Result of Initial Placing

RNS Number : 5125V

Greencoat Renewables PLC

24 July 2018

 

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, BY ANY MEANS OR MEDIA, IN OR INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, NEW ZEALAND, JAPAN, OR THE REPUBLIC OF SOUTH AFRICA, ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA (OTHER THAN IRELAND, THE UNITED KINGDOM, BELGIUM, FRANCE, GERMANY, THE NETHERLANDS, SPAIN OR SWEDEN (TOGETHER "ELIGIBLE MEMBER STATES), AND THEN, ONLY TO PERSONS IN ELIGIBLE MEMBER STATES WHO ARE NOT RETAIL INVESTORS) OR ANY OTHER JURISDICTION IN WHICH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT ITSELF CONSTITUTE AN OFFER FOR SALE OR SUBSCRIPTION OF ANY SECURITIES IN THE COMPANY.

 24 July 2018

Greencoat Renewables PLC

Result of Initial Placing

Greencoat raises gross proceeds of €111 million in oversubscribed placing

24 July 2018 | Greencoat Renewables PLC ("Greencoat Renewables" or the "Company"), the renewable infrastructure company, invested in euro-denominated assets, is pleased to announce the result of the Initial Placing launched on 9 July 2018.

Highlights of the Initial Placing:

-     Gross proceeds of €111 million in an oversubscribed placing;

-     110 million Placing Shares will be issued (conditional on shareholder approval at the EGM to be held on 1 August 2018), at the Placing Price of €1.01 per Placing Share, increasing the total issued share capital of the Company to 380 million Ordinary Shares;

-     The Placing Shares to be issued represent approximately 41% of the Company's existing issued Ordinary Share capital prior to the Initial Placing; and

-     Net proceeds will be used, in line with the Company's strategy, to refinance the Company's Revolving Credit Facility, allowing the Company to make acquisitions whilst maintaining total gearing (currently 43.1% and falling to 19.5% on a pro forma basis for receipt of the net proceeds of the Initial Placing and payment of the Q2 dividend) within the target range.

Rónán Murphy, Chairman of Greencoat Renewables, commented:

"We are very pleased with the support from new and existing investors in our first follow-on fundraising since our oversubscribed IPO 12 months ago. We look forward to completing the fundraising following our EGM next week and continuing to acquire value-accretive wind generation assets in Ireland's attractive secondary market."

The Initial Placing is conditional on, inter alia, shareholder approval at the EGM to be held on 1 August 2018. The EGM will be held at Davy House, 49 Dawson Street, Dublin 2, Ireland on 1 August 2018 at 9.00 a.m. Further details are set out in the Circular which was sent to Shareholders on 9 July 2018 and is available on the Company's website http://www.greencoat-renewables.com/.

The Company will apply to Euronext Dublin and to the London Stock Exchange for the Placing Shares to be admitted to trading on ESM and AIM respectively. It is expected that settlement of the Placing Shares will occur, Admission will become effective and that dealings will commence in the Placing Shares at 8.00 a.m. on 2 August 2018.

Ronan Murphy, who is a Director, has subscribed for 24,752 New Shares, so that following completion of the Initial Placing, he will hold 124,752 Ordinary Shares representing c.0.03% of the enlarged issued Ordinary Share capital of the Company.

Emer Gilvarry, who is a Director,  has subscribed for 49,505 New Shares, so that following completion of the Initial Placing, she will hold 49,505 Ordinary Shares, representing c.0.01% of the enlarged issued Ordinary Share capital of the Company.

Capitalised terms not defined in this Announcement shall have the meaning given to them in the announcement made by the Company at 7.00 a.m. on 9 July 2018.

For further information on the Announcement, please contact:

Greencoat Renewables PLC:                                                               [phone]

Bertrand Gautier

Paul O'Donnell                       

Tom Rayner

Davy (Joint Bookrunner, Nomad and ESM Adviser)                            [phone]

Fergal Meegan

Ronan Veale

Barry Murphy

RBC (Joint Bookrunner)                                                                       [phone]

Matthew Coakes

Duncan Smith

Jonathan Hardy

FTI Consulting (Media Enquiries)                                                       [phone]

Jonathan Neilan

Melanie Farrell

About Greencoat Renewables PLC

Greencoat Renewables PLC is an investor in euro-denominated renewable energy infrastructure assets and is focused on the acquisition and management of operating wind farms in Ireland. It is managed by Greencoat Capital LLP, an experienced investment manager in the listed renewable energy infrastructure sector.

Greencoat Capital LLP is a leading European renewable investment manager €3bn of assets under management across a number of funds in wind and solar infrastructure and private equity, and overseen by a strong and experienced independent board.

For more information about Greencoat Renewables PLC, please visit http://www.greencoat-renewables.com/  

For more information about Greencoat Capital LLP, please visit http://www.greencoat-capital.com  

The AIFMD investor disclosures are available on the Company's website.

IMPORTANT NOTICE

This Announcement and the information contained herein is not for release, publication or distribution, directly or indirectly, in whole or in part, in or into or from the United States, Canada, Australia, New Zealand, Japan, the Republic of South Africa or any other jurisdiction where to do so might constitute a violation of the relevant laws or regulations of such jurisdiction.

The Placing Shares have not been and will not be registered under the Securities Act or under the securities laws of any state or other jurisdiction of the United States and may not be offered, sold, resold or delivered, directly or indirectly, in or into the United States absent registration except pursuant to an exemption from or in a transaction not subject to the registration requirements of the Securities Act.

Persons (including, without limitation, nominees and trustees) who have a contractual or other legal obligation to forward a copy of this announcement should seek appropriate advice before taking any action.

Certain statements in this announcement are forward-looking statements which are based on the Company's expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts. These forward-looking statements, which may use words such as "aim", "anticipate", "believe", "intend", "estimate", "expect" and words of similar meaning, include all matters that are not historical facts. These forward-looking statements involve risks, assumptions and uncertainties that could cause the actual results of operations, financial condition, liquidity and dividend policy and the development of the industries in which the Company's businesses operate to differ materially from the impression created by the forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Given those risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required by Euronext Dublin, the London Stock Exchange or applicable law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Any indication in this announcement of the price at which the ordinary shares of the Company have been bought or sold in the past cannot be relied upon as a guide to future performance. Persons needing advice should consult an independent financial adviser. No statement in this announcement is intended to be a profit forecast and no statement in this announcement should be interpreted to mean that earnings per share of the Company for the current or future financial years would necessarily match or exceed the historical published earnings per share of the Company.

Davy, which is regulated in Ireland by the Central Bank of Ireland is acting as a Joint Bookrunner for the Company and no-one else in connection with the Initial Placing and is not, and will not be, responsible to anyone other than the Company for providing the protections afforded to its clients nor for providing advice in relation to the Initial Placing and/or any other matter referred to in this announcement.

RBC, which is authorised in the United Kingdom by the Prudential Regulatory Authority and regulated by the FCA and the Prudential Regulatory Authority, which is authorised and regulated in the United Kingdom by the FCA is acting for the Company and for no one else in connection with Initial Placing and is not, and will not be, responsible to anyone other than the Company for providing the protections afforded to its clients nor for providing advice in relation to the Initial Placing and/or any other matter referred to in this announcement.

The Placing Shares to be issued pursuant to the Initial Placing will not be admitted to trading on any stock exchange other than AIM and ESM.

Neither the content of the Company's website (or any other website) nor the content of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

 

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