Greencoat UK Wind has announced a new programme of share issuance that is to be conducted over the next 12 months through a number of tranches. The initial placing and the initial offer for subscription launchi today (Thursday 2 March 2019). The company says that a prospectus, relating to the Share Issuance Programme, is expected to be published shortly.
Under the Share Issuance Programme, the Company may issue up to 500 million new ordinary shares over the next 12 months. The net proceeds from the Initial Tranche are expected to be used to pay back amounts owed under the Company’s Facility Agreement (as defined in the Prospectus). The net proceeds from each subsequent tranche under the Share Issuance Programme will be used to (i) pay back amounts outstanding under the Facility Agreement and/or (ii) apply proceeds directly to make further investments.
Tim Ingram, Chairman of the Company, said:
“Following our investment in the high quality Stronelairg and Dunmaglass wind farms, and the imminent purchase of the Tom nan Clach wind farm, the share issuance programme launched today will enable the Company to pay down debt and continue to capitalise on the strong pipeline of acquisition opportunities in the UK wind farm secondary market.
Given the size and scale the Company has attained over recent years, UKW is well placed to make value-accretive acquisitions and further enhance returns for our shareholders.”
About Greencoat UK Wind
Greencoat UK Wind Plc has been listed on the main market of the London Stock Exchange since 27 March 2013 (it has a premium main market listing). The company invests in operating UK wind farms to provide shareholders with a sustainable and transparent income stream through an annual dividend payment. Given the nature of the Company’s income streams, the company’s Board intends to increase the dividend in line with Retail Price Index (RPI) 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. Greencoat UK Wind invests in wind farm projects predominantly with a capacity of over 10 MW. The substantial majority of the portfolio will be operating UK wind farm projects.
Dear Sirs
As I pretend to make some investments in the Greencoat Wind stock, I ask you if you will please so kind and send me the last annual and quarterly letters of the shareholder communication.
Thanks in advance and kindly regards
Manfred Kratzenberg
Hi Manfred, the annual accounts are available under the documents tab on our page for Greencoat UK Wind – just click on Greencoat UK Wind in pink above – the quarterly NAV announcements are on the company’s website – there is a link for this on our page as well.