Tuesday, August 16, 2022

Severn Trent to raise £250m following green projects win

Severn Trent is planning to raise £250m through a placing and retail offer.

The company has revealed its intention to conduct a non-pre-emptive placing through the issue of new ordinary shares of 97 pence each in the capital of the company.

In conjunction with the placing there will be a separate offer made by the company of new ordinary shares of 97 pence each in the capital of the company at the placing price via PrimaryBid, to provide retail investors with an opportunity to acquire retail offer shares.

In addition to the placing and retail offer, certain members of the board and the executive management team of the company intend to subscribe for new ordinary shares of 97 pence each.

The money is to be used to fund six projects won under the Green Recovery Award. Collectively the projects support the wider national agenda on climate change and the need for greater water supply security.

They will support long-term growth through decarbonising the supply of water, accelerating environmental improvements in the Severn Trent region, creating bathing quality rivers, replacing lead supply pipes, building a sustainable flood-resilient community, and installing smart meters for customers.

In aggregate, the projects represent a significant incremental investment opportunity over the next four years and will supplement the work Severn Trent does now in its region, providing employment, resilience and an improved natural environment.

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