Results of Capital Raise

RNS Number : 4515V

Greencoat UK Wind PLC

13 December 2013

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES OF AMERICA (INCLUDINGI TS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), AUSTRALIA, CANADA, JAPAN, NEW ZEALAND OR SOUTH AFRICA

This announcement is an advertisement and not a prospectus. Investors should not purchase or subscribe for any transferable securities referred to in this announcement except on the basis of information in the prospectus (the "Prospectus") published by Greencoat UK Wind PLC (the "Company") on 15 November 2013 in connection with the proposed placing, offer for subscription and open offer (the "Issue") by the Company and the admission of its new shares (the "New Shares") to the premium segment of the Official List of the UK Listing Authority (the "Official List") and to trading on London Stock Exchange plc's main market for listed securities (the "London Stock Exchange"). A copy of the Prospectus is available from www.greencoat-ukwind.com. This announcement is not an offer to sell, or a solicitation of an offer to acquire, securities in the United States or in any other jurisdiction. Neither this announcement nor any part of it shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever.

Results of Capital Raise

Greencoat UK Wind plc ("UK Wind" or the "Company"), the listed infrastructure fund invested solely in operational UK wind farms, today announces the result of its capital raise ("the Issue"). 

Highlights

·      80,975,610 New Ordinary Shares, at an issue price of 102.5 pence per share, will be issued raising Gross Issue Proceeds of £83 million; increasing total Ordinary Shares to 341,243,001

·      In line with stated strategy, the proceeds will be used to pay down the acquisition debt facility, leaving £50 million of debt outstanding

Commenting on the announcement, Tim Ingram, Chairman of Greencoat UK Wind, said:

"We are pleased at the response to the capital raise from private and institutional investors. We believe this demonstrates the continued attractiveness of Greencoat UK Wind's model: providing investors with long-term, predictable returns and enabling wind farm owners to reinvest the capital into their development programmes."

Summary of the Issue

·      Net proceeds from the Issue will be used to pay down part of the existing bank facility, which has been used to fund recent acquisitions. The issue consists of:

o  Open Offer: Applications under the Open Offer amounted to 43,952,119 Shares

o  Offer for Subscription: Applications under the Offer for Subscription amounted to 325,073 Shares

o  Placing: Applications under the Placing amounted to 36,698,418 Shares

·      Application has been made for the 80,975,610 New Ordinary Shares to be admitted to the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market for listed securities with effect from 8.00 a.m. on Wednesday, 18 December 2013. 

Definitions used in the Prospectus apply to this announcement unless the context requires otherwise.

For further information, please contact:

Greencoat UK Wind	020 7832 9425
Stephen Lilley
Laurence Fumagalli
Tom Rayner
RBC Capital Markets (Sponsor and Joint Global Coordinator)	020 7653 4000
Dai Clement
Lorna Shearin
Matthew Coakes
Duncan Smith
Barclays Bank PLC (Joint Global Coordinator)	020 7623 2323
Ben West Colin Pollock Neal West
Winterflood Securities Ltd (Co-Lead Manager)	020 3100 0258
Darren Willis
Tulchan Communications	020 7353 4200
Stephen Malthouse Christian Cowley

Notes to Editors:

Greencoat UK Wind ("UK Wind") is a premium listed infrastructure fund solely invested in operating UK wind farms - the first of its kind - established to provide shareholders with a sustainable income stream. UK Wind is currently invested in ten wind farms, both onshore and offshore, with net generating capacity of 184.0MW.

Given the nature of the UK Wind's income streams, the Board intends to increase the dividend (an initial annual 6p dividend on the IPO issue price of 100p) in line with retail price index inflation. The company also aims to preserve capital on a real basis by reinvesting excess cashflow in additional operating UK wind farms and through prudent use of portfolio leverage.

UK Wind is managed by an experienced team of senior executives from Greencoat Capital LLP the cleantech and renewables focused investment management firm, and overseen by a strong and experienced independent board.

UK Wind is incorporated in England and Wales, and is a UK Investment Trust.

For more information about UK Wind, please visit http://www.greencoat-ukwind.com

Disclaimer

This announcement has been issued by and is the sole responsibility of Greencoat UK Wind plc (the "Company").

