X

X

Octopus Renewables raises £73.9m in oversubscribed fundraise

esg

The Board of Octopus Renewables Infrastructure Trust plc has raised aggregate gross proceeds of approximately £73.9 million (net proceeds of approximately £72.4 million). Approximately £69.0 million was raised pursuant to the Placing and a further £4.9 million was raised pursuant to the REX Retail Offer.

Accordingly, the Company will issue a total of 70,000,000 New Ordinary Shares at the issue price of 105.5 pence per New Ordinary Share, of which 65,348,534 New Ordinary Shares will be issued pursuant to the Placing and 4,651,466 New Ordinary Shares will be issued pursuant to the REX Retail Offer.

The fundraising was oversubscribed with demand exceeding the maximum of 70 million Ordinary Shares available for issue and therefore a scaling-back exercise for the Placing and REX Retail Offer was carried out.

Phil Austin, Chairman of Octopus Renewables Infrastructure Trust plc, commented:

“We are delighted to announce this successful and oversubscribed fundraise, raising £73.9 million to invest in renewable energy assets to further diversify our portfolio as we support the energy transition. I would like to thank our shareholders for the continued support over the last two years, which allows our Investment Manager to continue to pursue compelling opportunities and build on our high quality, diversified portfolio. The Board looks forward to updating shareholders in due course on the progress made deploying the capital across the considerable pipeline of opportunities.”

Applications have been made for the 70,000,000 Ordinary Shares to be issued pursuant to the Placing and separate REX Retail Offer to be admitted to the premium segment of the Official List of the Financial Conduct Authority and to trading on the premium segment of the London Stock Exchange’s main market. Admission is expected to occur at 8.00 a.m. on 7 December 2021.

Following the Placing and REX Retail Offer, the Company’s issued share capital will comprise 564,927,536 Ordinary Shares and this is the total number of Ordinary Shares with voting rights in the Company. This figure (564,927,536) may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.

About Us

​IFA Magazine – for today’s discerning financial and investment professional.

Published ten times a year, IFA Magazine has been winning a keen and enthusiastic following among Britain’s premier financial advisers, planners and paraplanners.

Newsletter

    Follow Us

    © 2022 All rights reserved​ to IFA Magazine | Website by: Nivo Digital | Terms and Conditions

    Keep updated on the most important financial events 

    Make sure you are an informed

    wealth professional..

    Adblock Blocker

    We have detected that you are using

    adblocking plugin in your browser.