7th Mar 2019 13:53
LONDON (Alliance News) - Renewables Infrastructure Group Ltd is to raise up to GBP171 million in a share issue as it looks for new investments.
The Renewables Infrastructure Group, or TRIG, will first issue 150 million new shares at 114 pence each, a 4% discount to its closing price on Wednesday.
The stock was trading 0.8% lower on Thursday at a price of 117.80p each.
In an open offer at the same time and price, up to 130.9 million new shares will be made available, with 1 new share for every 9 currently held shares.
Chair Helen Mahy said: "TRIG has performed strongly since its IPO, delivering attractive returns to investors and seeing ongoing diversified growth.
"This performance is testament to the expertise of our managers and the board is confident of TRIG's ability to continue to capitalise on new business opportunities whilst contributing to a lower carbon future."
TRIG has made numerous new investments recently, including two Swedish wind farms for a total of over GBP220 million, with acquisitions mostly funded through bank debt, hence the decision to raise cash in a placing.
Related Shares:
Renewables Infrastructure Group