Rights issue - Joint bookrunner 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 willbe 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
- 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