The Board is pleased to announce that the Placing has been significantly oversubscribed and investor demand for the Placing has exceeded the maximum Placing size of £75.7 million. A total of 72,800,000 New Shares will be issued at the Placing Price, raising gross proceeds of approximately £75.7 million. Accordingly, a scaling back exercise has been undertaken with respect to applications received pursuant to the Placing.
Application has been made for the New Shares to be admitted to the Official List and to trading on the London Stock Exchange's premium segment of the Main Market (“Admission”). It is expected that Admission will become effective and dealings in the new Ordinary Shares will commence on 9 May 2018. Once issued, the new Ordinary Shares will rank pari passu with the existing Ordinary Shares.
Following Admission, the Company will have 821,435,067 Ordinary Shares in issue. Therefore, the total number of voting rights of the Company will be 821,435,067 and this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest, or a change to their interest in, the Company.
Stifel Nicolaus Europe Limited acted as financial adviser and sole bookrunner to the Company.
Robert Jennings, Chairman, said:
“The Board is delighted by the strong support from not only our existing shareholders but also new investors. Today's announcement represents a strong endorsement of our continuing strategy, which focuses exclusively on global economic infrastructure debt investments.
“We are confident in our ability to deploy the new funds in attractive infrastructure projects in the coming summer months and also have an excellent longer term pipeline of opportunities that are within the requisite risk and return parameters.”