ORIT confirmed that demand for the issue exceeded both the target issue size and the maximum issue size
Octopus Renewables Infrastructure Trust (LON:ORIT) announced on Wednesday the result of its issue, raising £150m, thereby achieving another oversubscribed fundraise.
Having considered ORIT’s investment pipeline and investor demand, the company’s board was ‘determined’ to increase the size of the issue by £50m to around £100m, issuing a total of 144,927,536 of ordinary shares at the price of 103.5p per share.
ORIT confirmed that demand for the issue exceeded both the target issue size and the maximum issue size.
“All valid applications received in respect of Qualifying Shareholders’ Open Offer Entitlements under the Open Offer will be met in full, and applications under the Placing, Excess Application Facility, Offer for Subscription and Intermediaries Offer have been scaled back,” the company said in a statement.
The Issue of Ordinary Shares will be split as follows:
- 64,130,932 Ordinary Shares under the Placing
- 67,979,280 Ordinary Shares under the Open Offer (including the Excess Application Facility)
- 6,278,618 Ordinary Shares under the Offer for Subscription
- 6,538,706 Ordinary Shares under the Intermediaries Offer
Phil Austin, Chairman of Octopus Renewables Infrastructure Trust plc, commented:
“I am delighted to announce the results of the Issue, achieving another oversubscribed fundraise. On behalf of the Board I would like to thank existing shareholders for supporting us through the first 18 months as a listed entity and allowing us to demonstrate our Investment Manager’s exceptional track record and expertise within the sector. I would also like to welcome new shareholders and to thank them for their support as ORIT enters into its next phase and continues to execute on its pipeline of investment opportunities,” said Austin.
The ORIT share price is up by 0.38% during the morning session on Wednesday and is down by 0.01% since it first listed.