Issue of Ordinary Shares

RNS Number : 7168I

Renewables Infrastructure Grp (The)

27 March 2015

 



THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA.

The Renewables Infrastructure Group Limited

Issue of Ordinary Shares under the Management Agreements and pursuant to the Scrip Alternative,
Shareholdings of Managers and Total Voting Rights

Issue of Ordinary Shares under the Management Agreements

The Board of The Renewables Infrastructure Group Limited (the "Company") announces that, in accordance with the terms of the management fee arrangements with InfraRed Capital Partners Limited (the "Investment Manager") and Renewable Energy Systems Limited (the "Operations Manager") under which 20 per cent. of the management fee is payable in new ordinary shares of no par value in the capital of the Company ("Ordinary Shares"), it has today issued in aggregate 431,070 Ordinary Shares (the "Management Ordinary Shares"), subject only to Admission (defined below). 

The issue price per Management Ordinary Share is 99.3p (being the net asset value of 102.4p per share as at 31 December 2014, less the interim dividend of 3.08p per Ordinary Share).

Pursuant to the terms of (a) the Investment Management Agreement between, inter alia, the Company and the Investment Manager dated 5 July 2013 (the "Investment Management Agreement") and (b) the Operations Management Agreement between, inter alia, the Company and the Operations Manager and dated 5 July 2013 (the "Operations Management Agreement"), 280,196 and 150,874 new Ordinary Shares have been allotted to the Investment Manager and the Operations Manager respectively. This is for the period from 1 July to 31 December 2014.

The Ordinary Shares allotted and issued to the Investment Manager and Operations Manager set out above are subject to a lock up of one year from Admission.

Issue of Ordinary Shares pursuant to the Company's Scrip Dividend Alternative

The Board of the Company announces that, pursuant to the Company's scrip dividend alternative in lieu of cash for the interim dividend for or the six months ended 31 December 2014, elections for the scrip dividend alternative were received in respect of 6.7453% of the Ordinary Shares in issue as at the record date of 20 February 2015.  As a consequence, the Company has today issued 851,589 Ordinary Shares (the "Scrip Shares"), subject only to Admission (defined below).

When issued, the Management Ordinary Shares and Scrip Shares will rank pari passu with the existing Ordinary Shares.  

A copy of the document relating to the Scrip Dividend Alternative dated 3 March 2015 is available for inspection at the National Storage Mechanism  www.Hemscott.com/nsm.do and can also be obtained from the Company Secretary or from the Investor Relations section of the Company's website at www.trig-ltd.com.

Admission

Application has been made for the Management Ordinary Shares and Scrip Shares to be admitted to the premium segment of the Official List and to trading on the London Stock Exchange's main market for listed securities.  It is expected that dealings in the Management Ordinary Shares and Scrip Shares will commence at 8.00 a.m. on 31 March 2015 ("Admission").

Manager share holdings

Following Admission, the beneficial interests of the Investment Manager and the Operations Manager (both of which have day-to-day management responsibilities in connection with the services provided to the Company and its subsidiaries) will be as follows:

Entity	Number of Ordinary Shares	% of issued share capital on Admission
InfraRed Capital Partners Limited	640,657	0.124
Renewable Energy Systems Limited	15,223,844	2.946

Total Voting Rights

In accordance with the Financial Conduct Authority's Disclosure and Transparency Rules, the total number of Ordinary Shares in issue on Admission will be 516,758,442 (including the 100,000,000 Ordinary Shares to be issued and admitted on 31 March 2015 pursuant to the Company's placing, 2014/2015 offer for subscription and further placing, as announced earlier today), each with one voting right.   No Ordinary Shares are held in treasury.

The above 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, under the Disclosure and Transparency Rules.

Enquiries

InfraRed Capital Partners Limited                                   [phone]

Richard Crawford

Matt Dimond

Phil George

Tulchan Communications                                                 [phone]

Martha Walsh

Victoria Huxster

Canaccord Genuity Limited                                               [phone]

Andrew Zychowski

Helen Goldsmith

Denis Flanagan

Jefferies International Limited                                         [phone]

Gary Gould

Alex Collins

Stuart Klein

Ends

 

END

 

 

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