By Sarah Lizee
Olympia, Wash., July 14 – First Sentinel plc raised £200,000 of 5.05% green finance preference shares at £1 per share, according to a London Stock Exchange notice.
Interest accrues in respect to the proportion of the investment relating to the loan notes and comprises a fixed interest rate of 5.05% and a variable interest rate, payable if certain conditions are met, which can range from 0% to 10.15%.
The proceeds will be used to invest in the ethical, sustainable and renewable energy sectors and investments will be made through the company’s wholly owned subsidiary New Leaf Capital Ltd.
Application is being made for the green finance preference shares to be admitted to trading on Aquis Stock Exchange Growth Market and it is anticipated that the shares will start trading on or around July 20.
The green finance preference shares consist of a financial instrument that combines loan notes with a denomination of £0.99 with preference shares of £0.01 each and allows investors to convert their investment and accrued interest into ordinary shares on Aug. 31, 2022 and thereafter every year at the market price at the time of conversion.
Following the issue, the company will have 396,000 green finance preference shares, each comprising one preference share and one loan note, in issue.
The alternative investment company is based in London.
| Issuer: | First Sentinel plc
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| Issue: | Green finance preference shares
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| Amount: | £200,000
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| Coupon: | 5.05%; 0% to 10.15% variable interest rate payable if certain conditions are met
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| Announcement date: | July 14
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| Listing date: | July 20
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