SDCL Energy Efficiency Income Tst Result of Placing (3059Q)

TIDMSEIT

RNS Number : 3059Q

SDCL Energy Efficiency Income Tst

18 October 2019

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, TO US PERSONS OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND OR THE REPUBLIC OF SOUTH AFRICA OR INTO ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OR BREACH OF ANY APPLICABLE LAW. PLEASE SEE THE IMPORTANT NOTICE AT THE OF THIS ANNOUNCEMENT.

18 October 2019

SDCL Energy Efficiency Income Trust plc

("SEEIT" or the "Company")

Result of Placing

Further to the announcement of 11 October 2019, the Directors of SEEIT are pleased to announce that the Placing of new ordinary shares has raised gross proceeds of GBP100 million.

A total of 97,087,378 new ordinary shares will be issued at a price of 103.0 pence per share. The Placing forms part of the Company's Share Issuance Programme.

Application has been made for the new ordinary shares to be admitted to the premium listing segment of the Official List of the Financial Conduct Authority and to trading on the Main Market of the London Stock Exchange ("Admission"). It is expected that Admission will become effective and dealings in the new ordinary shares will commence at 8.00 a.m. on 21 October 2019.

Following Admission, the number of ordinary shares that the Company has in issue will be 268,374,507. The total number of voting rights of the Company will be 268,374,507 and this figure 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.

The Placing Shares, when issued, will rank pari passu with the existing Ordinary Shares including the right to receive all dividends and other distributions declared, made or paid after the date of issue.

The Company expects to declare an interim dividend of 2.5 pence per share in respect of the six-month period to 30 September 2019 in November 2019. For the avoidance of doubt, investors who participated in the Placing, and continue to hold their Placing Shares as at the relevant record date, will be entitled to receive this dividend.

In addition, the Company intends to release Interim Results for the period ended 30 September 2019 in early December 2019.

Tony Roper, Chairman of SDCL Energy Efficiency Income Trust plc said:

"We are delighted with the strong support shown by both existing and new investors in our second capital raise since the IPO in December. This is an exciting time to be investing in energy efficiency and we have demonstrated our ability to make attractive acquisitions. We currently have a diverse pipeline of opportunities in North America, Europe and Asia, a number of which we expect to secure in the coming months, as we continue to diversify the portfolio."

Dealing codes

 
 Ticker                                  SEIT 
 ISIN for the ordinary shares    GB00BGHVZM47 
 SEDOL for the ordinary shares        BGHVZM4 
 

The Placing is conditional, among other things, on Admission being effective. Further details of the Share Issuance Programme are set out in the Prospectus which is available on the Company's website at www.sdcleeit.com. Any defined terms used in this announcement are as set out in the Prospectus.

For Further Information

 
 Sustainable Development Capital   T: [phone] 
  LLP 
  Jonathan Maxwell 
  Miles Alexander 
  Keith Driver 
 Jefferies International Limited   T: [phone] 
  Gary Gould 
  Tom Hovanessian 
 TB Cardew                         T: [phone] 
  Ed Orlebar                        M: [phone] 
  Lucas Bramwell                    E: [e-mail] 
 

About the Company

SDCL Energy Efficiency Income Trust plc (the "Company") is the first listed company of its kind to invest exclusively in the energy efficiency sector. Examples of the projects in the portfolio include combined cooling/heating and power plants, as well as energy efficiency projects in the UK and the US. Since acquisition of its seed portfolio at IPO, the Company has announced investment in a diversified portfolio of energy efficiency assets, including a portfolio of rooftop solar photovoltaic projects for Tesco in the UK and a portfolio of cogeneration assets in north east United States, which were identified as pipeline projects in its IPO prospectus, as well as an additional investment in a portfolio of energy efficiency loans in the United States and a portfolio of cogeneration assets in Spain.

The Company aims to deliver shareholders value through its investment in a diversified portfolio of energy efficiency projects which are driven by the opportunity to deliver lower cost, cleaner and more reliable energy solutions to end users of energy.

The Company is targeting an attractive total return for shareholders of 7-8 per cent. per annum (net of fees and expenses and by reference to the initial issue price of GBP1.00 per Ordinary Share), with a stable dividend income, capital preservation and the opportunity for capital growth.

Further information can be found on the Company's website at www.sdcleeit.com.

Investment Manager

The Company's investment manager is Sustainable Development Capital LLP ("SDCL"), an investment firm established in 2007, with a proven track record of investment in energy efficiency and decentralised generation projects in the UK, Continental Europe, North America and Asia.

SDCL is headquartered in London and the group also operates internationally from offices in New York, Dublin, Hong Kong and Singapore. SDCL is authorised and regulated in the UK by the Financial Conduct Authority.

DISCLAIMERS

This announcement is not an offer to sell or a solicitation of any offer to buy the Shares in the Company in the United States, Australia, Canada, New Zealand or the Republic of South Africa, Japan, or in any other jurisdiction where such offer or sale would be unlawful.

This communication is not for publication or distribution, directly or indirectly, in or into the United States of America. This communication is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States.

The Company has not been and will not be registered under the US Investment Company Act of 1940 (the "Investment Company Act") and, as such, holders of the Shares will not be entitled to the benefits of the Investment Company Act. No offer, sale, resale, pledge, delivery, distribution or transfer of the Shares may be made except under circumstances that will not result in the Company being required to register as an investment company under the Investment Company Act.

The information in this announcement may include forward-looking statements, which are based on the current expectations and projections about future events and in certain cases can be identified by the use of terms such as "may", "will", "should", "expect", "anticipate", "project", "estimate", "intend", "continue", "target", "believe" (or the negatives thereon) or other variations thereon or comparable terminology. These forward-looking statements, as well as those included in any related materials, are subject to risks, uncertainties and assumptions about the Company, including, among other things, the development of its business, trends in its operating industry, and future capital expenditures and acquisitions. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur.

Each of the Company, SDCL, Jefferies and their affiliates and their respective officers, employees and agents expressly disclaim any and all liability which may be based on this announcement and any errors therein or omissions therefrom.

No representation or warranty is given to the achievement or reasonableness of future projections, management targets, estimates, prospects or returns, if any. Any views contained herein are based on financial, economic, market and other conditions prevailing as at the date of this announcement. The information contained in this announcement will not be updated.

This announcement does not constitute or form part of, and should not be construed as, any offer or invitation or inducement for sale, transfer or subscription of, or any solicitation of any offer or invitation to buy or subscribe for or to underwrite, any share in the Company or to engage in investment activity (as defined by the Financial Services and Markets Act 2000) in any jurisdiction nor shall it, or any part of it, or the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision whatsoever, in any jurisdiction. This announcement does not constitute a recommendation regarding any securities.

Neither the United States Securities and Exchange Commission nor any state securities commission has approved or disapproved of the Company's Shares or passed upon or endorsed the merits of the offering of the Company's Shares or the adequacy or accuracy of this announcement.

Jefferies is authorised and regulated in the United Kingdom by the Financial Conduct Authority. Jefferies is acting for the Company and no one else in connection with the Placing, and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Jefferies or for affording advice in relation to any transaction or arrangement referred to in this announcement. This announcement does not constitute any form of financial opinion or recommendation on the part of Jefferies or any of its affiliates and is not intended to be an offer, or the solicitation of any offer, to buy or sell any securities.

In accordance with the Packaged Retail and Insurance-based Investment Products Regulation (EU) No 1286/2014, the Key Information Document relating to the Company is available to investors at www.sdcleeit.com.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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October 18, 2019 02:00 ET (06:00 GMT)