LONDON: SDCL Energy Efficiency Income Trust has announced a proposed non pre-emptive placing of new ordinary shares under the Share Issuance Programme to institutional investors, at a price of 101.0 pence per Placing Share.
On 22 November 2018, SDCL Energy published a prospectus in connection with a Share Issuance Programme for up to 500 million Shares and on 11 December 2018 the company announced its admission to the London Stock Exchange in respect of 100 million ordinary shares.
The placing price represents a discount of approximately 1.7 percent to the closing price of 102.8 pence per ordinary share at the close of business on 8 April 2019.
The placing is being launched immediately following this announcement and will close at 3:00 p.m. GMT on 16 April 2019. Jefferies International Limited is acting as sole bookrunner in connection with the placing.
SDCL Energy intends to use the net proceeds of the Placing together with debt financing to assist in funding the acquisition of certain pipeline project assets that were identified at the time of the IPO.
The Company is in advanced negotiations with the vendor of a diversified operational portfolio of cogeneration assets in Southern Europe. The Company has a strong pipeline of other investment opportunities, including rooftop solar projects in the UK and Portugal.
The Placing Shares, when issued, will rank pari passu with the existing ordinary shares including the right to receive all dividends and other distributions declared, made or paid after the date of issue.
An initial interim dividend in respect of the period from admission on 11 December 2018 to 31 March 2019 of not less than 1.0 pence per share is expected to be declared in early May 2019, after the Placing has completed.[the_ad id=”31605″]