Source: Quoted Data
Cordiant Digital Infrastructure invests last of C share proceeds and announces new placing – The board of Cordiant Digital Infrastructure (CORD) has announced that, following the full allocation of available capital to the acquisitions of Emitel and the assets of DataGryd Datacenters (described below), the net proceeds of the C share issue undertaken in June 2021 have been fully committed and, accordingly, the C shares will be converted into ordinary shares.
In addition, the board is pleased to be in a position to enhance its dividend guidance for the financial year commencing 1 April 2022, increasing it to 4p per ordinary share, and to announce a proposed placing of new ordinary shares under its placing programme.
This comes as CORD has a pipeline of attractive opportunities under active due diligence and negotiation in excess of €2bn in North America and Western Europe alongside organic expansion opportunities within its portfolio. The placing will be launched at a price of 106 pence per ordinary share, representing a discount of 6.6% to the closing price of 113.5 pence per share on 4 January 2022 and a premium of 4.3% to the unaudited cum-dividend net asset value per share of 101.6 pence as at 30 September 2021 (and a premium of 5.9% to the unaudited ex-dividend net asset value per share of 100.1 pence as at 30 September 2021).
Steven Marshall, chair of Digital Infrastructure at Cordiant Capital Inc. said: “I am delighted that we have been able to secure these great assets to complement our investment in CRA. With completion of these acquisitions, the company will achieve full investment into a trio of desirable digital platforms at attractive pricing, which, on a pro forma basis have circa £95m of estimated underlying high quality 2021 EBITDA, establishing a robust platform for growth and accelerating planned delivery of a 4 pence dividend years ahead of the schedule announced at the time of the IPO.”
Shonaid Jemmett-Page, chairman of the Company, added: “These are transformative developments for Cordiant Digital Infrastructure. The board is delighted, on the back of the acquisitions, to be in a position to authorise both Conversion of the C Shares and an increase in dividend guidance. The announced placing of ordinary shares will assist in financing our exciting Emitel acquisition and also enable the Company to continue to pursue its active pipeline of opportunities in North America and Western Europe alongside expansion opportunities within existing investments.“
Following its launch in February 2021, as the first dedicated digital infrastructure investment company on the London Stock Exchange, Cordiant Digital Infrastructure will, following completion of the acquisitions, have assembled a portfolio of three attractive digital infrastructure platforms, which collectively comprise:
– about £95m of estimated 2021 EBITDA
– about 300,000 square feet of existing and potential raised floor (or equivalent) data centre capacity
– about 1,200 communications towers and sites
– two significant fibre networks (leased and owned fibre-optic cable)
– two national wireless sensor networks serving ‘smart city’ and utility applications