TIDMDORE
RNS Number : 0195P
Downing Renewables & Infrastructure
14 October 2021
THIS ANNOUNCEMENT (THE "ANNOUNCEMENT") AND THE INFORMATION
CONTAINED IN IT IS NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION,
DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO OR FROM THE
UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA,
JAPAN OR ANY MEMBER STATE OF THE EEA OR ANY OTHER JURISDICTION IN
WHICH THE PUBLICATION, DISTRIBUTION OR RELEASE OF THIS ANNOUNCEMENT
WOULD BE UNLAWFUL.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN
OFFER OF SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER,
SOLICITATION OR SALE WOULD BE UNLAWFUL UNDER THE SECURITIES LAWS OF
ANY SUCH JURISDICTION.
THIS ANNOUNCEMENT HAS BEEN DETERMINED TO CONTAIN INSIDE
INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION (EU) NO
596/2014 ("MAR") WHICH IS PART OF UK LAW BY VIRTUE OF THE EUROPEAN
UNION (WITHDRAWAL) ACT 2018. UPON PUBLICATION OF THIS ANNOUNCEMENT,
THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC
DOMAIN FOR THE PURPOSES OF MAR.
14 October 2 021
Downing Renewables & Infrastructure Trust plc
("DORE" or "the Company")
Result of Placing and PrimaryBid Offer
Further to the Company's announcements on 29 September 2021 and
8 October 2021, Downing Renewables & Infrastructure Trust plc
announces that, subject only to Admission, it will issue a total of
14,508,487 New Ordinary Shares, raising gross proceeds of
c.GBP14.87 million pursuant to the Placing and the PrimaryBid
Offer.
A total of 14,196,197 Placing Shares (c.GBP14.55 million) in the
Company have been placed with new and existing investors at an
Issue Price of 102.5 pence per Ordinary Share. In addition, a total
of 312,290 New Ordinary Shares (c.GBP320,000) in the Company will
be issued pursuant to the PrimaryBid Offer, at the Issue Price of
102.5 pence per Ordinary Share.
The Investment Manager intends to deploy the net proceeds of the
Placing and the PrimaryBid Offer, in conjunction with the remaining
proceeds of the IPO, into investment opportunities contained within
its pipeline. In addition to this, the Investment Manager is also
currently exploring options to optimise the existing capital
structure of the Company's portfolio, including the inception of a
revolving credit facility.
Applications have been made for the new Ordinary Shares to be
issued pursuant to the Placing and the PrimaryBid Offer to be
admitted to the premium listing segment of the Official List and to
trading on the London Stock Exchange's main market for listed
securities. It is expected that Admission will take place at 8.00
a.m. on 19 October 2021 and that dealings in the new Ordinary
Shares will commence at the same time. The new Ordinary Shares
will, when issued, be credited as fully paid and will rank pari
passu in all respects with the existing issued Ordinary Shares
including the right to receive all dividends and other
distributions declared, made or paid after their date of issue.
Following Admission, the total issued share capital of the
Company will be 137,008,487 Ordinary Shares. The Company does not
hold any Ordinary Shares in treasury. Therefore the total number of
voting rights in the Company will be 137,008,487 and this figure
may be used by Shareholders as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or a change in their interest in, the share capital of
the Company under the FCA's Disclosure Guidance and Transparency
Rules.
Unless otherwise defined herein, capitalised terms in this
announcement shall have the meaning given to them in the
announcements of the Company dated 29 September 2021 and 8 October
2021.
- Ends -
Contact details:
Downing LLP - Investment Manager to the
Company +44 (0)20 3954
Tom Williams 9908
Singer Capital Markets - Corporate Broker
and Bookrunner
Robert Peel, Alan Ray, Alaina Wong, Asha
Chotai (Investment Banking)
Sam Greatrex, Alan Geeves, James Waterlow, +44 (0)20 7496
Paul Glover (Sales) 3000
TB Cardew - Public relations advisor to +44 (0)20 7930
the Company 0777
Ed Orlebar +44 (0)7738
Tania Wild 724 630 / +44
(0)7425 536
903
DORE@tbcardew.com
About Downing Renewables & Infrastructure Trust plc
(DORE)
DORE is a closed-end investment trust that aims to provide
investors with an attractive and sustainable level of income, with
an element of capital growth, by investing in a diversified
portfolio of renewable energy and infrastructure assets in the UK
and Northern Europe. DORE has been awarded the London Stock
Exchange's Green Economy Mark in recognition of its contribution to
the global 'Green Economy'.
The Board classifies DORE as a sustainable fund with a core
objective of accelerating the transition to net zero through its
investments, compiling and operating a diversified portfolio of
renewable energy and infrastructure assets to help facilitate the
transition to a more sustainable future. The Company believes that
this directly contributes to climate change mitigation.
DORE's strategy, which focuses on diversification by geography,
technology, revenue and project stage, is designed to increase the
stability of revenues and the consistency of income to
shareholders. For further details please visit
www.doretrust.com
LEI: 2138004JHBJ7RHDYDR62
About Downing LLP
Downing LLP is a London-based investment management firm. It has
over 25,000 investors and has raised over GBP1.7 billion into
businesses across a range of sectors, from renewable energy, care
homes, health clubs, and children's nurseries, to technology and
sports nutrition. Downing has a demonstrable track record in
renewables, having made more than 130 investments into solar parks,
wind farms and hydroelectric plants since 2010.
