Applications were received in respect of 3,161,896 New Ordinary Shares under the Initial Offer for Subscription and 26,838,104 New Ordinary Shares were applied for under the Initial Placing.
The net proceeds from the Initial Issue will be applied towards paying down amounts drawn under the Group’s revolving acquisition facility. Thereafter, the Group will have approximately £136 million available to be drawn under this facility together with a balance of 270 million New Ordinary Shares (or C Shares) available for issuance under the Share Issuance Programme which is in place until 26 April 2017. This puts the Company in a good position to take advantage of the strong pipeline of attractive investment opportunities currently under consideration by the Investment Manager and the Operations Manager.
The New Ordinary Shares will, when issued, rank pari passu with the Company’s existing ordinary shares, and will be entitled to receive the interim dividend of 1.5625p per share declared on 5 May 2016 and payable on 30 June 2016. The Initial Issue is expected to be net asset value accretive for existing shareholders (net of fees and expenses associated with the Initial Issue).
Application has been made for all of the New Ordinary Shares to be admitted to the premium segment of the Official List of the FCA and to trading on the London Stock Exchange’s main market for listed securities. Admission is expected to take place on 19 May 2016.
Canaccord Genuity and Liberum Capital acted as joint bookrunners and Canaccord Genuity acted as sponsor in relation to the Initial Issue.
Total Voting Rights
Immediately following Admission, the Company’s issued share capital will consist of 766,289,474 ordinary shares with voting rights. This figure may be used by shareholders as the denominator for the calculations by which they may determine whether or not they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA’s Disclosure and Transparency Rules.
Any capitalised terms not defined in this announcement have the meaning set out in the Prospectus as defined above.
For futher information, please refer to the RNS issued by TRIG: