Dublin-listed wind investor Greencoat Renewables is searching for to boost extra capital via a brand new share issuance program.
The proceeds might be utilized in half to refinance Greencoat’s revolving credit score facility because it considers additional acquisitions.
Greencoat has introduced that it’s going to problem as much as 400 million new shares in installments over the following 12 months, topic to shareholder approval, with an preliminary placement worth of € 1.11 per share.
This has the potential to dilute present holdings by greater than a 3rd. At the moment, Greencoat has simply over 741 million shares excellent.
The corporate stated it had “a number of engaging short-term funding alternatives into account in wind and photo voltaic belongings” in Eire and mainland Europe. He stated his acquisition pipeline exceeded “€ 1 billion in accretive alternatives.”
The proceeds from the preliminary placement will present the Firm with the flexibleness to “execute unique belongings, enhance optionality round belongings at superior phases of buying and selling and meet obligations beneath dedicated ahead promoting investments,” whereas preserving debt (at present 48%) inside the 40-60% goal vary, ”stated Greencoat.
The position worth represents a reduction of two.6% from the closing worth on Euronext Dublin on Friday, a reduction of three.3% from the shut of the London Inventory Alternate and a reduction of 5.5% from on the 30-day volume-weighted common worth of € 1.1742
“Over the previous yr, the corporate has constructed a superb platform for enlargement on the continent, with a really sturdy monetary place and long-term relationships of belief,” stated Non-Government Chairman Ronan Murphy .
“This share problem will enable additional value-creating development whereas sustaining leverage inside the goal vary. We sit up for persevering with to supply our confirmed mannequin to the European market. “
Shareholders will vote on the proposal at a unprecedented basic assembly on October 28, the corporate stated. He stated he plans to launch his NAV particulars on the finish of September in time for that assembly.
He stated that determine is anticipated to be according to the web asset worth on the finish of June, when it was introduced at 749.1 million euros, or 101.1 cents per share.