14 October 2020
LEI: 213800UDP142E67X9X28
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN OR TO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE PUBLICATION, DISTRIBUTION OR RELEASE OF THIS ANNOUNCEMENT WOULD BE UNLAWFUL. PLEASE SEE THE SECTION ENTITLED "DISCLAIMER" TOWARDS THE END OF THIS ANNOUNCEMENT.
Triple Point Energy Efficiency Infrastructure Company plc
("TEEC" or the "Company")
Results of Initial Public Offering
Triple Point Energy Efficiency Infrastructure Company plc is pleased to announce that it has raised gross proceeds of £100 million in its IPO pursuant to a Placing and Offer for Subscription of Ordinary Shares at a price of 100 pence per share.
Application has been made for 100,000,000 Ordinary Shares to be admitted to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange ("Admission"). It is expected that Admission will become effective and that dealings in the Ordinary Shares (ticker: TEEC) will commence at 8:00 a.m. on Monday, 19 October 2020.
The Company will be investing in a diversified portfolio of Energy Efficiency assets which have a positive environmental impact and which facilitate the transition to a low carbon economy in accordance with the UK government's overall environmental targets. The Company's investments will focus on three core sectors: low carbon heat distribution; social housing retrofit and industrial energy efficiency; and distributed generation.
The Investment Manager has subscribed for 500,000 Ordinary Shares at the Issue Price. All of the non-executive directors of the Company have subscribed for Ordinary Shares at the Issue Price, totalling 130,000 Ordinary Shares in aggregate.
The Company will target a total return of 7-8 per cent. per annum with a targeted dividend yield of 5.5 per cent. in the first full financial year by reference to the Issue Price and will seek to adopt a progressive dividend policy thereafter1. The Company will target a first interim dividend of 2 pence per Ordinary Share in respect of the period from Initial Admission to 31 March 2021, equating to an annualised yield of greater than 4 per cent. The Company intends to pay dividends on a quarterly basis in respect of the first full financial year and thereafter.
The Company is managed by Triple Point Investment Management LLP, one of the UK's leading impact investors, with over 10 years' experience investing in energy efficiency, low carbon, and decentralised energy generation projects. The Company has an independent board of non-executive directors with a diverse range of skills and experience.
Green Economy Mark
The Company is expected to qualify for the London Stock Exchange's Green Economy Mark at Initial Admission, which recognises companies that derive 50% or more of their total annual revenues from products and services that contribute to the global green economy. The underlying methodology incorporates the Green Revenues data model developed by FTSE Russell, which helps investors understand the global industrial transition to a green and low carbon economy with consistent, transparent data and indexes.
RBC Capital Markets ("RBC") is acting as Sole Bookrunner and Joint Financial Adviser, with Winterflood Securities ("Winterflood") acting as Co-Lead Manager and Akur Capital ("Akur") acting as Joint Financial Adviser in connection with the Initial Issue.
Dr. John Roberts CBE, Chairman of TEEC, commented:
"We are delighted with the response we have received from a broad range of high-quality investors to reach this fundraising milestone. The IPO underpins the investment opportunity in the fast-growing energy efficiency sector and its critical role in meeting the UK's targets of reaching net zero by 2050.
I am confident that the Company and its strong pipeline of diversified investment opportunities will provide a fantastic platform for sustainable growth and delivery of both energy efficiency projects and long-term shareholder returns. I look forward to working with the Investment Manager and the deep expertise and track record of low carbon investment that it brings and would like to thank all our shareholders for their support in helping the Company reach its successful IPO."
Dealing Codes and Total Voting Rights
The dealing codes for the Ordinary Shares are as follows:
| ISIN |
GB00BMCBZL07 |
| SEDOL |
BMCBZL0 |
| Ticker |
TEEC |
The total number of Ordinary Shares with voting rights in issue immediately following Admission will be 100,000,000 Ordinary Shares.
Any capitalised terms used in this announcement and not otherwise defined shall have the same meanings as set out in the Prospectus.
Note:
1 The dividend and return targets stated above are Sterling denominated returns targets only and not a profit forecast. There can be no assurance that these targets will be met and they should not be taken as an indication of the Company's expected future results. Accordingly, potential investors should not place any reliance on these targets in deciding whether or not to invest in the Company and should decide for themselves whether or not the target dividend and target net Total Shareholder Return are reasonable or achievable.
For further information, please contact:
| Triple Point Investment Management LLP Jonathan Parr Charles Herriott |
020 7201 8989 |
| Akur Limited (Joint Financial Adviser) Tom Frost Anthony Richardson Siobhan Sergeant |
020 7493 3631 |
| RBC Capital Markets (Joint Financial Adviser and Sole Global Coordinator and Bookrunner) Matthew Coakes Duncan Smith Jill Li Max Avison |
020 7489 1188 |
| Winterflood Securities (Co-Lead Manager) Darren Willis Andrew Marshall Innes Urquhart Neil Langford |
020 3100 0000 |
| FTI Consulting Ed Berry Mitch Barltrop |
07703 330 199 07807 296 032 |
Disclaimer
Neither the content of the Company's website, nor the content on any website accessible from hyperlinks on its website for any other website, is incorporated into, or forms part of, this announcement nor, unless previously published by means of an RIS announcement, should any such content be relied upon in reaching a decision as to whether or not to acquire, continue to hold, or dispose of, securities in the Company.
