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The Renewables Infrastructure Group (TRIG)

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simoan
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Re: The Renewables Infrastructure Group (TRIG)

#440187

Postby simoan » September 6th, 2021, 11:48 pm

MDW1954 wrote:
But what about REITs? In which REITs do you invest?

MDW1954

We’re heading OT for this thread. However, the only REIT I own is Urban Logistics which I believe uses the Income Capitalisation valuation method for there warehouses, which does not use DCF. It is based on the net operating income of each property.

My very limited understanding is that DCF is used more where properties are being actively developed. This is not what Urban Logistics do. Also important to note that all property valuations are from an independent valuer called CBRE-the largest commercial property company in the world, apparently.

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Re: The Renewables Infrastructure Group (TRIG)

#440190

Postby simoan » September 7th, 2021, 12:24 am

simoan wrote:
MDW1954 wrote:
But what about REITs? In which REITs do you invest?

MDW1954

We’re heading OT for this thread. However, the only REIT I own is Urban Logistics which I believe uses the Income Capitalisation valuation method for there warehouses, which does not use DCF. It is based on the net operating income of each property.

My very limited understanding is that DCF is used more where properties are being actively developed. This is not what Urban Logistics do. Also important to note that all property valuations are from an independent valuer called CBRE-the largest commercial property company in the world, apparently.

Actually, having read further it seems the Income Capitalisation approach is akin to DCF - it uses something called a cap rate which is similar to the discount rate used in DCF. I hadn’t realised this and will now review my holding in Urban Logistics.

Dod101
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Re: The Renewables Infrastructure Group (TRIG)

#440201

Postby Dod101 » September 7th, 2021, 7:55 am

MDW1954 wrote:
simoan wrote:I don't invest in infrastructure funds but I would expect most REITs use independent property valuers to arrive at the asset value based on current property market valuations. I would rather any company I own has assets that don't rely on some prediction of the future based on the kind of assumptions used in a typical DCF model, that's all. When that prediction of the future is also carried out by the fund manager, rather than an independent valuation, then I double dislike it.

All the best, Si


With REITs, I think you'll find that what is largely going on is that the NAV reflects the value of the future income streams. Hence the discounted cash flows. Ditto infrastructure. REITs can also apply a "fudge factor" of the sort you describe -- the sort of valuation provided by estate agents, in other words -- but with infrastructure, that's very difficult. How do you apply that sort of value to a wind farm out at sea, for instance?

MDW1954


I have just checked with two REITs, Primary Health Properties which I hold and British Land which I do not. Both value their investment properties on the basis of 'fair vale' by getting an independent valuer to assess the value. I do not think there is a 'fudge factor' involved. In neither case is there a discounted cash flow calculation. In other words the assets are I think much more grounded than the DCF calculation used by TRIG. I have answered my own question with TRIG. They use an average life span of 29 years for windfarms and I think 37 years for solar and build that into their DCF calculations, together with assumptions on prices for electricity and so on. AS Simoan syas, the DCF calculations are carried out by their own managers.

Dod

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Re: The Renewables Infrastructure Group (TRIG)

#440214

Postby richfool » September 7th, 2021, 9:00 am

Capital Gearing Trust's Manager, Peter Spiller, doesn't seem to have a problem with holding infrastructure trusts or renewables (or indeed REIT's).

CGT's objective is: To preserve and over time to grow shareholders’ real wealth with greater emphasis placed on avoiding loss than maximising returns.

His holdings include (as at April 2021):

Greencoat Wind
GCP Infrastructure
INPP (International Public Partners)
SEQI
Next Energy Solar
Downings Renewables
SEIT (SDCL Energy Efficiency)

Though he didn't hold not TRIG.
He also holds significantly more REIT's, but they would be even more off-topic for this thread.

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Re: The Renewables Infrastructure Group (TRIG)

#440228

Postby simoan » September 7th, 2021, 9:53 am

Dod101 wrote:I have just checked with two REITs, Primary Health Properties which I hold and British Land which I do not. Both value their investment properties on the basis of 'fair vale' by getting an independent valuer to assess the value. I do not think there is a 'fudge factor' involved. In neither case is there a discounted cash flow calculation. In other words the assets are I think much more grounded than the DCF calculation used by TRIG. I have answered my own question with TRIG. They use an average life span of 29 years for windfarms and I think 37 years for solar and build that into their DCF calculations, together with assumptions on prices for electricity and so on. AS Simoan syas, the DCF calculations are carried out by their own managers.