For further details please visit www.downing.co.uk
IMPORTANT NOTICE
This Announcement contains inside information for the purposes
of Article 7 of MAR. Upon publication of this Announcement, the
inside information is now considered to be in the public domain for
the purposes of MAR.
The information contained in this Announcement is for
information purposes only and does not purport to be full or
complete. No reliance may be placed for any purpose on the
information contained in this Announcement or its accuracy,
fairness or completeness.
This Announcement is not for publication or distribution,
directly or indirectly, in or into the United States of America.
This Announcement is not an offer of securities for sale into the
United States. The securities referred to herein have not been and
will not be registered under the U.S. Securities Act of 1933, as
amended (the "Securities Act"), or to, or for the account or
benefit of, U.S. persons (as defined in Regulation S under the
Securities Act) and may not be offered or sold in the United
States, except pursuant to an applicable exemption from, or a
transaction not subject to, the registration requirements of the
Securities Act and in accordance with any applicable securities
laws of any state or other jurisdiction of the United States.
The Company has not been and will not be registered under the
U.S. Investment Company Act of 1940 (the "Investment Company Act")
and, as such, holders of the new Ordinary Shares will not be
entitled to the benefits of the Investment Company Act. No offer,
sale, resale, pledge, delivery, distribution or transfer of the new
Ordinary Shares may be made except under circumstances that will
not result in the Company being required to register as an
investment company under the Investment Company Ac.
This Announcement is not for release, publication or public
distribution, directly or indirectly, in whole or in part, in or
into the United States, Australia, Canada, Japan, the Republic of
South Africa or to any member state of the EEA or any jurisdiction
in which the release, publication or distribution of this
Announcement would be unlawful. The distribution of this
Announcement may be restricted by law in certain jurisdictions and
persons into whose possession any document or other information
referred to herein comes should inform themselves about and observe
any such restriction. Any failure to comply with these restrictions
may constitute a violation of the securities laws of any such
jurisdiction.
This Announcement does not constitute a prospectus or offering
memorandum or an offer in respect of any securities and is not
intended to provide the basis for any decision in respect of the
Company or other evaluation of any securities of the Company or any
other entity and should not be considered as a recommendation that
any investor should subscribe for or purchase any such
securities.
This Announcement has been issued by, and is the sole
responsibility of, the Company. No undertaking, representation,
warranty or other assurance, express or implied, is made or given
by or on behalf of the Company, Downing LLP or Singer Capital
Markets Securities Limited ("Singer Capital Markets") or any of
their respective directors, officers, partners, employees, agents
or advisers or any other person as to the accuracy or completeness
of the information or opinions contained in this Announcement and
no responsibility or liability is accepted by any of them for any
such information or opinions or for any errors, omissions or
misstatements, negligence or otherwise in this Announcement.
Singer Capital Markets, which is authorised and regulated in the
United Kingdom by the FCA, is acting exclusively for the Company
and no-one else in connection with the Placing. Singer Capital
Markets will not regard any other person as its client in relation
to the Placing and will not be responsible to anyone other than the
Company for providing the protections afforded to its clients, nor
for providing advice in relation to the Placing, the contents of
this Announcement or any transaction, arrangement or other matter
referred to herein.
The information in this Announcement may not be forwarded or
distributed to any other person and may not be reproduced in any
manner whatsoever. Any forwarding, distribution, reproduction, or
disclosure of this information in whole or in part is unauthorised.
Failure to comply with this directive may result in a violation of
applicable securities laws and regulations of other
jurisdictions.
The information contained in this Announcement is given at the
date of its publication (unless otherwise marked) and is subject to
updating, revision and amendment from time to time. Neither the
content of the Company's website nor any website accessible by
hyperlinks to the Company's website is incorporated in, or forms
part of, this Announcement.
Certain statements in this Announcement are forward-looking
statements which are based on the Company's expectations,
intentions and projections regarding its future performance,
anticipated events or trends and other matters that are not
historical facts. These forward-looking statements, which may use
words such as "aim", "anticipate", "believe", "could", "intend",
"estimate", "expect" and words of similar meaning, include all
matters that are not historical facts. These forward-looking
statements involve risks, assumptions and uncertainties that could
cause the actual results of operations, financial condition,
liquidity and dividend policy and the development of the industries
in which the Company's businesses operate to differ materially from
the impression created by the forward-looking statements. These
statements are not guarantees of future performance and are subject
to known and unknown risks, uncertainties and other factors that
could cause actual results to differ materially from those
expressed or implied by such forward-looking statements. Given
those risks and uncertainties, prospective investors are cautioned
not to place undue reliance on forward-looking statements.
Forward-looking statements speak only as of the date of such
statements and, except as required by the FCA, the London Stock
Exchange or applicable law, the Company undertakes no obligation to
update or revise publicly any forward-looking statements, whether
as a result of new information, future events or otherwise.
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END
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