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Lusa - Business News - Portugal: REN increases capital by €250 million

Lisbon, Nov. 13 (Lusa) - Portuguese power grid company REN aplans to increase its capital by €250 million, the company said on Monday, setting the subscription price for each new share at €1.877, a 25% discount on the stock's closing price on Friday.
"The subscription price was set at €1.877 per share. The subscription price is a discount of approximately 25% against the theoretical ex-rights price calculated based on the closing price of REN shares on Euronext Lisbon on 10 November, 2017," the company said in a statement on Monday.
REN said it intends to initiate this offer "as soon as possible," after approval of its prospectus by the Portuguese Securities Market Commission (CMVM) and its publication along with the notice for the exercise of subscription rights, based on these terms.
So far REN has received "irrevocable commitments from several of its major shareholders, representing a total of approximately 30% of REN's current share capital, stating that they will exercise their preemptive rights to subscribe shares in amounts that are proportional to their current holdings."
The transaction is being carried out with the support of Banco Santander, Caixa-Banco de Investimento and JP Morgan Securities plc.
REN has said it plans to use the results of this offer to partially repay the financing taken on to finance its acquisition of EDP Gás, SGPS, SA and its subsidiaries, EDP Gás Distribuição, SA and EDP Gás GPL - Comércio de Gás de Petróleo Liquefeito, SA, on 4 October this year.


Agency : LUSA

Date : 2017-11-14 09:14:52


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