3iN closes GBP222.8m placing

3iN has closed a total of 81,000,000 new ordinary shares of no par value each were issued at a price of 275 pence per share, raising gross proceeds of approximately GBP222.8 million (US$281.617 million).

The Shares being issued represent approximately 9.9% of 3iN plc's issued ordinary share capital prior to the Placing. The issue was substantially oversubscribed and the issue price represents a discount of approximately 7.6% to 3iN plc’s share price immediately prior to the announcement of the Placing and a premium of 19.4% to the latest disclosed net asset value as at 31 March 2019 of 230.4p per ordinary share after adjusting for the dividend paid since.

The Shares will, when issued, be credited as fully paid and rank pari passu with the existing ordinary shares of no par value in the capital of the Company including the right to receive all dividends and distributions declared made or paid.

The Placing is conditional, among other things, on Admission being effective and the Placing Agreement not being terminated in accordance with its terms.  The Shares have been placed by J.P. Morgan Securities plc and RBC Europe Limited (trading as RBC Capital Markets). JPMC and RBC acted as joint bookrunners in respect of the Placing.