Result of Issue and Total Voting Rights

RNS Number : 9950H

Renewables Infrastructure Grp (The)

16 March 2018

 

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS 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 (the "Company" or "TRIG")

Result of Issue

Total Voting Rights

16 March 2018

Further to its announcement of 12 March 2018, the Board of TRIG is pleased to announce that the Company has raised gross proceeds of approximately £57.6 million through the issue of 54,858,016 new ordinary shares in the capital of the Company ("New Ordinary Shares") at a price of 105.0p per New Ordinary Share (the "Issue"), in excess of the initial target of £25m.

The net proceeds of the Issue will be applied towards repaying amounts drawn under the Company's revolving acquisition facility with Royal Bank of Scotland plc, National Australia Bank Limited and ING Bank N.V. 

Application for Admission

Application has been made to the Financial Conduct Authority for admission of the New Ordinary Shares to the premium segment of the Official List and to London Stock Exchange plc for admission to trading of the New Ordinary Shares on its main market for listed securities (the "Main Market"), (together, "Admission").  It is expected that Admission will become effective, and that dealings in the New Ordinary Shares on the Main Market will commence, on Tuesday, 20 March 2018.

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

Total Voting Rights

Immediately following Admission, the Company's issued share capital will consist of 1,002,200,975 Ordinary Shares with voting rights.  This figure may be used by shareholders in determining the denominator for the calculation by which they will establish if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

LEI:  213800N06Q7Q7HMOMT20

Enquiries:

InfraRed Capital Partners Limited                                        [phone]

Richard Crawford

Phil George

Matt Dimond

Canaccord Genuity Limited                                                  [phone]

Robbie Robertson

Dominic Waters

Neil Brierley

Will Barnett

Gavin Tooke

Lucy Lewis

Andrew Zychowski

Liberum                                                                                 [phone]

Andrew Davies

Jack Kershaw

Anastasia Mikhailova

Chris Clarke

Henry Freeman

Louis Davies

Tulchan Communications                                                   [phone]

Latika Shah

Martin Pengelley

IMPORTANT INFORMATION

This announcement contains Inside Information.

The distribution of this Announcement, and/or the issue of New Ordinary Shares in certain jurisdictions may be restricted by law and/or regulation.  No action has been taken by the Company, the Joint Bookrunners or any of their respective affiliates as defined in Rule 501(b) under the U.S. Securities Act (as applicable in the context used, Affiliates) that would permit an offer of the New Ordinary Shares or possession or distribution of this Announcement or any other publicity material relating to the New Ordinary Shares in any jurisdiction where action for that purpose is required.  Persons receiving this Announcement are required to inform themselves about and to observe any such restrictions.

The Joint Bookrunners, each of which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, are acting for the Company and for no one else in connection with the Tap Issue and will not be responsible to anyone other than the Company for providing the protections afforded to clients of the Joint Bookrunners or for providing advice in relation to the Tap Issue, or any other matters referred to herein.

Information to Distributors

Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID II"); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures, in the UK being the FCA's Product Intervention and Governance Sourcebook (PROD) (together, the "MiFID II Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the New Ordinary Shares have been subject to a product approval process, which has determined that the New Ordinary Shares are: (i) compatible with an end target market of professionally advised retail investors who do not need a guaranteed income or capital protection and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution a) if to professionally advised retail investors, through advised distribution channels only; or b) through such distribution channels as are appropriate to professional clients and eligible counterparties, (in each case)as are permitted by MiFID II (the "Target Market Assessment"). Notwithstanding the Target Market Assessment, Distributors should note that: the price of New Ordinary Shares may decline and investors could lose all or part of their investment; the New Ordinary Shares offer no guaranteed income and no capital protection; and an investment in New Ordinary Shares is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Tap Issue.  Furthermore, it is noted that, notwithstanding the Target Market Assessment, the Joint Bookrunners will only contact prospective Applicants for participation in the Tap Issue who meet the criteria of professional clients and eligible counterparties.

For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to New Ordinary Shares.  Each distributor is responsible for undertaking its own target market assessment in respect of the New Ordinary Shares and determining appropriate distribution channels.

 

END

 

 

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