Private Banking|Professional Solutions|Investment Management|Investment Banking|About us
Van Lanschot Kempen Logo
  • Solutions
  • Sectors
  • Careers
Mar 2018
Joint bookrunner
€ 77.7 million
Rights issue


March 2018

Kempen is pleased to announce the successful EUR 78 million capital increase with non-statutory preferential rights for existing shareholders

Transaction highlights

  • The transaction comprised c.6.8 million new shares, equal to c.33% of pre-deal outstanding share capital (equal to a subscription ration of 1:3)
  • The subscription price was set equal to EUR 11.40 per share 
  • 7.6% discount to TERP
  • 9.9% discount to the closing price prior to announcement
  • 3.6% discount to NAV (as of 31 December 2017)
  • 85% of the new shares were subscribed for during the subscription period. 
  • The remaining c.1.0 million shares were placed at EUR 11.70 via an accelerated bookbuild 
  • Gross proceeds amount to EUR 78 million and will be used to fund outstanding investment commitments and repay outstanding financial debt. Remaining funds will be used for new investment opportunities
  • The orderbook was well oversubscribed and was supported by strong demand from long only investors; allocations were skewed towards dedicated funds and parties that supported in the rights issue; the top-10 investors in the book were allocated 84% of the rump placement
  • Kempen introduced TINC to a broad range of specialist infrastructure as well as generalist investors throughout Europe with a focus on long-term committed investors

Company description

TINC is a dedicated infrastructure investor with a diversified portfolio comprising of 17 participations in Belgium, the Netherlands and Ireland with a total NAV of EUR 242 million. The company has invested in a wide range of subsectors, including among others locks, wind and solar farms, roads, car parks, fiber networks and healthcare institutions


Fully focused on your future

Private Banking
  • Offices
  • Entrepreneurs
  • Healthcare
  • Executives
  • Business professionals
  • Wealth management
  • Conditions
  • Private Banking - Belgium
  • Private Banking - Switzerland

Professional Solutions
Investment Management
Investment Banking

© Van Lanschot Kempen NV 2023About usSecurity and fraud awarenessPrivacy & cookiesDisclaimer