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Digital 9 Infrastructure fundraise pulls in £60m

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Digital 9 Infrastructure (DGI9) has announced that it has raised £60m via the placing and offer for subscription that was announced on 27 June 2022. DGI9 says that 48,335,287 new ordinary shares will be issued in relation to the placing and 6,210,167 new ordinary shares will be issued in relation to the offer for subscription, at a price of 110p per share. DGI9 says that the offer for subscription was significantly over-subscribed and a scaling back exercise has been undertaken. The net proceeds of the issue are to be used to fund expansion opportunities as well as potential future acquisitions, in combination with DGI9’s £300m revolving credit facility. Phil Jordan, the chair of DGI9’s board, participated in the offer for subscription and has been allocated 27,272 new ordinary shares.

Application has been made for the new ordinary shares to be admitted to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange and it is expected that dealings will commence at 8am on 12 July 2022.

Comments from Phil Jordan, chair of DGI9

“We are pleased to have the support of our existing and new shareholders, particularly given the challenging macroeconomic environment. We have built a high-quality and differentiated portfolio of businesses with predictable, and contracted cash flows with high inflation protection. Our core platforms in subsea fibre, data centre and wireless assets not only underpin our dividend (almost two times operating cash cover of our target 6 pence dividend) but provide attractive, accretive growth opportunities.”

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