25 Feb 2019
Tilt Renewables Limited ("TLT") advises that it has successfully completed the institutional bookbuild component ("Institutional Bookbuild") of its underwritten 1 for 2 pro rata entitlement offer ("Offer"). The Offer was announced on 20 February 2019 and will raise approximately A$260 million.
The clearing price under the Institutional Bookbuild was NZ$2.20 per new ordinary share ("New Share"). This price reflects a premium of NZ$0.45 per New Share over the application price of NZ$1.75 under the Offer, and a premium of NZ$0.04 over the theoretical ex-entitlement price of NZ$2.16. Therefore, ineligible institutional shareholders will receive NZ$0.45 for each New Share not taken up by them.
“The result of the bookbuild further demonstrates the strong support for TLT from the market and it is particularly pleasing to see the book clear at a price above the theoretical ex-entitlement price” said Deion Campbell, CEO of TLT.
The New Shares taken up under the Institutional Bookbuild are expected to be allotted and commence trading on 28 February 2019.
Announcement of A$ Price
The A$ Price has been set at A$1.67. The A$ Price was determined using the RBA AUD/NZD exchange rate on 22 February 2019 at 6.00pm (Melbourne time).
Retail entitlement offer
The retail component of the Offer ("Retail Entitlement Offer") will open at 10.00am (NZ time) / 8.00am (Melbourne time) on 26 February 2019 and will close at 5.00pm (NZ time) / 3.00pm (Melbourne time) on 14 March 2019. Eligible retail shareholders will be able to subscribe for 1 new share for every 2 shares held at 5.00pm (NZ time) / 3.00pm (Melbourne time) on the record date, being 22 February 2019, at the same application price as the institutional entitlement offer of NZ$1.75 per New Share or A$1.67 per New Share.
An Offer Document, together with a personalised entitlement and acceptance form, will be sent to eligible retail shareholders on 26 February 2019 and will be available on the website established for the Offer, www.shareoffer.co.nz/tilt.
Eligible retail shareholders wishing to acquire New Shares under the Retail Entitlement Offer will need to complete the entitlement and acceptance form, or apply online via the website noted above. Eligible retail shareholders may choose to take up their entitlements in whole, in part or not at all.
New Shares not taken up by eligible retail shareholders, and those which would otherwise have been offered to ineligible retail shareholders, will be offered for subscription to selected institutional investors through a retail bookbuild scheduled for 18 March 2019.
Retail shareholders who do not take up their entitlements or who are ineligible to participate in the Retail Entitlement Offer will receive a pro rata share of any positive difference between the retail bookbuild price and the application price for New Shares of NZ$1.75 per New Share or A$1.67 per New Share.
There is no guarantee that eligible retail shareholders who do not take up their full entitlement or ineligible retail shareholders will receive any value from the retail bookbuild.
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