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Downing Renewables launches PrimaryBid offer

Downing Renewables & Infrastructure has announced, a conditional offer for subscription via the PrimaryBid platform. Investors can subscribe for new shares at an issue price of 102.5p.

The issue price is a 1.68% discount to the closing share price of 104.25p on 28 September 2021 (the last business day before the proposed equity raise was announced) and a premium of 3.33% to the unaudited ex-dividend NAV as at 30 June 2021.

The PrimaryBid offer is happening alongside the placing and won’t proceed unless the placing is completed. The money raised will be used to take advantage of pipeline assets identified by the investment manager, including four opportunities over which the investment 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 new shares qualify for the dividend to be paid in respect of the three months to 30 September 2021, (expected to be 1.25p).

The PrimaryBid offer is available exclusively through the PrimaryBid mobile app available on the Apple App Store and Google Play. PrimaryBid does not charge investors any commission for this service. It is expected to close at 1.00 p.m. on 13 October 2021 and may close early if it is oversubscribed. There is a minimum subscription of £1025 per investor. No commission will be charged. It is important to note that once an application for shares has been made and accepted via PrimaryBid, it cannot be withdrawn.

More information on PrimaryBid and the procedure for applications under the PrimaryBid Offer is available on www.PrimaryBid.com (or email PrimaryBid at enquiries@primarybid.com).

There is a presentation by the manager at 10am on Monday which you may wish to tune into.

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