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Dec 2019
Joint Bookrunner
€ 113 million
Rights Issue


Joint Bookrunner

Kempen acted as a Joint Bookrunner in the successful €113 million capital increase of TINC.

Transaction highlights

  • The subscription price was set at €12.40 per share with a rights ratio of 1:3 (1 new share for three existing shares)
  • 8.8% discount to TERP
  • 11.4% discount to the closing price prior to announcement
  • Key shareholders Belfius and Gimv with 11.51% and 10.67% stakes, respectively, pre-committed to subscribe for their rights in full 84.6% of the new shares were subscribed for during the rights subscription period
  • The remaining 1,401,550 shares were placed at a tight discount of 2.5% to market for €13.70 per share via an accelerated bookbuild offering
  • The order book of the Rump Placement was multiple times covered with over 30 investors coming into the book, reflecting strong demand from a wide variety of long-only investors, momentum players and family offices
  • Gross proceeds of c. €113 million will be used to finance €85.3m worth of projects and €17.2m for two acquisitions, amongst others

Company description

About TINC

  • TINC is a listed investment company, participating in companies that realise and operate infrastructure
  • The company holds a diversified investment portfolio of participations in public private partnerships, energy and demand based infrastructure, located in Belgium, the Netherlands and Ireland
  • The participations are actively monitored by an experienced team of investment and infrastructure professionals with offices in both Antwerp and the Hague

Kempen Services & Industrials credentials

  • This transaction is a successful example of Kempen’s continued focus on the Infrastructure sector and the Renewable Energy Assets niche within that sector
  • Kempen has advised on transactions in over 15 different countries in Europe since 2017
  • The deal represents the 33rd transaction of Kempen Corporate Finance and Equity Capital Markets in 2019


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