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Renewable Energy Gen (WIND)

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Tuesday 10 March, 2015

Renewable Energy Gen

Potential ZDP Shares

RNS Number : 9631G
Renewable Energy Generation Ltd
10 March 2015
 

10 March 2015

 

Renewable Energy Generation Limited

 

Potential Zero Dividend Preference Share Issue

 

The Board of Renewable Energy Generation Limited ("REG" or the "Company") is actively considering an issue of Zero Dividend Preference shares ("ZDP Shares") as a financing option to augment its existing cash resources, which are in excess of £20 million, along with current non-recourse project financing from the banking sector.

 

The purpose of the new finance will be to expedite construction of projects within its wind development portfolio in order that they can be delivered under the Renewables Obligation regime.

 

If the Board determines to proceed with the issue of ZDP Shares it will not aim to raise more than £30 million, with the terms of the ZDP Shares being consistent with current market parameters. The intention of the issue will be to deliver enhanced returns for ordinary shareholders.

 

A further update will be provided in due course, after discussions with shareholders and investors. A decision to issue the ZDP Shares would be subject to the approval of existing ordinary shareholders in a general meeting.

 

Enquiries:




Renewable Energy Generation Limited

Andrew Whalley, Chief Executive Officer

David Crockford, Finance Director

Ian Lawrence, Communications Manager

+44 (0)1483 901 796



Cenkos (Placing Agent and Financial Adviser)

Will Rogers

Sapna Shah

Bobbie Hilliam

+44 (0)20 7397 8900



Smith & Williamson Corporate Finance Limited

(Nominated Adviser)

Martyn Fraser

+44 (0)117 376 2213

 

 

Notes to editors

 

Renewable Energy Generation Ltd (REG) is an AIM listed renewable energy group. Its main business is the development, construction and operation of wind farms and generating power from refined used cooking oil.

 

REG Windpower: based in Truro, Bath and Guildford, UK, it currently operates 11 wind projects in Cambridgeshire, Cornwall, County Durham, Yorkshire, Lancashire, Cumbria and Gwynedd, with a total capacity of 34.7MW as well as 3 projects on behalf of its partner BlackRock totalling 28MW. REG has around 200MW of projects in the planning system awaiting consent.

 

REG Bio-Power UK Ltd: based in Nottingham, UK: it operates 26MW of electricity generation plant powered by fuel recovered from used cooking oil.

 

Headquartered in Jersey, REG was admitted to trading on AIM, a market operated by the London Stock Exchange, in May 2005 (AIM: WIND).


This information is provided by RNS
The company news service from the London Stock Exchange
 
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