TINC

Kempen is pleased to announce the successful EUR 78 million capital increase with non-statutory preferential rights for existing shareholders

• The transaction comprised c.6.8 million new shares, equal to c.33% of pre-deal outstanding share capital (equal to a subscription ration of 1:3)
• The subscription price was set equal to EUR 11.40 per share 
• 7.6% discount to TERP
• 9.9% discount to the closing price prior to announcement
• 3.6% discount to NAV (as of 31 December 2017)
• 85% of the new shares were subscribed for during the subscription period. 
• The remaining c.1.0 million shares were placed at EUR 11.70 via an accelerated bookbuild 
• Gross proceeds amount to EUR 78 million and will be used to fund outstanding investment commitments and repay outstanding financial debt. Remaining funds will be used for new investment opportunities
• The orderbook was well oversubscribed and was supported by strong demand from long only investors; allocations were skewed towards dedicated funds and parties that supported in the rights issue; the top-10 investors in the book were allocated 84% of the rump placement
• Kempen introduced TINC to a broad range of specialist infrastructure as well as generalist investors throughout Europe with a focus on long-term committed investors

TINC is a dedicated infrastructure investor with a diversified portfolio comprising of 17 participations in Belgium, the Netherlands and Ireland with a total NAV of EUR 242 million. The company has invested in a wide range of subsectors, including among others locks, wind and solar farms, roads, car parks, fiber networks and healthcare institutions