TIDMTRIG
RNS Number : 6551N
Renewables Infrastructure Grp (The)
21 May 2020
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 OR IN ANY OTHER JURISDICTION IN WHICH THE
SAME WOULD BE UNLAWFUL.
This announcement has been determined to contain inside
information for the purposes of the Market Abuse Regulation (EU)
No. 596/2014
21 May 2020
The Renewables Infrastructure Group Limited
(TRIG or the Company, a London-listed investment company advised
by InfraRed Capital Partners (InfraRed) as
Investment Manager and RES (Renewable Energy Systems) as Operations Manager)
Result of Issue
Further to the announcement of 19 May 2020 (the Issue
Announcement), the Board of TRIG is pleased to announce the result
of the Company's tap issue of New Ordinary Shares (the Issue).
The Issue was strongly supported.
After careful consideration of the Company's funding requirement
and acquisition pipeline and in consultation with the Company's
Managers, InfraRed and RES, and the Joint Bookrunners, the Board
has determined to issue 100m New Ordinary Shares, raising gross
proceeds of GBP120m. Applications received from investors have been
scaled back materially.
Investec Bank plc (Investec) and Liberum Capital Limited
(Liberum) acted as Joint Bookrunners in relation to the Issue.
The New Ordinary Shares issued pursuant to the Issue will be
issued on the terms and conditions set out in Appendix to the Issue
Announcement.
Use of Proceeds
The net proceeds of the Issue will be applied in repaying
amounts drawn under the Company's revolving credit facility
(RCF).
Allowing for the expected receipts from the partial sell down of
Merkur and sale of Erstrask Phase 1 in Q3, the RCF is now expected
to be fully repaid with surplus cash of c.GBP70m by September 2020.
The balance will be deployed in the acquisition of further
investments and to fund the Company's commitments to construction
projects of GBP35m due during the remainder of 2020 and 2021.
Application for Admission
Application has been made for 100m New Ordinary Shares to be
admitted to the premium segment of the Official List of the FCA and
to trading on the Main Market of the London Stock Exchange. It is
expected that admission in respect of the New Ordinary Shares will
become effective, and that dealings in the New Ordinary Shares will
commence, at 8.00 a.m. on 26 May 2020.
Total Voting Rights
On Admission, the Company's issued share capital will consist of
1,737,453,267 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 Guidance and
Transparency Rules.
Helen Mahy CBE, Chairman of TRIG, said:
"We are delighted with the strong support shown by our
investors, and that the Company's stock remains in such high demand
in these challenging times. We believe this is an endorsement of
TRIG's careful management and acquisition discipline, and the
stability of the returns being generated from our diversified
portfolio, with a large proportion of revenues coming from
contracted sources."
LEI: 213800N06Q7Q7HMOMT20
For further information, please contact:
Enquiries
InfraRed Capital Partners Limited +44 (0) 20 7484 1800
Richard Crawford
Phil George
Investec Bank plc +44 (0) 20 7597 4000
Lucy Lewis
Denis Flanagan
Tom Skinner
Liberum Capital Limited +44 (0) 20 3100 2000
Chris Clarke
Gillian Martin
Louis Davies
Maitland/AMO +44 (0) 20 7379 5151
James Isola
Zara de Belder
Important Information
The New Ordinary Shares have not been and will not be registered
under the United States Securities Act of 1933, as amended (the
U.S. Securities Act), or with any securities regulatory authority
of any state or other jurisdiction of the United States and may not
be offered, sold, exercised, resold, transferred or delivered,
directly or indirectly, in or into the United States or to or for
the account or benefit of any U.S. Person (within the meaning of
Regulation S under the U.S. Securities Act) except pursuant to an
exemption from, or in a transaction not subject to, the
registration requirements of the U.S. Securities Act and in
compliance with any applicable securities laws of any state or
other jurisdiction in the United States. In addition, the Company
has not been, and will not be, registered under the United States
Investment Company Act of 1940, as amended, (the U.S. Investment
Company Act), nor will InfraRed Capital Partners Limited be
registered as an investment adviser under the United States
Investment Advisers Act of 1940, as amended (the U.S. Investment
Advisers Act), and investors will not be entitled to the benefits
of the U.S. Investment Company Act or the U.S. Investment Advisers
Act.
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
(other than the United Kingdom, the Republic of Ireland, Sweden and
the Netherlands). Persons receiving this Announcement are required
to inform themselves about and to observe any such
restrictions.
Investec Bank plc (Investec), which is authorised in the United
Kingdom by the Prudential Regulation Authority and regulated by the
Financial Conduct Authority and the Prudential Regulation
Authority, and Liberum Capital Limited (Liberum and together with
Investec, the Joint Bookrunners), which is authorised and regulated
in the United Kingdom by the Financial Conduct Authority, are
acting exclusively for the Company and for no-one else in
connection with the Issue and the other matters referred to in this
Announcement, will not regard any other person as their respective
client in relation to the Issue and will not be responsible to
anyone other than the Company for providing the protections
afforded to their respective clients or for providing advice in
relation to the Issue or any of the other matters referred to
herein. This does not exclude any responsibilities or liabilities
of either of the Joint Bookrunners under FSMA or the regulatory
regime established thereunder.
Information for 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 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 the 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 the 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 risk 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 Issue. Furthermore, it is noted
that, notwithstanding the Target Market Assessment, the Joint
Bookrunners have only contacted 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 the 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.
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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