Dod

I think you need to check again by reading the PHP Annual Report. They use the same fair value method as Urban Logistics (they call it the Investment method) which is in effect discounting future net rental income based on a fudge factor called the "capitalisation rate". I assumed this was based on valuations of of similar properties in the same area on a comparable basis, but there's a bit more to it than that which means assumptions about the future are included i.e. rent increases, void periods, future capex etc. I bought Urban Logistics without being aware it was valued on this basis as DCF is not mentioned anywhere in the Annual Report and you really need to dig into the detail of the valuation method to see it is very similar to DCF. In fact, DCF is only mentioned in the RICS Red Book used by all property valuers.

Anyway, we've strayed far enough off-topic for now. I've decided to hold onto Urban Logistics for now based on the fact I like the area of business they are in - last mile distribution warehouses - the management seem astute at both buying and selling properties, and that every time they have sold properties it has been well above book value.

All the best, Si

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Re: The Renewables Infrastructure Group (TRIG)

#440265

Postby Dod101 » September 7th, 2021, 11:39 am

simoan wrote:
Dod101 wrote:I have just checked with two REITs, Primary Health Properties which I hold and British Land which I do not. Both value their investment properties on the basis of 'fair vale' by getting an independent valuer to assess the value. I do not think there is a 'fudge factor' involved. In neither case is there a discounted cash flow calculation. In other words the assets are I think much more grounded than the DCF calculation used by TRIG. I have answered my own question with TRIG. They use an average life span of 29 years for windfarms and I think 37 years for solar and build that into their DCF calculations, together with assumptions on prices for electricity and so on. AS Simoan syas, the DCF calculations are carried out by their own managers.

Dod

I think you need to check again by reading the PHP Annual Report. They use the same fair value method as Urban Logistics (they call it the Investment method) which is in effect discounting future net rental income based on a fudge factor called the "capitalisation rate". I assumed this was based on valuations of of similar properties in the same area on a comparable basis, but there's a bit more to it than that which means assumptions about the future are included i.e. rent increases, void periods, future capex etc. I bought Urban Logistics without being aware it was valued on this basis as DCF is not mentioned anywhere in the Annual Report and you really need to dig into the detail of the valuation method to see it is very similar to DCF. In fact, DCF is only mentioned in the RICS Red Book used by all property valuers.

Anyway, we've strayed far enough off-topic for now. I've decided to hold onto Urban Logistics for now based on the fact I like the area of business they are in - last mile distribution warehouses - the management seem astute at both buying and selling properties, and that every time they have sold properties it has been well above book value.

All the best, Si


Will do re PHP although like you with Urban logistics I like the business that PHP is in and the share price and dividend keep rising. On the wole, they expand using cash or borrowings although I see that for their latest acquisition, they have issued about £1 million of shares, not a lot in the scheme of things.

Dod

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Re: The Renewables Infrastructure Group (TRIG)

#440277

Postby Dod101 » September 7th, 2021, 12:02 pm

simoan wrote:
Dod101 wrote:I have just checked with two REITs, Primary Health Properties which I hold and British Land which I do not. Both value their investment properties on the basis of 'fair vale' by getting an independent valuer to assess the value. I do not think there is a 'fudge factor' involved. In neither case is there a discounted cash flow calculation. In other words the assets are I think much more grounded than the DCF calculation used by TRIG. I have answered my own question with TRIG. They use an average life span of 29 years for windfarms and I think 37 years for solar and build that into their DCF calculations, together with assumptions on prices for electricity and so on. AS Simoan syas, the DCF calculations are carried out by their own managers.

Dod

I think you need to check again by reading the PHP Annual Report. They use the same fair value method as Urban Logistics (they call it the Investment method) which is in effect discounting future net rental income based on a fudge factor called the "capitalisation rate". I assumed this was based on valuations of of similar properties in the same area on a comparable basis, but there's a bit more to it than that which means assumptions about the future are included i.e. rent increases, void periods, future capex etc. I bought Urban Logistics without being aware it was valued on this basis as DCF is not mentioned anywhere in the Annual Report and you really need to dig into the detail of the valuation method to see it is very similar to DCF. In fact, DCF is only mentioned in the RICS Red Book used by all property valuers.

