# 3i Infrastructure plc Raise £222.8 million in placing

- Link: https://www.directorstalkinterviews.com/3i-infrastructure-plc-raise-222-8-million-in-placing/412795326
- Published: 2019-10-11T07:06:52+01:00
- Author: Giles Arbor

**3iN Infrastructure plc** (LON: 3IN) has announced the completion of the equity
placing announced on 3rd October 2019.

A total of 81,000,000 new ordinary shares of no par value each were issued at a 
price of 275 pence per Share, raising gross proceeds of approximately £222.8 million.
The Shares being issued represent approximately 9.9 per cent. of 3iN plc’s issued
ordinary share capital prior to the Placing. The issue was substantially oversubscribed
and the issue price represents a discount of approximately 7.6 per cent. to 3iN 
plc’s share price immediately prior to the announcement of the Placing and a premium
of 19.4 per cent. to the latest disclosed net asset value as at 31 March 2019 of
230.4p per ordinary share after adjusting for the dividend paid since.

**Commenting on the Placing, Richard Laing, Chair of 3iN Infrastructure plc said:**

> “We are pleased to announce a successful capital raise and are delighted with 
> the strong support we received from existing and new shareholders. The proceeds
> will be used to repay drawings under our RCF providing liquidity to fund our pipeline
> of potential investments. With a well-balanced portfolio and a healthy pipeline
> of opportunities, we look forward to continuing to deliver on our proven track
> record.”

The Shares will, when issued, be credited as fully paid and rank pari passu with
the existing ordinary shares of no par value in the capital of the Company including
the right to receive all dividends and distributions declared, made or paid.

Application will be made to the Financial Conduct Authority for admission of the
81,000,000 Shares to the premium listing segment of the Official List maintained
by the Financial Conduct Authority and to the London Stock Exchange plc for admission
to trading of the Shares on the LSE’s Main Market for listed securities. It is expected
that Admission will take place on Tuesday, 15 October 2019 and that dealings in 
the Shares on the LSE’s Main Market for listed securities will commence at the same
time.

The Placing is conditional, among other things, on Admission being effective and
the Placing Agreement not being terminated in accordance with its terms. The Shares
have been placed by J.P. Morgan Securities plc (which conducts its UK investment
banking business as J.P. Morgan Cazenove) and RBC Europe Limited (trading as RBC
Capital Markets). JPMC and RBC acted as joint bookrunners in respect of the Placing.

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