Result of C Share Issue

RNS Number : 1264Z

Project Finance Investments Limited

24 May 2016

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, TO US PERSONS OR IN OR INTO AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES OF AMERICA OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

24 May 2016

Project Finance Investments Limited (the "Company")

Result of Open Offer, Placing and Offer for Subscription

Further to the announcement by the Company on 27 April 2016 in respect of a fully pre-emptive offer of C Shares (the "Issue"), the Company has received applications from investors in respect of 44,086,270 C Shares at an Issue price of 100 pence per C Share, raising gross proceeds of approximately £44 million.

The net proceeds of the Issue will be used to take advantage of attractive investment opportunities. The Investment Manager, Gravis Capital Partners LLP, has identified a pipeline of c. £170m of potential investments in respect of which it is in discussion with the relevant borrowers. The Investment Manager will not charge an investment management fee on any uninvested cash proceeds of the Issue.

Application has been made for all of the C Shares to be admitted to the Premium Listing segment of the Official List of the UK Listing Authority and to trading on the London Stock Exchange's Main Market for listed securities ("Admission"). It is expected that Admission and dealings in the C Shares will commence at 8.00 a.m. (London time) on 31 May 2016.

Share certificates in respect of the C Shares are expected to be despatched in the week commencing 6 June 2016 or as soon as possible thereafter. Immediately following Admission, the Company will have 106,000,002 ordinary shares and 44,086,270 C Shares in issue and therefore the total voting rights in the Company will 150,086,272. 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.

For further information, please contact:

Gravis Capital Partners LLP		[phone]
David Conlon	[e-mail]
Stephen Ellis	[e-mail]
Dion Di Miceli	[e-mail]
Cenkos Securities plc		[phone]
Tom Scrivens	[e-mail]
Oliver Packard	[e-mail]
Sapna Shah	[e-mail]
Buchanan		[phone]
Charles Ryland	[e-mail]
Vicky Watkins	[e-mail]

Important Information

The content of this announcement has been prepared by, and is the sole responsibility of, Project Finance Investments Limited.

The distribution of this announcement and the Issue in certain jurisdictions may be restricted by law. No action has been taken by the Company or Cenkos Securities plc ("Cenkos") that would permit an offering of the C Shares or possession or distribution of this announcement or any other offering or publicity material relating to such C Shares in any jurisdiction where action for that purpose is required. Persons into whose possession this announcement comes are required by the Company or Cenkos to inform themselves about, and to observe, such restrictions.

No representation or warranty, express or implied, is made or given by or on behalf of the Company, Cenkos, or the Investment Manager or any of their respective directors, partners, officers, employees, agents or advisers or any other person (whether or not referred to in this announcement) as to the accuracy, completeness or fairness of the information contained herein and no responsibility or liability is accepted by any of them for any such information or opinions. 

This announcement does not constitute or form part of, and should not be considered as, any offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any shares in the Company or securities in any other entity, in any jurisdiction, including the United States, nor shall it, or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with, any contract or investment decision whatsoever, in any jurisdiction. 

Cenkos, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting for the Company and for no-one else in connection with the Issue and will not be responsible to anyone other than the Company for providing the protections afforded to its clients, nor for providing advice in connection with the Issue. Cenkos is not responsible for the contents of this announcement. This does not limit or exclude any responsibilities which Cenkos may have under FSMA or the regulatory regime established thereunder or under the regulatory regime of any other jurisdiction where exclusion of liability under the relevant regulatory regime would be illegal, void or unenforceable. 

Terms used in this announcement shall have the same meanings given to them in the prospectus of the Company which was published on 27 April 2016 (the "Prospectus") unless the context otherwise requires.

 

END

 

 

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