https://www.investegate.co.uk/renew-inf ... 00070917G/
TRIG has announce a large issue of new shares :
The Company is proposing to issue new ordinary shares (New Ordinary Shares) by way of a non-pre-emptive tap issue (the Issue) at a price of 125p per New Ordinary Share (the Issue Price).
Accordingly, in light of the near term funding requirement, the Board will shortly be publishing a circular (the Circular) in order to seek additional authority to allot up to a further 174,192,585 Ordinary Shares (representing 10 per cent. of its ordinary share capital in issue) on a non pre-emptive basis (the New Tap Authority). If the Company were not to supplement the AGM Tap Authority prior to the 2021 AGM with the New Tap Authority, the maximum gross proceeds which could be raised under the Issue would be approximately £79.7 million and accordingly the Company's ability to execute further acquisitions in the Pipeline would be reduced.
When aggregated, the AGM Tap Authority and New Tap Authority would permit the Company to issue up to 237,937,911 New Ordinary Shares (representing approximately 13.66 per cent. of the Company's existing issued ordinary share capital).
They are also increasing the revolving credit facility to £500m and extending its expiry date to Dec 2023
and comments on future dividends:
Dividends
The Board is pleased to re-confirm the dividend guidance of 6.76p per Ordinary Share for the year ending 31 December 2020. The New Ordinary Shares issued pursuant to the Issue will rank for the fourth quarterly interim dividend of 1.69 pence which is expected to be declared in February 2021 and paid in March 2021 with respect to the three months ending 31 December 2020.
The continuing pandemic, extended recession and the apparent absence of a trade agreement between the UK and EU create short and medium-term economic uncertainty. However, based on the current outlook for power prices and the Company's operational robustness to date, the Board expects that it will be able to set a dividend target for 2021 to at least maintain the level of the dividend from 2020 of 6.76p per share*. Further dividend guidance for 2021 is expected to be given at the time of the 2020 Annual Results in February 2021 as is usual for the Company.
In setting the dividend target for 2021 in February, consideration will be given to items impacting forecast cash flows and expected dividend cover, including the levels of inflation across the Company's markets, the outlook for electricity prices and the operational performance of the Company's Portfolio, in line with the Company's dividend policy.