Ecofin Water & Power Opportunities has announced the successful placement of its entire equity holding in Direct Energie, representing 4.37% of Direct Energie’s share capital.
Pursuant to the placing, the sale of this holding, which represented 8.2% of the Company’s portfolio at 15 June, 2016, will raise GBP34.9 million. By 15 June, 2016, the shares had appreciated 41% since the Company’s half-year end on 31 March, 2016 and by over 100% during the previous 12 months.
The net asset value of the Company’s Ordinary Shares was 149.80p as at 15 June, 2016. The impact of this disposal on the net asset value of the Company’s Ordinary Shares is a reduction of approximately 1.6%. The holding was placed at a discount (about 20% on our calculations) to the previous day’s closing market price owing to the small free float and limited liquidity in Direct Energie’s shares.
ECWO : Ecofin Water & Power sells Direct Energie stake