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LONDON (Alliance News) - Renewables Infrastructure Group Ltd said Monday it is looking to extend its authority to issue new shares and continues to pursue "attractive" pipeline of acquisition opportunities.
Renewables Infrastructure is seeking shareholder approval to issue up to 52.8 million new shares. Any shares issuances would be done at a premium to the net asset value at the time.
At the end of September, the company's net asset value per share stood at 107.8 pence. This was up from 105.2p three months earlier after power price forecasts were revised higher during the period.
The proposed share authority represents around 4.8% of total outstanding share capital at present.
This is after the firm had "utilised most" of the 101.6 million shares authority granted at the annual general meeting in May. The firm can still issue 19.1 million shares further under the existing authority.
"Although the company intends to renew the AGM tap authority at the 2019 AGM," Renewables Infrastructure explained in a statement, "the company does not currently have sufficient authority to implement any further meaningful share issuances prior to such date."
The firm also has drawings on its GBP71 million revolving acquisition facility after purhcases made earlier in the year.
Despite this, the firm still has a "strong pipeline" of "further attractive investment opportunities" under consideration. This is in addition to its GBP43 million investment commitment to complete construction of the Solwaybank wind farm in Scotland of which GBP7 million is due before the end of 2018.
Renewables Infrastructure will hold an extraordinary general meeting to approve the extended authority.
Shares in Renewables Infrastructure were 0.6% lower at 112.78 pence on Monday.