Downing Renewables & Infrastructure Trust PLC - investor in solar parks, wind farms and hydroelectric plants in UK, Sweden and Finland - Raises GBP52.9 million, from selling 47.6 million new shares at 111 pence each. This exceeds the target size of the initial issue.
At the start of June, Downing Renewables announced the fundraise, including a placing and 1-for-3 open offer to existing shareholders. It had aimed to raise GBP50 million.
Chair Hugh Little says: "We are delighted to have exceeded our target and raised GBP52.9 million, particularly given the challenging capital markets backdrop. These proceeds will be used to repay the revolving credit facility and to invest in an attractive pipeline of near-term opportunities, which are intended to further diversify our portfolio."
Current stock price: 111.25p, down 0.2% on Thursday
12-month change: up 12%
By Sophie Rose; sophierose@alliancenews.com
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Downing Renewa. (DORE)