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.

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 pandemic having a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £33.60 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.







Latest news

Related news

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close