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Thursday 08 October, 2020

RBC Europe Ltd

Sale of existing shares in Greencoat Renewables

RNS Number : 5594B
RBC Europe Ltd
08 October 2020
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, INTO OR IN THE UNITED STATES, CANADA, AUSTRALIA, SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH OFFERS OR SALES WOULD BE PROHIBITED BY APPLICABLE LAW. THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR FORM AN OFFER OR THE SOLICITATION OF AN OFFER TO BUY IN ANY JURISDICTION, NOR SHALL THERE BE ANY SALE, OF THE SECURITIES REFERRED TO HEREIN IN THE UNITED STATES, CANADA, AUSTRALIA, SOUTH AFRICA, JAPAN OR ANY OTHER JURISDICTION IN WHICH SALES WOULD BE PROHIBITED BY APPLICABLE LAW.

PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT.

8 October 2020

 

Sale of 45.6 million existing ordinary shares in Greencoat Renewables Plc

 

The Ireland Strategic Investment Fund ("ISIF" or the "Seller"; managed and controlled by the National Treasury Management Agency) announces its intention to sell approximately 45.6 million existing ordinary shares (the "Placing Shares") in Greencoat Renewables Plc ("Greencoat Renewables") by way of an accelerated bookbuild (the "Placing"). The Placing Shares represent approximately 7.2% of Greencoat Renewables' issued share capital and following completion of the Placing, ISIF will hold approximately 30.4 million shares which will be subject to a lock up agreement of 180 days. RBC Europe Limited ("RBC Capital Markets") is acting as sole bookrunner on the Placing.

 

The price per Placing Share will be determined by way of an accelerated bookbuilding process to institutional investors. The bookbuilding period will commence immediately and may close at any time on short notice. The results of the Placing will be announced as soon as practicable after the closing of the bookbuilding process.

 

Greencoat Renewables will not receive any proceeds from the Placing.

 

Enquiries

 

RBC Capital Markets (+4420 7653 4000)

Duncan Smith / Jonathan Hardy / Max Avison / Kathryn Deegan

 

Important Notice

 

Issued by RBC Europe Limited ("RBC") to professional investors only. RBC is acting on behalf of Seller(s) in relation to the offer and no-one else and will not be responsible to anyone other than the Seller(s) for providing the protections offered to clients of RBC nor for providing advice in relation to such offer.

 

This is an undocumented offer so no offering circular or prospectus has been or will be prepared or provided in connection with the offer and sale of the relevant securities. RBC has not, nor will it be providing, any information regarding the securities or the issuer.  Anyone purchasing the securities must make their own investment decision based on their own knowledge and public information they may have with respect to the issuer and the securities.

 

This document is not and should not be construed as an offer to sell or the solicitation of an offer to buy any securities. RBC does not accept any liability whatsoever for any direct or consequential loss arising from the use of this document.

 

The securities referred to herein have not been registered under the Securities Act and may not be offered or sold in the United States except pursuant to Regulation S under the Securities Act. Nothing in this communication shall constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction in which such offer or sale would be unlawful.

 

Solely for the purposes of the product governance requirements of Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID II") and local implementing measures, and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the Product Governance Requirements) may otherwise have with respect thereto, the securities have been subject to a product approval process, which has determined that such securities are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the "Target Market Assessment"). Notwithstanding the Target Market Assessment, Distributors should note that: the price of the securities may decline and investors could lose all or part of their investment; the securities offer no guaranteed income and no capital protection; and an investment in the securities is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to any contractual, legal or regulatory selling restrictions in relation to the Offer. Furthermore, it is noted that, notwithstanding the Target Market Assessment, RBC will only procure investors who meet the criteria of professional clients and eligible counterparties.

 

For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the securities. Each Distributor is responsible for undertaking its own target market assessment in respect of the securities and determining appropriate distribution channels.

 

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