Result of Initial Issue

RNS Number : 4825Y

Renewables Infrastructure Grp (The)

17 May 2016

 



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.

17 May 2016

The Renewables Infrastructure Group Limited
(an investment company listed on the main market of the London Stock Exchange and advised by InfraRed Capital Partners as investment manager and by Renewable Energy Systems as operations manager)

Result of Initial Issue

Further to its announcement on 27 April 2016 with regard to the publication of the Prospectus in connection with the Share Issuance Programme, the Board of The Renewables Infrastructure Group Limited (the "Company") announces that the Company has raised gross proceeds of £30.3 million through the issue of 30,000,000 New Ordinary Shares at an Issue Price of 101p each pursuant to the terms of the initial issue (the "Initial Issue").

Applications were received in respect of 3,161,896 New Ordinary Shares under the Initial Offer for Subscription and 26,838,104 New Ordinary Shares were applied for under the Initial Placing. 

The net proceeds from the Initial Issue will be applied towards paying down amounts drawn under the Group's revolving acquisition facility. Thereafter, the Group will have approximately £136 million available to be drawn under this facility together with a balance of 270 million New Ordinary Shares (or C Shares) available for issuance under the Share Issuance Programme which is in place until 26 April 2017. This puts the Company in a good position to take advantage of the strong pipeline of attractive investment opportunities currently under consideration by the Investment Manager and the Operations Manager.

The New Ordinary Shares will, when issued, rank pari passu with the Company's existing ordinary shares, and will be entitled to receive the interim dividend of 1.5625p per share declared on 5 May 2016 and payable on 30 June 2016. The Initial Issue is expected to be net asset value accretive for existing shareholders (net of fees and expenses associated with the Initial Issue).

Application has been made for all of the New Ordinary Shares to be admitted to the premium segment of the Official List of the FCA and to trading on the London Stock Exchange's main market for listed securities. Admission is expected to take place on 19 May 2016.

Canaccord Genuity and Liberum Capital acted as joint bookrunners and Canaccord Genuity acted as sponsor in relation to the Initial Issue.

Total Voting Rights

Immediately following Admission, the Company's issued share capital will consist of 766,289,474 ordinary shares with voting rights. This figure may be used by shareholders as the denominator for the calculations by which they may determine whether or not they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

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]

Doug Campbell

Latika Shah

Canaccord Genuity Limited                                         [phone]

Robbie Robertson

Andrew Zychowski

Lucy Lewis

Liberum Capital Limited                                               [phone]

Steve Pearce

Chris Clarke

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 Liberum Capital Limited ("Liberum") is authorised and regulated by the UK Financial Conduct Authority. None of InfraRed, Canaccord Genuity or Liberum 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.

 

END

 

 

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