TIDMSEIT
RNS Number : 3059Q
SDCL Energy Efficiency Income Tst
18 October 2019
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN WHOLE OR IN PART, TO US PERSONS OR INTO THE UNITED
STATES, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND OR THE REPUBLIC OF
SOUTH AFRICA OR INTO ANY OTHER JURISDICTION WHERE TO DO SO MIGHT
CONSTITUTE A VIOLATION OR BREACH OF ANY APPLICABLE LAW. PLEASE SEE
THE IMPORTANT NOTICE AT THE OF THIS ANNOUNCEMENT.
18 October 2019
SDCL Energy Efficiency Income Trust plc
("SEEIT" or the "Company")
Result of Placing
Further to the announcement of 11 October 2019, the Directors of
SEEIT are pleased to announce that the Placing of new ordinary
shares has raised gross proceeds of GBP100 million.
A total of 97,087,378 new ordinary shares will be issued at a
price of 103.0 pence per share. The Placing forms part of the
Company's Share Issuance Programme.
Application has been made for the new ordinary shares to be
admitted to the premium listing segment of the Official List of the
Financial Conduct Authority and to trading on the Main Market of
the London Stock Exchange ("Admission"). It is expected that
Admission will become effective and dealings in the new ordinary
shares will commence at 8.00 a.m. on 21 October 2019.
Following Admission, the number of ordinary shares that the
Company has in issue will be 268,374,507. The total number of
voting rights of the Company will be 268,374,507 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 to their interest in the Company.
The Placing Shares, when issued, will rank pari passu with the
existing Ordinary Shares including the right to receive all
dividends and other distributions declared, made or paid after the
date of issue.
The Company expects to declare an interim dividend of 2.5 pence
per share in respect of the six-month period to 30 September 2019
in November 2019. For the avoidance of doubt, investors who
participated in the Placing, and continue to hold their Placing
Shares as at the relevant record date, will be entitled to receive
this dividend.
In addition, the Company intends to release Interim Results for
the period ended 30 September 2019 in early December 2019.
Tony Roper, Chairman of SDCL Energy Efficiency Income Trust plc
said:
"We are delighted with the strong support shown by both existing
and new investors in our second capital raise since the IPO in
December. This is an exciting time to be investing in energy
efficiency and we have demonstrated our ability to make attractive
acquisitions. We currently have a diverse pipeline of opportunities
in North America, Europe and Asia, a number of which we expect to
secure in the coming months, as we continue to diversify the
portfolio."
Dealing codes
Ticker SEIT
ISIN for the ordinary shares GB00BGHVZM47
SEDOL for the ordinary shares BGHVZM4
The Placing is conditional, among other things, on Admission
being effective. Further details of the Share Issuance Programme
are set out in the Prospectus which is available on the Company's
website at www.sdcleeit.com. Any defined terms used in this
announcement are as set out in the Prospectus.
For Further Information
Sustainable Development Capital T: +44 (0) 20 7287 7700
LLP
Jonathan Maxwell
Miles Alexander
Keith Driver
Jefferies International Limited T: +44 (0) 20 7029 8000
Gary Gould
Tom Hovanessian
TB Cardew T: +44 (0) 20 7930 0777
Ed Orlebar M: +44 (0) 7738 724 630
Lucas Bramwell E: SEEIT@tbcardew.com
About the Company
SDCL Energy Efficiency Income Trust plc (the "Company") is the
first listed company of its kind to invest exclusively in the
energy efficiency sector. Examples of the projects in the portfolio
include combined cooling/heating and power plants, as well as
energy efficiency projects in the UK and the US. Since acquisition
of its seed portfolio at IPO, the Company has announced investment
in a diversified portfolio of energy efficiency assets, including a
portfolio of rooftop solar photovoltaic projects for Tesco in the
UK and a portfolio of cogeneration assets in north east United
States, which were identified as pipeline projects in its IPO
prospectus, as well as an additional investment in a portfolio of
energy efficiency loans in the United States and a portfolio of
cogeneration assets in Spain.
