For immediate release on 23 June 2014
Utilico Investments Limited
Utilico Finance Limited
Proposed issue of 2020 ZDP Shares
In its half-yearly results announcement released on 20 February 2014, Utilico Investments Limited ("Utilico" or the "Company") stated that it intended to create a new class of 2020 ZDP Shares. This would form part of proposals to fund the redemption of the 2014 ZDP Shares on 31 October 2014.
Utilico today announces that its wholly owned subsidiary, Utilico Finance Limited ("Utilico Finance"), expects to publish a prospectus shortly in relation to the proposed issue of new 2020 ZDP Shares pursuant to an offer to holders of 2014 ZDP Shares to convert part or all of their holding into 2020 ZDP shares, an initial placing and a placing programme. Following the issue of 2020 ZDP Shares by way of the rollover offer and initial placing, it is proposed that further issues of 2020 ZDP Shares may be made subsequently depending on market conditions and gearing and ZDP cover limits up to a total issue of 25 million 2020 ZDP Shares. The prospectus is also expected to provide for the placing programme to permit further issues of 2016 ZDP Shares and 2018 ZDP Shares, subject to satisfying the relevant ZDP cover requirements in the Utilico Finance bye-laws.
The balance of the financing for the redemption of the 2014 ZDP Shares is expected to be from the Company's bank facility and realisations of investments. The Company's borrowings under Utilico's loan facility of £50 million from Scotiabank Europe plc currently amount to approximately £22.3 million, reflecting the realisation of investments from the Company's portfolio. The Company intends to realise further investments from the Company's portfolio to raise approximately £25 million.
A further announcement following the publication of the prospectus will be made in due course.
For further information please contact:
Charles Jillings 01372 271486
Westhouse Securities Limited
Alastair Moreton/Hannah Young/Darren Vickers 0207 601 6118
This information is provided by RNS