SDCL Energy Efficiency Income Trust PLC - London-based energy efficiency investor - Announces proposed GBP80 million placing priced at 105.0 pence per share. Plans to place approximately 76.2 million shares with the 105.0p price representing a 4.0% premium to its March 31 net asset value and 5.4% discount to its Monday closing price of 111.0p. Portfolio performing as expected, with asset valuations as at September 30 likely to be similar to Mach 31. Currently progressing opportunities with investments under exclusivity having a GBP100 million aggregate equity value and investments at advanced stages of due diligence or in bilateral negotiation having a GBP150 million aggregate equity value. Dividend target 5.5 pence per share for financial year ending March 2021.
Chair Tony Roper: "This proposed capital raise builds on the strong momentum [SDCL Energy Efficiency Income Trust] has achieved over the last two years. Energy efficiency is critically important in global efforts to address the climate emergency and has become an increasing focus for investors. The proceeds of this placing will allow SEEIT to continue to invest in this important and growing market whilst also delivering additional scale and diversification to shareholders."
Current stock price: 106.00p; down 4.5% on Tuesday
Year-to-date change: down 1.4%
By Anna Farley; annafarley@alliancenews.com
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Sdcl Energy Ef. (SEIT)