By Lisa Kerner
Charlotte, N.C., March 16 – Renewables Infrastructure Group Ltd. announced plans to issue new ordinary shares in an institutional placing expected to close on March 26. Two offers for subscription will close on either side of the U.K. tax year’s end (the 2014/2015 offer and the 2015/2016 offer).
The new shares will be issued at a price of 102.25p, a premium of 1.6% to the price on March 12, according to a news release.
The company did not disclose the number of shares it may sell.
Proceeds will be used towards reducing the amount drawn under the company’s acquisition facility. This will allow Renewables Infrastructure to take advantage of its “pipeline of attractive investment opportunities” currently under consideration.
The new shares will 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 June 30.
Results of the placing and the 2014/2015 offer will be announced on March 27, and settlement is March 31.
The 2015/2016 offer will close on April 17, with results announced on April 20. The offer will settle on April 22.
Renewables Infrastructure is a London-based investment company with a focus on onshore wind farms and solar PV parks.
| Issuer: | Renewables Infrastructure Group Ltd.
|
| Issue: | Ordinary shares
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| Price: | 102.25p
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| Announced: | March 16
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| Closing: | March 26 for 2014/2015 offer, April 17 for 2015/2016 offer
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| Settlement: | March 31 for 2014/2015 offer, April 22 for 2015/2016 offer
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