In QuotedData’s morning briefing 5 March 2021:
- The Renewables Infrastructure Group Limited (TRIG) has announced the publication of a prospectus and circular to put in place a new 12 month share issuance programme in respect of up to 600 million new shares. TRIG has also announced an Initial Issue, which will comprise the Initial Open Offer, the Initial Intermediaries Offer, the Initial Offer for Subscription, and the Initial Placing at an issue price of 123 pence per Ordinary Share. The Board believes that it is important to offer all investors the opportunity to participate in the Company’s growth, including smaller private shareholders who are not permitted to participate in institutional placings.
[QD comment: we commend the board’s approach to expanding the fund in that it is inclusive for all shareholders. While we understand that they can be more efficient, we have long bemoaned the institutional only fundraises that we have seen in recent years. These are frequently announced and then completed in the same day, as they’ve already been sewn up. We think that they effectively discriminate against existing retail investors who are unable to participate. We would like to see more boards taking this kind of stand.]
We also have an update from SDCL Energy Efficiency Income Trust (it has signed agreements with two preferred development partners); annual results from Murray International for 2020 (it was hurt by stock selection but this is not surprising given its income bias in a year where growth was all the rage); and annual results from BlackRock World Mining (the managers are delighted with their performance, having markedly outperformed a strongly performing sector in an otherwise difficult year).