Anyway, we've strayed far enough off-topic for now. I've decided to hold onto Urban Logistics for now based on the fact I like the area of business they are in - last mile distribution warehouses - the management seem astute at both buying and selling properties, and that every time they have sold properties it has been well above book value.

All the best, Si


PHP Annual Report 2020. See Accounting Policy, Notes 2.4 (a) and Note 10. The investment properties have been valued by Lambert Smith Hampton, Jones Lang Wooton (and others) in accord with the RICS Red Book.

Dod

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Re: The Renewables Infrastructure Group (TRIG)

#442384

Postby idpickering » September 15th, 2021, 7:07 am

Results of Issue and PrimaryBid Offer

The Board of The Renewables Infrastructure Group Limited, the FTSE 250 renewable infrastructure investment company with a diversified portfolio of energy investments across Europe, is pleased to announce the results of the Company's issue (by way of placing) under the Company's Share Issuance Programme (the Issue) and PrimaryBid Offer announced on 31 August 2021.

The Company will issue 161,290,323 New Ordinary Shares at 124 pence per share, raising gross proceeds of £200m in aggregate. The Issue was significantly oversubscribed and a scaling back exercise has taken place.

The purpose of the fund raise was to repay the Company's Revolving Credit Facility which, following the completion of the acquisition of the four solar sites in Iberia announced on 6 September, is expected to be approximately £200m drawn. As a result, the Board, in consultation with the Managers and Joint Bookrunners, has taken the decision to size the combined Issue and PrimaryBid Offer at this level.

The Company will issue 159,833,478 New Ordinary Shares issued pursuant to the Issue and 1,456,845 New Ordinary Shares issued pursuant to the PrimaryBid Offer.

Investec Bank plc and Liberum Capital Limited acted as Joint Bookrunners in relation to the Issue.

On behalf of the TRIG Board, Helen Mahy CBE, Chairman of TRIG, said:

"We are delighted with the strong support from existing Shareholders and new investors in this fundraising. The proceeds of the Issue will be used in part to fund TRIG's first investment in Iberia, a landmark for TRIG, adding further to TRIG's geographic and technological diversification."


https://www.investegate.co.uk/renew-inf ... 00067815L/

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Re: The Renewables Infrastructure Group (TRIG)

#442386

Postby Dod101 » September 15th, 2021, 7:52 am

No doubt renewables is the latest 'must have' investment. Well good for TRIG and its shareholders I suppose.

Dod

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Re: The Renewables Infrastructure Group (TRIG)

#455561

Postby idpickering » November 4th, 2021, 12:09 pm

Dividend Declaration

The Renewables Infrastructure Group Limited (the 'Company') is pleased to announce the third quarterly interim dividend in respect of the three month period to 30 September 2021 of 1.69 pence per ordinary share (the "Q3 Dividend"). The shares will go ex-dividend on 11 November 2021 and the Q3 Dividend will be paid on 31 December 2021 to shareholders on the register as at the close of business on 12 November 2021.

As previously, the Company is offering shareholders a scrip dividend alternative to the Q3 Dividend and the one further interim dividend for the financial year ending 31 December 2021, full details of which can be found in the Scrip Dividend Circular 2021 (the "Scrip Circular") available on the Company's website to view and/or download at http://www.trig-ltd.com in the Investor Relations, 'TRIG Publications', 'Circulars' section. It is also available on the National Storage Mechanism website ( https://data.fca.org.uk/#/nsm/nationalstoragemechanism ).


https://www.investegate.co.uk/renew-inf ... 47293551R/

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Re: The Renewables Infrastructure Group (TRIG)

#459116

Postby idpickering » November 18th, 2021, 4:35 pm

Scrip Share Reference Price

The reference price of a new Ordinary Share under the Company's scrip dividend alternative for the third quarterly interim dividend for the financial year ending 31 December 2021 (the "Q3 Dividend") has been set at 132.32p. This is the average of the middle market prices of the Company's shares derived from the London Stock Exchange Daily Official List for the ex-dividend date and the four subsequent dealing days.


