Register Log-in Investor Type

News

QuotedData’s morning briefing 29 September 2021

In QuotedData’s morning briefing 29 September 2021:

  • Digital 9 Infrastructure (DGI9) has decided to increase the amount raised for its placing from £200m to £275m due to a significant oversubscription. A number of directors and members of the investment management team of DGI9 were among the biggest subscribers. 255,813,953 new ordinary shares will be issued pursuant to the fundraise at 107.5p per share, with proceeds used to acquire further assets identified in the company’s pipeline at IPO. Jack Waters, chair, said: ‘The drivers of digital infrastructure are increasing rapidly as more of our lives move online, fundamentally changing the way we work, shop and socialise. These long-term changes in behaviour have been accelerated by, or result from, the Covid-19 pandemic as well as more fundamental trends in data usage. Our existing shareholders and new investors have identified the opportunity that investing in DGI9 represents – a means for them to participate in this exciting sector at a critical point in time. The new shares will be fully paid and will rank pari passu in all respects with each other and with the existing ordinary shares.
  • Triple Point Energy Efficiency Infrastructure (TEEC) has secured exclusivity to acquire a portfolio of operational, ‘Feed in Tariff’ accredited, hydroelectric power projects in Scotland. This investment was identified in the IPO prospectus and formed part of the original pipeline. The transaction is expected to reach financial close during Q4 2021 and will enable TEEC to deploy a large portion of its remaining investable funds by acquiring an operational portfolio backed by long-term, inflation-linked FiT revenues, whilst generating 100% renewable energy.
  • Literacy Capital (BOOK) holding Hometree, which provides homeowners with home cover plans for boilers and heating, has completed a funding round with a new lead investor to raise further equity to support the continued growth of the business. The transaction values Hometree at a 325% uplift to its carrying value at 30 June 2021 and estimated uplift from this transaction relative to Literacy Capital’s net asset value at 30 June 2021 is approximately 2.5%, or 4.5p per share. Literacy Capital will not receive any cash consideration nor invest as part of this funding round and will remain a supportive minority shareholder in the business.
  • Aquila European Renewables Income (AERI) has posted its half-year results for the six months to 30 June 2021. During the period, its NAV increased by 1.9% while its total shareholder return was up 6.6%. On 20 April 2021, the Company reached a financial close in relation to a two-year revolving credit facility with a facility limit of €40m. AERI is expected to pay dividends in line with its target of 5c per share for the 2021 year-end. It is also aiming to increase the dividend progressively over the medium-term. During the period under review, AERI paid 2.5c per share with its dividend cover around 1.1x. Ian Nolan, chair, said: ‘We are pleased with the performance of the portfolio during the year so far, despite weaker than expected wind conditions in Northern Europe. As the portfolio continues to expand into new power markets and further solar PV investments are added to the portfolio (lower volatility compared to wind), we expect portfolio production volatility to be lower over time. The Company’s strategy of targeting assets with high levels of contracted revenues in the form of fixed-price PPAs or government subsidies will continue to help hedge the company’s revenues against fluctuations in market prices.’

We also have half-year results from India Capital Growth and a placing announcement from Downing Renewables & Infrastructure.

Leave a Reply

Your email address will not be published. Required fields are marked *

Please review our cookie, privacy & data protection and terms and conditions policies and, if you accept, please select your place of residence and whether you are a private or professional investor.

You live in…

You are a…