11th Oct 2019 09:49
(Alliance News) - SDCL Energy Efficiency Income Trust PLC on Friday launched a capital raise to fund the acquisition of some identified project assets.
The investment firm said it will issue shares at a price of 103.0 pence each to institutional investors. The placing price represents a 6.4% discount to the company's closing share price of Thursday.
SDCL shares were trading 2.3% lower in London on Friday morning at 107.50p each, giving it a market capitalisation of GBP184.1 million.
The company said the size of the placing will be determined once the bookbuild process has completed.
The placing is expected to close in a week. Jefferies International Ltd is acting as sole bookrunner in connection with the placing, the company said.
In addition, SDCL on Friday reported estimated net asset value of GBP169.5 million, equivalent to 99.0p per share, as at September 30. The company's NAV per share stood at 98.4p at March 31 and was 98.0p at its initial public offering in November 2018.
The company said it expects to declare an interim dividend of 2.5p per share in respect of the six-month period to September 30. SDCL added that investors who will participate in the placing will be entitled to receive the dividend.
Looking ahead, SDCL said it continues to have a strong pipeline of energy efficiency investment opportunities and intends to use the net proceeds of the placing to assist in funding the acquisition of certain identified project assets.
Prospective acquisitions include a portfolio of energy efficiency projects in Continental Europe and portfolios of on-site energy and energy efficiency projects in the US, the company noted.
By Evelina Grecenko; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
Sdcl Energy Ef.