https://www.investegate.co.uk/renew-inf ... 00042579R/
Share Issuance Programme and Initial Issue
5 March 2021
The Renewables Infrastructure Group Limited, the FTSE 250 renewable infrastructure investment company with a diversified portfolio of 77 renewable energy investments (including commitments) across Europe, announces that it will shortly publish a prospectus and circular to put in place a new 12 month share issuance programme in respect of up to 600 million New Shares (the Share Issuance Programme).
Pursuant to the Share Issuance Programme, the Company also announces the launch of the Initial Issue, which will comprise the Initial Open Offer, the Initial Intermediaries Offer, the Initial Offer for Subscription, and the Initial Placing (the Initial Issue) at an issue price of 123 pence per Ordinary Share (the Initial Issue Price). The Board believes that it is important to offer all investors the opportunity to participate in the Company's growth, including smaller private shareholders who are not permitted to participate in institutional placings.
The Board intends to use the net proceeds of each Issue under the Share Issuance Programme (including the Initial Issue) towards making investments into renewable energy infrastructure assets in accordance with the Company's investment policy, including outstanding commitments and repaying debt drawn under the Revolving Credit Facility in acquiring assets.
Key highlights of the Initial Issue
· Existing Shareholders are entitled to subscribe for 1 New Ordinary Share for every 10 Ordinary Shares held on the Record Date (being 3 March 2021), as well as further New Ordinary Shares if they so wish through the Excess Application Facility.
· The Initial Issue Price of 123 pence per Ordinary Share represents a discount of 5.7 per cent. to the closing mid-market share price of an Ordinary Share of 130.4p as at 4 March 2021 (being the Latest Practicable Date).
· New Ordinary Shares issued pursuant to the Initial Issue will be entitled to receive the first quarterly interim dividend of 1.69 pence per Ordinary Share with respect to the three months to 31 March 2021, which is expected to be declared in May 2021 and paid in June 2021. The target dividend set by the Board for financial year 2021 is 6.76 pence[1].
The Directors have reserved the right, in consultation with the Joint Bookrunners and the Investment Manager, to increase the size of the Initial Issue in the event that overall demand for the New Ordinary Shares exceeds the target size.
I will probably take up the open offer. Annoyingly I own the most TRIG shares in my ISA that is closed to new subscriptions, so cannot top it up with new money, and more money in the form of dividends doesn't arrive until after the payment date for the open offer, so won't be able to take up the full offer there. My other ISA still has some headroom to put in a last tranche of cash before April 5th, but has a much smaller holding of TRIG. I'll (probably) take the offer up in full there and apply for additional shares to match what I can't take up in my other ISA - but there is the chance that application may be scaled back.