https://www.investegate.co.uk/renew-inf ... 45398755S/

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Re: The Renewables Infrastructure Group (TRIG)

#478269

Postby idpickering » February 3rd, 2022, 12:30 pm

Dividend Declaration

The Renewables Infrastructure Group Limited (the 'Company') is pleased to announce the fourth quarterly interim dividend in respect of the three month period to 31 December 2021 of 1.69 pence per ordinary share (the "Q4 Dividend"). The shares will go ex-dividend on 10 February 2022 and the Q4 Dividend will be paid on 31 March 2022 to shareholders on the register as at the close of business on 11 February 2022.

As previously, the Company is offering shareholders a scrip dividend alternative to the Q4 Dividend for the financial year ending 31 December 2021, full details of which can be found in the Scrip Dividend Circular 2021 (the "Scrip Circular") available on the Company's website to view and/or download at http://www.trig-ltd.com in the Investor Relations, 'TRIG Publications', 'Circulars' section. It is also available on the National Storage Mechanism website ( https://data.fca.org.uk/#/nsm/nationalstoragemechanism ).

The reference price of the scrip shares in respect of the Q4 Dividend will be calculated and published on or around 17 February 2022.

Shareholders will receive the Q4 Dividend in cash, unless they have previously completed a standing election (a "Scrip Dividend Mandate") to receive scrip shares. Shareholders who would like to receive scrip shares rather than cash, and who have not previously submitted a Scrip Dividend Mandate, should complete the Scrip Dividend Mandate at the back of the Scrip Circular and return it to the Company's UK Transfer Agent, Link Asset Services, by no later than 5.00pm on 9 March 2022.


https://www.investegate.co.uk/renew-inf ... 22446158A/

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Re: The Renewables Infrastructure Group (TRIG)

#478477

Postby idpickering » February 4th, 2022, 7:04 am

Notice of 2021 Full Year Results Presentation

TRIG is holding its 2021 Full Year Results Presentation by webcast on Friday 18th February 2022 at 9:00am.

To register to attend please email Maitland/AMO at trig-maitlandamo@maitland.co.uk

A recording of the webcast presentation will also be available on the TRIG website shortly after the event.


https://www.investegate.co.uk/renew-inf ... 00046742A/

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Re: The Renewables Infrastructure Group (TRIG)

#481236

Postby idpickering » February 18th, 2022, 7:18 am

Annual Results for the 12 months ended 31 December 2021

2021 Highlights - Strong earnings and NAV growth

§ NAV per ordinary share of 119.3p[1] as at 31 December 2021 (December 2020: 115.3p). Growth driven by high near-term power prices, increased near-term inflation and active portfolio management

§ NAV total return of 9.5% for the year and 8.3% since IPO (annualised)[2]

§ Earnings per ordinary share of 10.0p (2020: 5.9p) and profit before tax of 210m (2020: 100m)

§ 2021 dividend target of 6.76p/share delivered and 2022 dividend target4 set at 6.84p/share

§ Directors' portfolio valuation[3] of 2,726m as at 31 December 2021 (2020: 2,213m) following four diversification-enhancing acquisitions, including TRIG's first investment in Spain

§ Portfolio generated 4,125GWh of electricity in the year (2020: 3,953GWh)

§ The Company is consulting on increasing TRIG's Construction & Development Investment Policy Limit from 15% to 25% of portfolio value

§ Responsible investment and sustainability at the core of the business:

o Generated enough clean energy in 2021 to avoid 1.4m tonnes of CO 2 emissions and power 1.1m homes [4]

o Supported 38 community funds with £1.2m of contributions

o Maintained a strong health and safety environment with 0.21 reportable lost time accidents per 100,000 hours worked [5]

And later;

Distributions and Share Capital

The Company has declared four quarterly interim dividends for the year ended 31 December 2021 for an aggregate annual dividend of 6.76p (2020: 6.76p) per share as follows:

▲ 1.69p per share was declared on 6 May 2021, to shareholders on the register as at 14 May 2021, paid on 30 June 2021,

▲ 1.69p per share was declared on 3 August 2021, to shareholders on the register as at 13 August 2021, paid on 30 September 2021,

▲ 1.69p per share paid on 4 November 2021, to shareholders on the register as at 12 November 2021, paid on 31 December 2021, and

▲ 1.69p share was declared on 3 February 2022, to shareholders on the register on 11 February 2022, to be paid on 31 March 2022.

