Last checked at 
23 Oct 2015 08:00
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO CANADA, JAPAN, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA OR THE UNITED STATES OF AMERICA OR TO US PERSONS, OR TO ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.
For immediate release on 23 October 2015
Project Finance Investments Limited (the "Company")
23 October 2015
FIRST DAY OF DEALINGS
Further to its Placing and Offer for Subscription, Project Finance Investments Limited is pleased to announce the Admission to listing on the Official List of the UK Listing Authority and commencement of dealings in its Shares on the Main Market of the London Stock Exchange at 08.00 am today. The Shares will trade under the ticker "PROJ" (ISIN: JE00BYXX8B08).
Highlights
• | Applications were received for 106 million Shares, raising aggregate gross proceeds of £106 million at an issue price of 100 pence per Share, exceeding the Company's targeted issue size. |
• | The Company will invest in a diversified portfolio of projects which have contracted, predictable medium to long term cash flows and/or physical assets (such investments being "Project Finance"). Its investments will predominantly be in the form of medium to long term fixed or floating rate loans and secured against cash flows and/or physical assets which are predominantly UK based. |
• | The Company's investment objective is to generate attractive risk-adjusted returns primarily through regular, growing distributions and modest capital appreciation over the long term.
The Company will target an annualised dividend yield of 4% (on the Issue Price of 100 pence per Share) in the financial period from Admission to 31 December 2016 rising to 6% for the year to 31 December 2017. The Directors expect to grow the dividend, in absolute terms, modestly over the long term. |
• | Cenkos Securities plc is sponsor, sole placing agent and financial adviser to the Company. |
Alex Ohlsson, Chairman of Project Finance Investments Limited, commented:
"Following the successful IPO of the Company, the Board is wholly focused on delivering its investment objective to provide Shareholders with regular, growing distributions and modest capital appreciation over the long term. We look forward to working with the Investment Manager in delivering this objective and growing the Company's asset base over time. Further, we would like to take this opportunity to confirm the Board recognises the importance to those initial Shareholders who have supported the Issue of pre-emptive rights and, accordingly, Shares offered pursuant to the first significant capital raise following Admission will be offered to existing Shareholders (at the relevant record date for such issuance) on a pre-emptive basis."
Stephen Ellis, Partner at Gravis Capital Partners LLP, added:
"I am delighted with the enthusiasm shown by investors in supporting the IPO of Project Finance Investments Limited, which will provide investors with exposure to a diversified portfolio of project finance investments through Gravis Capital Partners' extensive specialist expertise and track record of originating, structuring and managing project finance investments."
For further information please contact:
Gravis Capital Partners LLP
David Conlon | David.conlon@gcpuk.com | +44 (0)20 7518 1490 |
Stephen Ellis | Stephen.ellis@gcpuk.com | +44 (0)20 7518 1490 |
Cenkos Securities plc
Tom Scrivens | tscrivens@cenkos.com | +44 (0)20 7397 1915 |
Dion Di Miceli | ddimiceli@cenkos.com | +44 (0)20 7397 1921 |
The distribution of this announcement and the Issue in certain jurisdictions may be restricted by law. No action has been taken by the Company or Cenkos Securities plc ("Cenkos") that would permit an offering of the Shares or possession or distribution of this announcement or any other offering or publicity material relating to such Shares in any jurisdiction where action for that purpose is required. Persons into whose possession this announcement comes are required by the Company or Cenkos to inform themselves about, and to observe, such restrictions.
No representation or warranty, express or implied, is made or given by or on behalf of the Company, Cenkos, or the Investment Manager or any of their respective directors, partners, officers, employees, agents or advisers or any other person (whether or not referred to in this announcement) as to the accuracy, completeness or fairness of the information contained herein and no responsibility or liability is accepted by any of them for any such information or opinions.
This announcement does not constitute or form part of, and should not be considered as, any offer for sale of subscription of, or solicitation of any offer to buy or subscribe for, any shares in the Company or securities in any other entity, in any jurisdiction, including the United States, nor shall it, or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with, any contract or investment decision whatsoever, in any jurisdiction.
Cenkos, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting for the Company and for no-one else in connection with the Issue and will not be responsible to anyone other than the Company for providing the protections afforded to its clients, nor for providing advice in connection with the Issue. Cenkos is not responsible for the contents of this announcement. This does not limit or exclude any responsibilities which Cenkos may have under FSMA or the regulatory regime established thereunder or under the regulatory regime of any other jurisdiction where exclusion of liability under the relevant regulatory regime would be illegal, void or unenforceable.
Terms used in this announcement shall have the same meanings given to them in the prospectus of the Company which was published on 29 September 2015 (the "Prospectus") unless the context otherwise requires.