Aquila European Renewables looking for cash – Aquila European Renewables Income Fund has published a prospectus in support of an initial placing and offer for subscription and a subsequent placing programme. The company is also convening a meeting to ask shareholders’ permission to issue new shares on a non pre-emptive basis.
The initial target is a fundraising of approximately €150m (before expenses) although the directors may up this to €200m. They’ll get to €150m by issuing about 145m new shares at 103.75 cents per share.
Aquila European Renewables has a pipeline of potential purchases lined up – consisting of six target assets held in Aquila Managed Funds with an aggregate capacity of 768 MW and eight target assets with an aggregate capacity of 661 MW which are under negotiation. The assets are across multiple technologies and geographical locations including 7 wind assets, 4 solar assets and 3 hydro assets.
The 103.75 cent issue price represents a premium of 5.2% to the30 June 2020 net asset value and a discount of 3.9% to the share price as at close of business on 16 September 2020.
In line with its dividend target for the year ending 31 December 2020 the company expects to announce in early October 2020 a dividend of 1.25 cents in relation to the quarter ended 30 September 2020. It is expected that the record date for this third interim dividend will fall before admission of any shares issued under this proposal and therefore any new shares will not be entitled to this third interim dividend.
AERI : Aquila European Renewables looking for cash