The Company had one class of share capital, Ordinary Shares, in issue as at 31 December 2021.


https://www.investegate.co.uk/renew-inf ... 00080665C/

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Re: The Renewables Infrastructure Group (TRIG)

#485726

Postby idpickering » March 11th, 2022, 7:15 am

Kepler Trust Intelligence: New Research Re TRIG.

TRIG's managers continue to diversify the portfolio…

The investment companies team at Kepler Trust Intelligence has produced a new piece of investment bank quality research about the trust, designed to provide a clear and comprehensive reference for long term investors. This note is free to read for UK investors.

Click here to read the note in full.



nb, the "read here" link above doesn't seem to work, but it does via the Investegate link here; https://www.investegate.co.uk/renew-inf ... 00054106E/

Here's a snippet;

Overview
TRIG has recently announced strong results, despite a poor year in terms of wind resource. NAV total returns during 2021 were 9.5%, building on the track record which has seen NAV total returns of 8.3% per annum since IPO.

Wind remains the largest component of the portfolio, but TRIG continues to diversify. During the year TRIG made its first solar investment in Spain and purchased two wind assets in Sweden. The managers expect portfolio diversification to continue to extend as time goes on.

Now comprising 83 investments across 50 wind assets, 32 solar assets and one battery asset with a combined value of c. £2.7bn, TRIG’s portfolio extends across 3000km and six countries. InfraRed’s primary aim in combining these assets is to smooth returns going forward, such that one weather pattern or political regime cannot on its own negatively affect the trust’s ability to continue to pay the strong dividend stream that has so far been achieved since IPO.

Currently, construction stage assets, where TRIG commits to purchase a renewable asset prior to it becoming operational, represent 11% of the Portfolio. The managers are currently consulting with shareholders on extending the investment policy construction and development limit from 15% to 25%.

The board is targeting a dividend of 6.84p for the current financial year ending 31/12/2022, representing an increase of 1.2%. Assuming the target is met, this would equate to a dividend yield of c. 5.1% at current prices.

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Re: The Renewables Infrastructure Group (TRIG)

#487071

Postby idpickering » March 17th, 2022, 7:10 am

Acquisition, Market Update, Proposed Equity Issue

Acquisition of interest in Hornsea One offshore wind farm, power prices and production update, Revolving Credit Facility capacity increase and proposed Issue of Equity

· Acquisition of 7.8% equity interest in Hornsea One, the world's largest operational offshore wind farm

· Significant increase in near-term power prices and above budget production in January and February 2022, with a positive impact on NAV

· Launch of placing of new ordinary shares on a bookbuild basis (with a floor price of 130p per share), closing at midday on Thursday, 24 March 2022

· Revolving Credit Facility capacity increased to £600m

· Webcast at 9:30am UK time Thursday, 17 March 2022

Acquisition

The Board of TRIG announces that the Company has exchanged contracts to acquire a 7.8% equity interest in the Hornsea One offshore wind farm in the UK (the Project or Hornsea One) from Global Infrastructure Partners. Following completion of the transaction, which is expected to take place at the end of H1 2022, Hornsea One will represent approximately 8% of TRIG's portfolio, by value.

Hornsea One benefits from an inflation-linked Contract-for-Difference ("CfD") subsidy with 13 years remaining. It is the world's largest operational offshore wind farm and covers an area of 407km2. The wind farm is located approximately 120km off the Yorkshire coast of England and has demonstrated strong operational performance since operations commenced in 2020. The Project generates enough clean electricity to power 1,000,000 homes.

Hornsea One was developed and built by Orsted, utilising 174 Siemens 7MW turbines. Orsted operates the windfarm under a long-term operations and maintenance agreement.

TRIG's investment in the Project is subject to regulatory and lender consents, which are expected to be received in the coming months.

Power prices and generation update

The start of 2022 has seen strong wind levels and significantly elevated power prices.

