Downing Renewables & Infrastructure announces placing to raise £25m – Downing Renewables & Infrastructure has announced its intention to raise new capital by conducting a placing of up to 24,499,999 new ordinary shares of £0.01 each at a price of 102.50 pence per share to raise up to around £25m.
The price of 102.50 pence represents a discount of 1.68% to the DORE’s closing share price of 104.25 pence per share on 28 September 2021 and a premium of 3.33% to the unaudited ex-dividend net asset value per share as at 30 June 2021.
Proceeds will be used to take advantage of pipeline assets, including four opportunities over which the manager has secured exclusivity or is in bilateral negotiations with a total investment amount of about £87m, and a wider pipeline of assets in Sweden, Finland, Iceland, Poland and UK with a total investment amount in excess of £4.3bn.
The placing shares will qualify for the dividend to be paid in respect of the three months to 30 September 2021, expected to be 1.25 pence per ordinary share in line with the recently updated dividend guidance.
Admission to the premium segment of the official list of the Financial Conduct Authority and to trading on London Stock Exchange’s main market for listed securities is expected to occur on or around 18 October 2021. The Placing is not being underwritten.
DORE : Downing Renewables & Infrastructure announces placing to raise £25m