Greencoat UK Wind to up its Clyde wind farm stake – Greencoat UK Wind says that it intends to exercise its option to increase its shareholding in the Clyde wind farms to 28.2%. This will cost it GBP114.2 million and, therefore Greencoat intends to raise up to GBP118.8 million through a placing of new ordinary shares by way of a non pre-emptive issuance to institutional investors.
GLIL Infrastructure LLP will also be exercising its option to increase its shareholding in Clyde to 21.7% at the same time. The purchase of UKW’s further Clyde shareholding will complete on 30 May 2018.
Greencoat will place up to 101,576,695 new ordinary shares (under the authority granted at the annual general meeting on 30 April 2018) at an issue price of 117p. The issue price of 117p represents a discount of 2.6% to the closing share price on 4 May 2018 (adjusted for the 1.69p per share dividend) and a premium of 3.9% to the last reported NAV (ex-dividend) of 112.6p per share (as at 31 March 2018). It is expected that admission will become effective, and that dealings in the placing shares on the main market will commence, on or around Tuesday, 22 May 2018.
The company issued a prospectus relating to a share issuance programme of up to 500 million shares on 12 October 2017 and issued 290,598,295 shares under the initial placing under this programme. In view of the above placing, the directors have decided to bring forward the closing date of the programme to 8 May 2018.
UKW : Greencoat UK Wind to up its Clyde wind farm stake