Production and captured power prices have been above budget in the two-month period to 28 February 2022, with particularly strong wind resource in February, and this is estimated to contribute an additional c. 1p/share above budgeted performance to the Company's Net Asset Value since 31 December 2021.

Power price forwards for 2022 and 2023 (and their volatility) have increased since those used in the valuation of the Company's portfolio as at 31 December 2021 (the "Portfolio Valuation"). Approximately 30% of the revenues for 2022 of the underlying investments across TRIG's portfolio are not fixed and exposed to merchant power prices (consistent with the level as at 31 December 2021). It should be noted that power prices and their forwards are particularly volatile at the present time and that the outturn prices may be materially different to the forward prices at a particular point in time. However, were the increase in power price forwards since 31 December 2021 to 15 March 2022 used in an assessment of the fair market value of the Company's portfolio, and assuming on-budget generation for the remainder of 2022 and for 2023, the Company's Net Asset Value per share might increase by a further c. 2 to 4p/share.

The lower end of this range is based on the average of the 2022 and 2023 GB power price forwards since 1 January 2022 to 15 March 2022 and the upper end of this range is based on the average of the power price forwards since the escalation of the conflict in Ukraine on 24 February 2022 to 15 March 2022. The table below sets out these data points:


https://www.investegate.co.uk/renew-inf ... 00040586F/

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Re: The Renewables Infrastructure Group (TRIG)

#487150

Postby gnawsome » March 17th, 2022, 2:14 pm

idpickering wrote:Acquisition, Market Update, Proposed Equity Issue



· Launch of placing of new ordinary shares on a bookbuild basis (with a floor price of 130p per share), closing at midday on Thursday, 24 March 2022...


Not a lot of time open to closing, to put things in place.
I'd like some to add to an ISA holding but if the only way is via Primary Bid I'll pass.
I've secure messaged ii to ask if I can apply with funds within my ISA so may miss out with the short timescale

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Re: The Renewables Infrastructure Group (TRIG)

#487155

Postby idpickering » March 17th, 2022, 2:30 pm

gnawsome wrote:
idpickering wrote:Acquisition, Market Update, Proposed Equity Issue



· Launch of placing of new ordinary shares on a bookbuild basis (with a floor price of 130p per share), closing at midday on Thursday, 24 March 2022...


Not a lot of time open to closing, to put things in place.
I'd like some to add to an ISA holding but if the only way is via Primary Bid I'll pass.
I've secure messaged ii to ask if I can apply with funds within my ISA so may miss out with the short timescale


Thanks for your input. I feel your pain, as, as much as I'd like to buy more shares in TRIG, there's not enough readies in my ISA as free cash to be able to make the cut-off date. I really should leave some more cash in my Maxi ISA just in case things like this happen, but I'm not keen to just have it sat there not doing much. Oh well, not to worry. I'm certainly not selling anything to free up the dosh. ;)

Ian.

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Re: The Renewables Infrastructure Group (TRIG)

#487178

Postby kempiejon » March 17th, 2022, 3:47 pm

If one has the cash, just not in the sheltered account, one could always buy unsheltereed and come April move the holdings into the ISA.

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Re: The Renewables Infrastructure Group (TRIG)

#488915

Postby idpickering » March 24th, 2022, 4:07 pm

Result of the Issue and Primary Bid Offer.

· £277.3 million raised through the issue of 210,104,535 New Ordinary Shares, being the maximum permitted under the Company's tap authority

· Strike price of 132p per Share

· Proceeds to be used for the completion of the acquisition of Hornsea One and repaying drawings under the RCF

Further to its announcement of 17 March 2022, the Board of TRIG is pleased to announce that the Company has raised gross proceeds of approximately £277.3 million through the issue (by way of placing) of 210,104,535 new ordinary shares in the capital of the Company (the "New Ordinary Shares"), being the maximum available under the Company's general authority to disapply pre-emption rights taken at the last AGM, at a price of 132p (the "Strike Price") per New Ordinary Share (the "Issue"). There was strong institutional and retail demand for the Issue, at a range of prices, and applications have been scaled back at the Strike Price.

The Company will issue 206,156,691 New Ordinary Shares pursuant to the Issue and 3,947,844 New Ordinary Share pursuant to the PrimaryBid Offer.


https://www.investegate.co.uk/renew-inf ... 23229436F/


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