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Downing Renewables & Infrastructure Trust PLC - invests in solar parks, wind farms and hydroelectric plants in UK, Sweden and Finland - Aims to raise GBP50 million gross from selling new shares at 111 pence each, including a placing and 1-for-3 open offer to existing shareholders. The price is a 2.0% premium to net asset value on March 31 of 110.1p per share. Including the initial issue of 45.7 million new shares, the trust wants to establish a programme to issue 250 million shares over 12 months.
The cash from the equity raise will be used to repay GBP17.3 million in drawings from Downing Renewables' revolving credit facility and to buy new assets from its pipeline, which has near-term opportunities worth GBP200 million.
Calls general meeting for June 23 for shareholders to vote on the plan.
Current stock price: 113.00p, up 0.4% on Tuesday
12-month change: up 19%
By Tom Waite; thomaslwaite@alliancenews.com
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