The information in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness. The material set forth herein is for information purposes only and is not intended, and should not be construed, as an offer of securities for sale in the United States or any other jurisdiction. 

  This announcement is an advertisement andnot a prospectus and investors should not purchase any New  
  Shares referred to in this announcement except on the basis of information in the prospectus (the "Prospectus") 
  published by the Company on 15 November 2013 in connection with the admission (the "Admission") of the New 
  Shares to the premium listing segment of the Official List and to trading on London Stock Exchange plc's main 
  market for listed securities.

  This announcement is not for publication or distribution, directly or indirectly, in or into the United States 
  (including its territories and possessions, any state of the United States and the District of Columbia), Australia,   
  Canada, Japan, New Zealand or South Africa. The distribution of this announcement may be restricted by law in   
  certain jurisdictions and persons into whose possession any document or other information referred to herein 
  comes should inform themselves about and observe any such restriction. Any failure to comply with these 
  restrictions may constitute a violation of the securities laws of any such jurisdiction.

This announcement does not containor constitute an offer for sale of,or the solicitation of an offer or an invitation to buy or subscribe for, New Shares to any person in the United States, Australia, Canada, Japan, New Zealand or South Africa or in any jurisdiction to whom or in which such offer or solicitationis unlawful.

  The Company has not been and will not be registered under the US Investment Company Act of 1940, as   
  amended. In addition, the New Shares referred to herein have not been and will not be registered under the US 
  Securities Act of 1933, as amended (the "Securities Act") or under the securities laws of any state of the   
  United States and may not be offered or sold in the United States or to or for the account or benefit of US   
  persons absent registration or pursuant to an exemption from, or in a transaction not subject to, the registration 
  requirements of the Securities Act and in compliance with any applicable State securities laws. The offer and  
  sale of New Shares referred to herein has not been and will not be registered under the Securities Act or under  
  the applicable securities laws of any state, province or territory of Australia, Canada, Japan, New Zealand or
  South Africa. Subject to certain exceptions, the New Shares referred to herein may not be offered or sold
  in Australia, Canada, Japan, New Zealand or South Africa or to, or for the account or benefit of, any national, 
  resident or citizen of Australia, Canada, Japan, New Zealand or South Africa. There will be no public offer of the 
  New Shares in the United States, Australia, Canada, Japan, New Zealand or South Africa.

  Each of the Company, Greencoat Capital LLP, RBC Europe Limited (trading as RBC Capital Markets) ("RBC"),
  Barclays Bank PLC ("Barclays"), Winterflood Securities Limited ("Winterflood") and their respective affiliates 
  expressly disclaim any obligation or undertaking to update, review or revise any forward-looking statement 
  contained in this announcement whether as a result of new information, future developments or otherwise.

  Any purchase of New Shares in the Issue should be made solely on the basis of the information contained in the
  final Prospectus issued by the Company in connection with the Issue and Admission. No reliance may or should 
  be placed by any person for any purposes whatsoever on the information contained in this announcement or on   
  its completeness, accuracy or fairness. The information contained in this announcement is given at the date of its 
  publication (unless otherwise marked) and may be subject to updating, revision and amendment. 

  The date of Admission, may be influenced by arange of circumstances such as market conditions. There is no
  guarantee that Admission will occur and you should not base your financial decisions on the Company's 
  intentions in relation to the Issue and Admission at this stage. Acquiring New Shares to which this 
  announcement relates may expose an investor to a significant risk of losing all of the amount invested. Persons 
  considering making such an investment should consult an authorised person specialising in advising on such 
  investments. This announcement does not constitute a recommendation concerning the Issue. The value of New   
  Shares can decrease as well as increase. Potential investors should consult a professional advisor as to the 
  suitability of the Issue for the person concerned. Past performance or information in this announcement or any of 
  the documents relating to the Issue cannot be relied upon as a guide to future performance.

