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Premier Global Infrastructure posts circular setting out plans to amend investment policy and name

PGIT renewable energy light bulb

Premier Global Infrastructure posts circular setting out plans to amend investment policy and name – Premier Global Infrastructure (PGIT) is to seek approval from shareholders to amend its investment policy and, if the company’s new investment policy is to be adopted, to change its name to Premier Miton Global Renewables Trust.

In the announcement today, PGIT says that these changes will see it move away from its previous emphasis on investments in equity and equity-related securities of companies operating in the energy and water sectors generally, as well as other generic infrastructure investments, to a more targeted investment proposition that is dedicated to renewable energy and sustainable infrastructure investments.

‘Growing renewable energy market has significant investment capacity’

PGIT believes that this change in investment strategy will build on the company’s current investments in the renewable energy sector, as well as its other related sustainable infrastructure investments, and will best secure the company’s future success by affording existing and potential new ordinary shareholders the opportunity to access attractive financial investments in the growing renewable energy market, which has significant investment capacity.

‘EGM to be held on 9 October’

Implementation of the proposals requires the approval of ordinary shareholders and is conditional on the passing of the resolutions to approve the change in investment policy and name that will be proposed at a general meeting to be held on 9 October 2020.

‘Prior approval of ZDP shareholders needed’

In addition, any material change to the company’s investment policy may only be made with the prior sanction of ZDP shareholders in PGIZ, the company’s subsidiary. As such, the change to the company’s investment policy is also conditional on the passing of a resolution that will be proposed at a separate ZDP class meeting to also be held on 9 October 2020.

Various options for the ZDP shares considered

This morning’s announcement goes on to note the following: “Following the approval by the company’s shareholders of the resolution at this year’s annual general meeting to continue the company’s life until the annual general meeting in 2025, the board has considered the various options that may be available for refinancing the ZDP shares nearer to the scheduled winding up of PGIT Securities 2020 PLC on 30 November 2020.  It is noted that upon its scheduled winding up ZDP shareholders in PGIT Securities 2020 PLC have a right to receive a final capital entitlement of 125.6519p per ZDP Share (approximately £30.2m in total).

The options being considered by the board include the issuance by the group of a follow-on zero dividend preference share, to allow ZDP shareholders who wish to do so the opportunity to roll over their investment into a similar investment, for which the board believes there would be sufficient demand.”

[QD comment: This should be no great surprise for regular followers of PGIT. The board and manager said in PGIT’s interim results, published 5 August 2020, that, with the manager having expanded its expertise in the renewable energy sector in recent years, the board and manager were planning a change in investment strategy, of which renewables will be a major part. This is the update we have been waiting for that fleshes out what the shift to a renewables focused strategy will look like. Readers interested in more information may wish to read our update note of 3 September which discusses the rationale around the shift to renewables in more detail.]

PGIT/PGIZ: Premier Global Infrastructure posts circular setting out plans to amend investment policy and name

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