Akur Limited (trading as Akur Capital) ("Akur"), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively for the Company and for no‐one else in connection with the matters described in this announcement and will not regard any other person (whether or not a recipient of the Prospectus or this announcement) as its client and will not be responsible to anyone for providing the protections afforded to its clients or providing any advice in relation to the matters contained herein.
RBC Europe Limited (trading as RBC Capital Markets) ("RBC"), which is authorised by the Prudential Regulation Authority and regulated in the United Kingdom by the Financial Conduct Authority and the Prudential Regulation Authority, is acting exclusively for the Company and for no‐one else in connection with the matters described in this announcement and will not regard any other person (whether or not a recipient of the Prospectus or this announcement) as its client and will not be responsible to anyone for providing the protections afforded to its clients or providing any advice in relation to the matters contained herein.
Winterflood Securities Limited ("Winterflood"), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively for the Company and for no‐one else in connection with the matters described in this announcement and will not regard any other person (whether or not a recipient of the Prospectus or this announcement) as its client and will not be responsible to anyone for providing the protections afforded to its clients or providing any advice in relation to the matters contained herein.
The Ordinary Shares have not been, and will not be, registered under the U.S. Securities Act of 1933 (as amended) (the "Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. Persons absent registration or an exemption from registration under the Securities Act. Moreover, the Ordinary Shares have not been, nor will they be, registered under the applicable securities laws of Australia, Canada, the Republic of South Africa, Japan or any member state of the EEA (other than any member state of the EEA where the Ordinary Shares may be lawfully marketed). Further, the Company is not, and will not be, registered under the US Investment Company Act of 1940, as amended. The Ordinary Shares will be offered and sold outside of the United States to non‐U.S. Persons in reliance on the exemption from the registration requirements of the Securities Act provided by Regulation S thereunder. Subject to certain exceptions, the Ordinary Shares may not be offered or sold in the United States, Australia, Canada, the Republic of South Africa, Japan or any member state of the EEA (other than any member state of the EEA where the Ordinary Shares may be lawfully marketed) or to, or for the account or benefit of, any national, resident or citizen of, the United States, Australia, Canada, the Republic of South Africa, Japan or any member state of the EEA (other than to professional investors in certain EEA member states for which marketing approval has been obtained). The Initial Issue and any subsequent placing under the Placing Programme ("Subsequent Placings"), and the distribution of this announcement, in certain jurisdictions may be restricted by law and accordingly persons into whose possession this announcement is received are required to inform themselves about and to observe such restrictions.
The value of shares and the income from them is not guaranteed and can fall as well as rise due to stock market and currency movements. When you sell your investment you may get back less than you originally invested.
This announcement may include statements that are, or may be deemed to be, "forward‐looking statements". These forward‐looking statements can be identified by the use of forward‐looking terminology, including the terms "believes", "estimates", "anticipates", "expects", "intends", "may", "might", "will" or "should" or, in each case, their negative or other variations or similar expressions. All statements other than statements of historical facts included in this announcement, including, without limitation, those regarding the Company's financial position, strategy, plans, proposed acquisitions and objectives, are forward‐looking statements.
Forward‐looking statements are subject to risks and uncertainties and, accordingly, the Company's actual future financial results and operational performance may differ materially from the results and performance expressed in, or implied by, the statements. These factors include but are not limited to those described in the Prospectus. These forward‐looking statements speak only as at the date of this announcement and cannot be relied upon as a guide to future performance. Subject to their respective legal and regulatory obligations (including under the Prospectus Regulation Rules), the Company, the Investment Manager, Akur, RBC and/or Winterflood expressly disclaim any obligations or undertaking to update or revise any forward‐looking statements contained herein to reflect any change in expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based unless required to do so by law or any appropriate regulatory authority, including FSMA, the Prospectus Regulation Rules, the Disclosure Guidance and Transparency Rules, the Prospectus Regulation and MAR.
None of the Company, the Investment Manager, Akur, RBC and/or Winterflood, or any of their respective affiliates, accepts any responsibility or liability whatsoever for, or makes any representation or warranty, express or implied, as to this announcement, including the truth, accuracy or completeness of the information in this announcement (or whether any information has been omitted from the announcement) or any other information relating to the Company or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of the announcement or its contents or otherwise arising in connection therewith. The Company, the Investment Manager, Akur, RBC and Winterflood, and their respective affiliates, accordingly disclaim all and any liability whether arising in tort, contract or otherwise which they might otherwise have in respect of this announcement or its contents or otherwise arising in connection therewith.
In accordance with the PRIIPs Regulation, a Key Information Document in respect of the Ordinary Shares has been prepared by the Investment Manager and is available to investors at www.tpenergyefficiency.com
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