  Each of RBC and Barclays is authorised by the Prudential Regulation Authority (the "PRA") and regulated by the
  Financial Conduct Authority (the "FCA") and the PRA in the United Kingdom and each of Greencoat Capital LLP
  and Winterflood is authorised and regulated in the United Kingdom by the FCA, and is acting exclusively for the 
  Company and no-one else in connection with the Issue and Admission. They will not regard any other person as 
  their respective clients in relation to the Issue and Admission and will not be responsible to anyone other than 
  the Company for providing the protections afforded to their respective clients, nor for providing advice in relation
  to the Issue and Admission, the contents of this announcement or any transaction, arrangement or other
  matter referred to herein.

  In connection with the Issue and the Admission, each of RBC, Barclays and Winterflood and any of their 
  respective affiliates, acting as investors for their own accounts, may purchase New Shares and in that capacity 
  may retain, purchase,sell, offer to sell or otherwise deal for their own accounts in such New Shares and other 
  securities of the Company or related investments in connection with the Issue and the Admission or otherwise. 
  Accordingly, references in the Prospectus, to the New Shares being issued, offered, subscribed, acquired, placed 
  or otherwise dealt in should be read as including any issue or offer to, or subscription, acquisition, placing or
  dealing by any of RBC, Barclays and Winterflood and any of their affiliates acting as investors for their own 
  accounts. RBC, Barclays and Winterflood do not intend to disclose the extent of any such investment or 
  transactions otherwise than in accordance with any legal or regulatory obligations to do so.

  None of the Company, Greencoat Capital LLP, RBC, Barclays and Winterflood and any of their respective  
  affiliates accepts any responsibility or liability whatsoever for/or makes any representation or warranty, express 
  or implied, as to this announcement, including the truth, accuracy or completeness of the information in this 
  announcement (or whether any information has been omitted from the announcement) or any other information
  relating to the Company, its subsidiaries or associated companies, whether written, oral or in a visualor 
  electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use 
  of the announcement or its contents or otherwise arising in connection therewith. None of the information
  contained in this announcement has been independently verified or approved by RBC, Barclays and Winterflood or
  any of their respective affiliates.

  The Company, Greencoat Capital LLP, RBC, Barclays and Winterflood and their respective affiliates accordingly 
  disclaim all and any liability whether arising in tort, contract or otherwise which they might otherwise have in 
  respect of this announcement or its contents or otherwise arising in connection therewith.

  This announcement may include statements that are, or may be deemed to be, "forward-looking statements".
  These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond 
  the Company's control and all of which are based on the Company's board of directors' current beliefs and 
  expectations about future events. These forward-looking statements may be identified by the use of forward 
  looking terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "expects",
  "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology, 
  or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking 
  statements include all matters that are not historical facts. Forward-looking statements may and often do differ 
  materially from actual results. Any forward-looking statements reflect the Company's current view with respect to
  future events and are subject to risks relating to future events and other risks, uncertainties and assumptions 
  relating to the Company's business, the results of operations, financial condition prospects, growth and dividend 
  policy of the Company and the industry in which it operates. Forward- looking statements speak only as of the
  date they are made and cannot be relied upon as a guide to future performance. In addition, from time to time,
  the Company or its representatives have made or may make forward-looking statements orally or in writing.
  Furthermore, such forward-looking statements may be included in, but are not limited to, press releases or oral   
  statements made by or with the approval of an authorised executive officer of the Company.

These forward-looking statements and other statements contained in this announcement regarding matters that
are not historical facts involve predictions. No assurance can be given that such future results will be achieved; 
actual events or results may differ materially as a result of risks and uncertainties facing the Company. Such 
risks and uncertainties could cause actual results to vary materially from the future results indicated, expressed or implied in such forward-looking statements. Forward looking statements speak only as of the date of this announcement.

No statement in this announcement is intended as a profit forecast or a profit estimate and no statement in this announcement should be interpreted to mean that earnings per share for the current or future financial years would necessarily match or exceed the historical published earnings per share. Prices and values of, and income from, shares may go down as well as up and an investor may not get back the amount invested.

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.

  Certain figures contained in this announcement, including financial information, have been subject to rounding   
  adjustments. Accordingly, in certain instances, the sum or percentage change of the numbers contained in this 
  document may not conform exactly with the total figure given.

 

END

 

 

ROIUUAUROSAUAUA