SDCL Energy Efficiency Income Tst Share Buyback Programme (0477V)
03 Abril 2023 - 1:00AM
UK Regulatory
TIDMSEIT
RNS Number : 0477V
SDCL Energy Efficiency Income Tst
03 April 2023
3 April 2023
SDCL Energy Efficiency Income Trust plc
("SEEIT " or the "Company")
Share Buyback Programme
The Board of Directors of SEEIT and the Company's Investment
Manager, Sustainable Development Capital LLP, note the discount at
which the Company's share price trades as compared to its net asset
value ("NAV") per Ordinary Share and believe that the current share
price does not accurately reflect the inherent value in the
Company's portfolio.
Accordingly, the Board is today announcing the commencement of a
Share Buyback Programme. The Share Buyback Programme will be funded
from the Company's surplus liquidity and operating cash flows from
the portfolio and only undertaken where the Board and the
Investment Manager believe it to be in the shareholders' best
interests at the prevailing share price and accretive to NAV per
Ordinary Share.
The Company has allocated up to GBP20 million from its available
cash reserves to the Share Buyback Programme and will review this
allocation on an ongoing basis considering inter alia the Company's
ongoing liquidity position, the opportunity cost of investing in
its own shares versus investing in its existing portfolio or
pipeline of asset opportunities, as well as the discount to NAV
that the shares are trading at. There is no certainty that any
buybacks will be conducted or that the full Buyback allocation will
be utilised.
The Company has engaged Jefferies International Limited as
buy-back agent in relation to the Share Buyback Programme. The
maximum price payable for a Share on the Main Market of the London
Stock Exchange plc (the "Exchange") is an amount equal to the
higher of:
-- 105 per cent. of the average market value of the Company's
Shares for the five business days immediately preceding the day on
which such Share is contracted to be purchased; or
-- the higher of the price of the last independent trade and the
highest current independent bid on the Exchange.
Share buy-backs under the Engagement will be made pursuant to
the authority granted to the Company at its general meeting held on
12 September 2022 which limit purchases of Ordinary Shares by the
Company in the market to up to 14.99% of the Company's issued
capital.
A buy-back of Shares on any trading day may represent a
significant proportion of the daily trading volume in the Shares on
the Exchange (and could exceed the 25% limit of the average daily
trading volume of the preceding 20 business days as referred to in
the Commission Delegated Regulation (EU) No. 2016/1052 on buy-back
programmes (as it forms part of UK law by virtue of the European
Union (Withdrawal) Act 2018)).
The Company will announce any market repurchase of Shares on the
business day following the calendar day on which the repurchase
occurred. The Company intends that the repurchased shares will be
held in Treasury.
The Company is satisfied that it is not currently in a closed
period, nor is it party to any inside information which has not
previously been disclosed via Regulated Information Service.
For further information, please contact:
Sustainable Development Capital LLP T: +44 (0) 20 7287 7700
Jonathan Maxwell
Purvi Sapre
Eugene Kinghorn
Tom Hovanessian
Jefferies International Limited T: +44 (0) 20 7029 8000
Tom Yeadon
Gaudi Le Roux
TB Cardew T: +44 (0) 20 7930 0777
Ed Orlebar M: +44 (0) 7738 724 630
Henry Crane E: seeit@tbcardew.com
About SEEIT
SDCL Energy Efficiency Income Trust plc is a constituent of the
FTSE 250 index. It was the first UK listed company of its kind to
invest exclusively in the energy efficiency sector. Its projects
are primarily located in the UK, Europe and North America and
include, inter alia, a portfolio of cogeneration assets in Spain, a
portfolio of commercial and industrial solar and storage projects
in the United States, a regulated gas distribution network in
Sweden and a district energy system providing essential and
efficient utility services on one of the largest business parks in
the United States.
The Company aims to deliver shareholders value through its
investment in a diversified portfolio of energy efficiency projects
which are driven by the opportunity to deliver lower cost, cleaner
and more reliable energy solutions to end users of energy.
The Company is targeting an attractive total return for
shareholders of 7-8 per cent. per annum (net of fees and expenses
and by reference to the initial issue price of GBP1.00 per Ordinary
Share), with a stable dividend income, capital preservation and the
opportunity for capital growth. The Company is targeting an
aggregate dividend of 6.00p per share in respect of the financial
year to 31 March 2023. SEEIT's last published NAV was 106.1p per
share as at 30 September 2022.
Past performance cannot be relied on as a guide to future
performance.
Further information can be found on the Company's website at
www.seeitplc.com .
Investment Manager
SEEIT's investment manager is Sustainable Development Capital
LLP, an investment firm established in 2007, with a proven track
record of investment in energy efficiency and decentralised
generation projects in the UK, Continental Europe, North America
and Asia.
SDCL is headquartered in London and also operates worldwide from
offices in New York, Dublin, Hong Kong and Singapore. SDCL is
authorised and regulated in the UK by the Financial Conduct
Authority.
Further information can be found on at www.sdclgroup.com .
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