The Company aims to deliver shareholders value through its
investment in a diversified portfolio of energy efficiency projects
which are driven by the opportunity to deliver lower cost, cleaner
and more reliable energy solutions to end users of energy.
The Company is targeting an attractive total return for
shareholders of 7-8 per cent. per annum (net of fees and expenses
and by reference to the initial issue price of GBP1.00 per Ordinary
Share), with a stable dividend income, capital preservation and the
opportunity for capital growth.
Further information can be found on the Company's website at
www.sdcleeit.com.
Investment Manager
The Company's investment manager is Sustainable Development
Capital LLP ("SDCL"), an investment firm established in 2007, with
a proven track record of investment in energy efficiency and
decentralised generation projects in the UK, Continental Europe,
North America and Asia.
SDCL is headquartered in London and the group also operates
internationally from offices in New York, Dublin, Hong Kong and
Singapore. SDCL is authorised and regulated in the UK by the
Financial Conduct Authority.
DISCLAIMERS
This announcement is not an offer to sell or a solicitation of
any offer to buy the Shares in the Company in the United States,
Australia, Canada, New Zealand or the Republic of South Africa,
Japan, or in any other jurisdiction where such offer or sale would
be unlawful.
This communication is not for publication or distribution,
directly or indirectly, in or into the United States of America.
This communication 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, and may not be offered or sold in the United States,
except pursuant to an applicable exemption from registration. No
public offering of securities is being made in the United
States.
The Company has not been and will not be registered under the US
Investment Company Act of 1940 (the "Investment Company Act") and,
as such, holders of the Shares will not be entitled to the benefits
of the Investment Company Act. No offer, sale, resale, pledge,
delivery, distribution or transfer of the 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 Act.
The information in this announcement may include forward-looking
statements, which are based on the current expectations and
projections about future events and in certain cases can be
identified by the use of terms such as "may", "will", "should",
"expect", "anticipate", "project", "estimate", "intend",
"continue", "target", "believe" (or the negatives thereon) or other
variations thereon or comparable terminology. These forward-looking
statements, as well as those included in any related materials, are
subject to risks, uncertainties and assumptions about the Company,
including, among other things, the development of its business,
trends in its operating industry, and future capital expenditures
and acquisitions. In light of these risks, uncertainties and
assumptions, the events in the forward-looking statements may not
occur.
Each of the Company, SDCL, Jefferies and their affiliates and
their respective officers, employees and agents expressly disclaim
any and all liability which may be based on this announcement and
any errors therein or omissions therefrom.
No representation or warranty is given to the achievement or
reasonableness of future projections, management targets,
estimates, prospects or returns, if any. Any views contained herein
are based on financial, economic, market and other conditions
prevailing as at the date of this announcement. The information
contained in this announcement will not be updated.
This announcement does not constitute or form part of, and
should not be construed as, any offer or invitation or inducement
for sale, transfer or subscription of, or any solicitation of any
offer or invitation to buy or subscribe for or to underwrite, any
share in the Company or to engage in investment activity (as
defined by the Financial Services and Markets Act 2000) in any
jurisdiction 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. This announcement does not constitute a
recommendation regarding any securities.
Neither the United States Securities and Exchange Commission nor
any state securities commission has approved or disapproved of the
Company's Shares or passed upon or endorsed the merits of the
offering of the Company's Shares or the adequacy or accuracy of
this announcement.
Jefferies is authorised and regulated in the United Kingdom by
the Financial Conduct Authority. Jefferies is acting for the
Company and no one else in connection with the Placing, and will
not be responsible to anyone other than the Company for providing
the protections afforded to clients of Jefferies or for affording
advice in relation to any transaction or arrangement referred to in
this announcement. This announcement does not constitute any form
of financial opinion or recommendation on the part of Jefferies or
any of its affiliates and is not intended to be an offer, or the
solicitation of any offer, to buy or sell any securities.
In accordance with the Packaged Retail and Insurance-based
Investment Products Regulation (EU) No 1286/2014, the Key
Information Document relating to the Company is available to
investors at www.sdcleeit.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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