RESULT OF PLACING AND 2014/2015 OFFER AND FURTHER

RNS Number : 6329I

Renewables Infrastructure Grp (The)

27 March 2015

 

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.

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 relevant prospectus published by The Renewables Infrastructure Group Limited (the "Company") in connection with the placing and offers for subscription of New Ordinary Shares (the "Issue") or any other placing under the Company's share issuance programme (a "Further Placing") and the admission of the New Ordinary Shares to be issued under the Issue or such Further Placing, as applicable, to the premium segment of the Official List of the Financial Conduct Authority and to trading on London Stock Exchange plc's main market for listed securities. The prospectus published in connection with the Issue comprises the registration document published by the Company on 1 December 2014, as supplemented by the supplementary prospectus published on 3 March 2015, and the securities note and summary relating specifically to the Issue (the "Issue Prospectus") and the prospectus published in connection with the Further Placing described in this announcement comprises the registration document, securities note and summary published by the Company on 1 December 2014, as supplemented by the supplementary prospectus published on 3 March 2015 (the "Share Issuance Programme Prospectus"). 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. 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. 

THE RENEWABLES INFRASTRUCTURE GROUP LIMITED

RESULT OF PLACING AND 2014/2015 OFFER AND FURTHER PLACING

27 March 2015

The Board of The Renewables Infrastructure Group Limited (the "Company") announces that investor demand for the Placing and 2014/2015 Offer has significantly exceeded the maximum available size of 67.5 million New Ordinary Shares in aggregate.

The Directors, after careful consideration, have decided to make up to a further 32.5 million New Ordinary Shares available under a Further Placing.   The Further Placing is expected to close at 10.00 a.m. (London time) today but may close earlier or later at the absolute discretion of the Company.  The issue price per New Ordinary Share will be 102.25 pence.

Assuming the Further Placing is fully subscribed, and together with the Placing and 2014/2015 Offer, a total of 100 million New Ordinary Shares will be issued at a price of 102.25 pence per New Share raising gross proceeds of £102.25 million. 

The 2015/2016 Offer opens for applications on 6 April 2015 and will remain open until 11.00 a.m. on 17 April 2015. Applications under the 2015/2016 Offer will, as far as practically possible, be accepted on a first come, first served basis up to a maximum of 7.5 million New Ordinary Shares, except that the Directors will give priority to applications for smaller amounts and also to applicants subscribing on behalf of ISA holders.

The proceeds from the Issue and Further Placing will be used to repay fully the Group's revolving acquisition facility, currently approximately £69 million drawn, and provide additional cash resources to take advantage of the strong pipeline of attractive investment opportunities currently under consideration.

The New Ordinary Shares will, when issued, rank pari passu with the existing ordinary shares, including the right to receive the target dividend of 3.08p per ordinary share for the six months ending 30 June 2015.

Expected Timetable

Latest time and date for receipt of Placing commitments under the Further Placing	10.00 a.m. on 27 March 2015
Admission and Settlement of New Ordinary Shares issued under the Placing, the 2014/2015 Offer and the Further Placing	31 March 2015
2015/2016 Offer opens	6 April 2015
Latest time and date for receipt of Application Forms under the 2015/2016 Offer	11.00 a.m. on 17 April 2015
Result of the 2015/2016 Offer announced	20 April 2015
Admission and Settlement of the 2015/2016 Offer	22 April 2015

Any capitalised terms not defined in this announcement have the meaning set out in the Issue Prospectus.

Enquiries:

InfraRed Capital Partners Limited                              [phone]

Richard Crawford

Matt Dimond

Tulchan Communications                                           [phone]

Martha Walsh

Camilla Cunningham

Canaccord Genuity Limited                                         [phone]

Andrew Zychowski

David Yovichic

Jefferies International Limited                                    [phone]

Gary Gould

Stuart Klein

Important Information

This document is not for release, publication or distribution (directly or indirectly) in or into the United States, Canada, Australia, 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. The Company will not be registered as an "investment company" under the U.S. Investment Company Act of 1940, as amended, 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 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 Jefferies International Limited ("Jefferies") is authorised and regulated by the UK Financial Conduct Authority. None of InfraRed, Canaccord Genuity or Jefferies 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 document is an advertisement and not a prospectus and investors must only subscribe for or purchase the securities referred to in this document on the basis of information contained in the Issue Prospectus or the Share Issuance Programme Prospectus, as applicable, and not in reliance on this document. 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 document does not constitute and may not be construed as an offer to sell, or an invitation to purchase, investments of any description, nor as a recommendation regarding the possible offering or the provision of investment advice by any party.

 

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