement nor any part of it shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever.

3 November 2015

The Renewables Infrastructure Group Limited

Proposed Placing

Further to its announcement on 27 October 2015, the Board of The Renewables Infrastructure Group Limited (the "Company") confirms its intention to undertake an institutional placing (the "Placing") of New Ordinary Shares pursuant to its Share Issuance Programme expected to close on or around 12 November 2015. 

The proceeds from the Placing will be applied towards reducing the £79m currently drawn under the Group's acquisition facility positioning the Company to take advantage of the strong pipeline of attractive investment opportunities currently under consideration. 

16,011,486 New Ordinary Shares remain available for issue under the Share Issuance Programme. In the event that demand for New Ordinary Shares materially exceeds this figure, the Board may choose to make use of the Company's tap authority, which allows it to issue up to 10 per cent. of its issued share capital on a non-pre-emptive basis, in order to meet that excess demand.

The New Ordinary Shares will be issued at a price of 100 pence (the "Placing Price").  The Investment Manager's estimate of the Company's unaudited NAV per ordinary share as at 31 October 2015 was 98.3 pence.

The New Ordinary Shares will, when issued, rank pari passu with the Company's existing ordinary shares, including having the right to receive the interim dividend for the six months ending 31 December 2015, which has a target figure of 3.11 pence per ordinary share.

Expected Timetable

Placing opens	3 November 2015
Latest time and date for receipt of Placing commitments	3.00 p.m. on 12 November 2015
Announcement of the results of the Placing	13 November 2015
Admission and settlement of the Placing	17 November 2015

Any capitalised terms not defined in this announcement have the meaning set out in the Prospectus as defined above.

Enquiries:

InfraRed Capital Partners Limited                              [phone]

Richard Crawford

Matt Dimond

Phil George

Tulchan Communications                                           [phone]

Martha Walsh

Canaccord Genuity Limited                                         [phone]

Robbie Robertson

Dominic Waters

Will Barnett

Neil Brierley

Jefferies International Limited                                    [phone]

Gary Gould

Stuart Klein

Important Information

This document is not for release, publication or distribution (directly or indirectly) in or into the United States, Canada, Australia, Japan, the Republic of South Africa or to any "US person" as defined in Regulation S under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or into any other jurisdiction where applicable laws prohibit its release, distribution or publication. It does not constitute an offer of securities for sale anywhere in the world, including in or into the United States, Canada, Australia, Japan or the Republic of South Africa. No recipient may distribute, or make available, this document (directly or indirectly) to any other person. Recipients of this document in jurisdictions outside the UK should inform themselves about and observe any applicable legal requirements in their jurisdictions. In particular, the distribution of this document may in certain jurisdictions be restricted by law.

The Company's Ordinary Shares have not been and will not be registered under the U.S. Securities Act or with any securities regulatory authority of any state or other jurisdiction of the United States and, subject to certain exceptions, may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons. The Company will not be registered as an "investment company" under the U.S. Investment Company Act of 1940, as amended, and investors will not be entitled to the benefits of that Act. In addition, relevant clearances have not been, and will not be, obtained from the securities commission (or equivalent) of any province of Australia, Canada, Japan or the Republic of South Africa and, accordingly, unless an exemption under any relevant legislation or regulations is applicable, none of the Ordinary Shares may be offered, sold, renounced, transferred or delivered, directly or indirectly, in Australia, Canada, Japan or the Republic of South Africa.

Each of InfraRed Capital Partners Limited ("InfraRed"), Canaccord Genuity Limited ("Canaccord Genuity") and Jefferies International Limited ("Jefferies") is authorised and regulated by the UK Financial Conduct Authority. None of InfraRed, Canaccord Genuity or Jefferies is acting as adviser to any recipient of this document or will be responsible to any recipient of the document for providing the protections afforded to clients of any of them or for providing advice in connection with this document or any of the matters referred to herein.

This document is an advertisement and not a prospectus and investors must only subscribe for or purchase the securities referred to in this document on the basis of information contained in the Prospectus (as defined above) and not in reliance on this document. This document does not contain sufficient information to support an investment decision and investors should ensure that they obtain all available relevant information before making any investment. This document does not constitute and may not be construed as an offer to sell, or an invitation to purchase, investments of any description, nor as a recommendation regarding the possible offering or the provision of investment advice by any party.

 

END

 

 

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