19 Mar 2019
NZX AND ASX RELEASE
Tilt Renewables Limited ("TLT") advises that it has successfully completed the retail bookbuild component ("Retail 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 Retail Bookbuild was NZ$2.22 per new ordinary share ("New Share"). This price reflects a premium of NZ$0.47 per New Share over the application price of NZ$1.75 under the Offer. Therefore, eligible retail shareholders who elected not to take up their entitlements and ineligible retail shareholders will receive NZ$0.47 for each New Share not taken up by them.
Deion Campbell, CEO of TLT commented “we very much appreciate the ongoing support for TLT from our retail shareholders as well as the broader market. We are particularly pleased with the response to the retail shortfall bookbuild, which cleared at a premium to the previous closing price, delivering an excellent result for renouncing retail shareholders. We now look forward to completing the development of the Dundonnell Wind Farm and executing on our exciting development pipeline”.
The shares taken up under the Retail Bookbuild are expected to commence trading on the NZX on 21 March 2019, and the ASX on 22 March 2019.
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