Octopus Renewables Infrastructure Trust (ORIT)

Sector:

Investment Firms

Index:

FTSE 250

72.20p
   
  • Change Today:
    -1.50p
  • 52 Week High: 97.30
  • 52 Week Low: 66.00
  • Currency: UK Pounds
  • Shares Issued: 564.04m
  • Volume: 614,568
  • Market Cap: £407.24m
  • RiskGrade: 98

Aquila calls off merger talks with Octopus Renewables

By Benjamin Chiou

Date: Friday 10 May 2024

LONDON (ShareCast) - (Sharecast News) - Merger talks between Octopus Renewables Infrastructure Trust (ORIT), the clean energy investment fund of Octopus Energy Group, and smaller peer Aquila European Renewables (AERI) have been called off after AERI rebuffed an indicative offer.
ORIT and AERI had confirmed speculation in December that they were exploring a possible "combination", which would have created a combined entity worth £745m at market prices at the time.

AERI then said in February that it had started a process of "mutual due diligence with multiple interested parties", considering a so-called section 110 scheme of reconstruction under the Insolvency Act 1986, which can be used to demerge an investment business.

However, in a statement on Friday, AERI said after receiving three indicative non-binding proposals from ORIT and two other investment companies, all offers implied either just a small premium or a discount to the current AERI share price.

Following the release of its annual results last month, AERI said it also received feedback from shareholders representing more than 25% of total voting rights that they were not supportive of a section 110 combination with another listed investment company.

"Alongside the shareholder feedback, the board has taken into account the discount to NAV that the listed investment company renewables sector is currently trading on and believes that at this time, a section 110 combination with another listed investment company is not value enhancing when weighed against the other potential options open to the company," AERI said.

AERI said it is continuing to look at other options, including a possible wind-down of the company, a potential sale of some or all assets, or a continuation of the company in its present form.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

ORIT Market Data

Currency UK Pounds
Share Price 72.20p
Change Today -1.50p
% Change -2.04 %
52 Week High 97.30
52 Week Low 66.00
Volume 614,568
Shares Issued 564.04m
Market Cap £407.24m
RiskGrade 98

ORIT Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
4.87% above the market average4.87% above the market average4.87% above the market average4.87% above the market average4.87% above the market average
52.98% above the sector average52.98% above the sector average52.98% above the sector average52.98% above the sector average52.98% above the sector average
Price Trend
62.49% below the market average62.49% below the market average62.49% below the market average62.49% below the market average62.49% below the market average
87.31% below the sector average87.31% below the sector average87.31% below the sector average87.31% below the sector average87.31% below the sector average
Income
43.25% above the market average43.25% above the market average43.25% above the market average43.25% above the market average43.25% above the market average
92.04% above the sector average92.04% above the sector average92.04% above the sector average92.04% above the sector average92.04% above the sector average
Growth
18.14% above the market average18.14% above the market average18.14% above the market average18.14% above the market average18.14% above the market average
12.99% above the sector average12.99% above the sector average12.99% above the sector average12.99% above the sector average12.99% above the sector average

ORIT Dividends

  Latest Previous
  Q1 Q4
Ex-Div 16-May-24 08-Feb-24
Paid 31-May-24 23-Feb-24
Amount 1.50p 1.45p

Trades for 14-Jun-2024

Time Volume / Share Price
16:35 99,490 @ 72.20p
16:35 1 @ 72.20p
16:35 1,952 @ 72.20p
16:35 1,338 @ 72.20p
16:35 215 @ 72.20p

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