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Octopus Renewables Infrastructure placing and REX Retail Offer raise £74m

Octopus Renewables Infrastructure Trust (ORIT) has announced the results of its placing and REX retail offer that we previously reported on 19 November 2021 (click here to see read coverage of the announcement). ORIT says that it has raised aggregate gross proceeds of approximately £73.9 million (net proceeds of approximately £72.4 million), of which approximately £69.0 million was raised pursuant to the Placing and a further £4.9 million was raised pursuant to the REX Retail Offer. The fundraising was oversubscribed with demand exceeding the maximum of 70 million Ordinary Shares available for issue and therefore a scaling-back exercise for both the Placing and REX Retail Offer has been carried out.

ORIT will issue a total of 70,000,000 new ordinary shares at an issue price of 105.5 pence per share, of which 65,348,534 will be issued in relation to the placing and 4,651,466 will be issued in relation to the REX Retail Offer. Admission to trading on the London Stock Exchange, for the new shares, is expected to occur at 8.00am on 7 December 2021.

Comments from Phil Austin, Chairman of Octopus Renewables Infrastructure Trust

“We are delighted to announce this successful and oversubscribed fundraise, raising £73.9 million to invest in renewable energy assets to further diversify our portfolio as we support the energy transition. I would like to thank our shareholders for the continued support over the last two years, which allows our Investment Manager to continue to pursue compelling opportunities and build on our high quality, diversified portfolio. The Board looks forward to updating shareholders in due course on the progress made deploying the capital across the considerable pipeline of opportunities.”

Director participation in the placing

Two of ORIT’s directors participated in the placing – these being the chairman, Phil Austin, and his wife, as well as James Cameron. The table below shows the beneficial interests of all of the Directors in ORIT following admission of the new shares.

Director/PCA(1) Ordinary Shares purchased in the Placing Number of Ordinary Shares held immediately following Admission % of issued share capital immediately following Admission
Phil Austin and Mrs Austin(2) 9,478 98,801 0.02%
James Cameron 9,478 60,574 0.01%
Audrey McNair 45,907 0.01%

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