THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
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 ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL. THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE AN OFFER OF SECURITIES FOR SALE INCLUDING IN THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA OR TO U.S. PERSONS.
This announcement is an advertisement and not a prospectus. Investors should not purchase or subscribe for any transferable securities referred to in this announcement except on the basis of information contained in the Prospectus in connection with the Placing and Admission. This document does not contain sufficient information to support an investment decision and investors should ensure that they obtain all available relevant information before making any investment. This announcement is not an offer to sell, or a solicitation of an offer to acquire, securities in the United States or in any other jurisdiction in which the same would be unlawful. Neither this announcement nor any part of it shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever.
23 September 2016
The Renewables Infrastructure Group Limited
Result of Issue
Further to its announcement on 14 September 2016, the Board of The Renewables Infrastructure Group Limited is pleased to announce that the Company has raised gross proceeds of £62.62 million through the issue of 62 million New Ordinary Shares at a price of 101.0 pence (the "Strike Price") per New Ordinary Share (the "Placing"). The Placing was materially oversubscribed, and, at the Strike Price, demand has been scaled back to 62 million New Ordinary Shares. This represents a significant increase from the Company's initial target size of £25 million for the Placing.
Application has been made for the New Ordinary Shares to be admitted to the premium segment of the Official List and to trading on the Main Market of the London Stock Exchange. It is expected that dealings in the New Ordinary Shares will commence at 8.00 a.m. on 27 September 2016 ("Admission").
The net proceeds from the Placing will be applied towards paying down amounts drawn under the Group's Revolving Acquisition Facility and funding the Company's pipeline, including the acquisition of a 100% interest in a 22.5MW onshore wind project in Scotland from the Company's Operations Manager, Renewable Energy Systems ("RES") (exclusivity in respect of which was announced on 14 September 2016).
Following the Placing, the Company will have a balance of 208 million New Ordinary Shares (or C Shares) available for issuance under the Company's share issuance programme which is in place until 26 April 2017 and will have the full amount available to be drawn under its Revolving Acquisition Facility, putting the Company in a strong position to take advantage of acquisition opportunities.
Canaccord Genuity and Liberum Capital acted as joint bookrunners in relation to the Placing.
Total Voting Rights
Immediately following Admission, the Company's issued share capital will consist of 828,423,189 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 and Transparency Rules.
Capitalised terms not otherwise defined in this announcement shall have the meaning set out in the prospectus published by the Company in connection with the Company's share issuance programme on 27 April 2016 comprising the registration document, securities note and summary, as supplemented by the supplementary prospectus dated 18 August 2016 (together, the "Prospectus").
For further information, please contact:
InfraRed Capital Partners Limited
+44 (0) 20 7484 1800
Canaccord Genuity Limited
+44 (0) 20 7523 8000
Liberum Capital Limited
+44 (0) 203 100 2000
+44 (0) 20 7353 4200
This document is not for release, publication or distribution (directly or indirectly) in or into the United States, Australia, Canada, Japan, the Republic of South Africa or to any "US person" as defined in Regulation S under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or into any other jurisdiction where applicable laws prohibit its release, distribution or publication. It does not constitute an offer of securities for sale anywhere in the world, including in or into the United States, Canada, Australia, Japan or the Republic of South Africa. No recipient may distribute, or make available, this document (directly or indirectly) to any other person. Recipients of this document in jurisdictions outside the UK should inform themselves about and observe any applicable legal requirements in their jurisdictions. In particular, the distribution of this document may in certain jurisdictions be restricted by law.
The Company's Ordinary Shares have not been and will not be registered under the U.S. Securities Act or with any securities regulatory authority of any state or other jurisdiction of the United States and, subject to certain exceptions, may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons 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. The Company has not been and will not be registered as an "investment company" under the U.S. Investment Company Act of 1940, as amended ("the "Act"), and investors will not be entitled to the benefits of that Act. In addition, relevant clearances have not been, and will not be, obtained from the securities commission (or equivalent) of any province of Australia, Canada, Japan or the Republic of South Africa and, accordingly, unless an exemption under any relevant legislation or regulations is applicable, none of the New Ordinary Shares may be offered, sold, renounced, transferred or delivered, directly or indirectly, in Australia, Canada, Japan or the Republic of South Africa.
Each of InfraRed Capital Partners Limited ("InfraRed"), Canaccord Genuity Limited ("Canaccord Genuity") and Liberum Capital Limited ("Liberum") is authorised and regulated by the UK Financial Conduct Authority. None of InfraRed, Canaccord Genuity or Liberum is acting as adviser to any recipient of this document or will be responsible to any recipient of the document for providing the protections afforded to clients of any of them or for providing advice in connection with this document or any of the matters referred to herein.
This information is provided by RNS