In light of what the Board of Directors (the “Board”) considers to be a continued attractive pipeline of investment opportunities, the Board is considering increasing the Company's capital base through an equity issue. The Company expects to use the proceeds from any equity issue to repay debt outstanding under the Company Facility in the first instance and then to provide the Company with additional capital to take advantage of the available pipeline of opportunities.
The exact timing, size and price of any future equity issue will be announced in due course and will be subject to prevailing market conditions. It is however expected that any issue of new shares will take place after the expiration of the Company's existing Placing Programme and will be undertaken under the Company's existing general authority to dis-apply pre-emption rights as approved by shareholders on 19 July 2017 for up to a maximum of approximately 73 million new shares. Any issue of new shares will take place under exemption 1.2.3 of the Prospectus Rules and will thus not require the issue of a new Prospectus.
Any new shares issued will be issued at a minimum price of the prevailing NAV per ordinary share at the time of the issue plus a premium to cover the expenses of the issue.