TRIG to raise £20m through issue of new shares

The Renewables Infrastructure Group announced on Thursday that, in response to what it called market demand, it had proposed to issue £20m through the issue of new ordinary shares in the company, by way of non-preemptive tap issuance under its existing shareholder authority to disapply pre-emption rights.

It said the issue of new shares would be at a fixed price of 107p per share.

The FTSE 250 firm said the issue would be made to qualifying investors through its joint corporate brokers, Canaccord Genuity and Liberum Capital, and would be subject to terms and conditions set out in the appendix to its RNS announcement.

“The net proceeds of the issue will be applied in repaying amounts drawn under the company's revolving acquisition facility with Royal Bank of Scotland, National Australia Bank and ING Bank,” its board explained in its statement.

The company's investment manager, InfraRed Capital Partners, also advised that trading had been “broadly in line” with expectations, and that it anticipated that its net asset value at 30 June would be in the region of 1p to 2p above the NAV at 31 December, which was 103.6p.

TRIG was set to release its results for the six months ending 30 June on 8 August.