Source - RNS
RNS Number : 3861I
AIM
19 June 2017
 

ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION IN ACCORDANCE WITH RULE 2 OF THE AIM RULES FOR COMPANIES ("AIM RULES")


COMPANY NAME:

 

Greencoat Renewables PLC ("Greencoat Renewables" or the "Company")

 

COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY TRADING ADDRESS (INCLUDING POSTCODES) :

 

Registered Office: Riverside One, Sir John Rogerson's Quay, Dublin 2, Ireland

 

COUNTRY OF INCORPORATION:

 

Ireland

 

COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED BY AIM RULE 26:

 

www.greencoat-renewables.com

 

COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF OPERATION) OR, IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITS INVESTING POLICY).  IF THE ADMISSION IS SOUGHT AS A RESULT OF A REVERSE TAKE-OVER UNDER RULE 14, THIS SHOULD BE STATED:

 

Greencoat Renewables is a recently incorporated Irish public limited company. The Company's objective is to build a portfolio of operating renewable electricity generation assets, initially investing in wind generation assets in Ireland.

 

The Company is an Investing Company for the purposes of Rule 8 of the AIM Rules and accordingly will operate in accordance with its stated investing policy (the "Investment Policy").

 

The Company is managed on a day-to-day basis by Greencoat Capital LLP (the "Investment Manager"), a proven renewable infrastructure investment manager.  The Investment Manager will provide investment management services to the Company in accordance with the Investment Policy, subject to the overall supervision and direction of the Board. The Board will monitor the Investment Manager's performance and retains the ability to make decisions with respect to certain matters, including significant acquisitions and the Company's funding requirements.

 

The Company has been established by the Investment Manager to give investors exposure to operational renewable energy infrastructure assets denominated in euros. The Board and the Investment Manager believe there is a significant opportunity to consolidate ownership of operational wind farms in Ireland over the short to medium term and, in due course, to diversify the portfolio through acquisitions of further renewable energy infrastructure assets in certain other relevant countries within the Eurozone.

 

The Company acquired its seed portfolio from Brookfield Renewables Ireland in March 2017 comprising two operating Irish wind farms with an aggregate operating capacity of 137MW. Knockacummer wind farm in Co. Cork has an operating capacity of 100MW and Killhills wind farm in Co. Tipperary has an operating capacity of 37MW.

 

Over a long term horizon the Company's aim is to provide investors with an annual dividend per ordinary share that increases progressively while growing the capital value of its investment portfolio.  The Company is targeting an annualised dividend of €0.06 per ordinary share of nominal value of €0.01 each from Admission1,2.

 

The Company is targeting an IRR of 7 to 8 per cent. (net of expenses and fees) on the  issue price of €1.00 per  ordinary share to be achieved over the longer term via active management of the investment portfolio, reinvestment of excess cash flows and the prudent use of leverage1. The Company intends to hold assets in its investment portfolio for the long term.

 

In order to achieve its investment objective, the Company will invest principally in euro denominated operational renewable electricity generation assets in certain countries within the Eurozone (being Ireland, Belgium, Finland, France, Germany and the Netherlands). The Company will initially focus on investing in wind generation assets in Ireland, where it has acquired the seed portfolio and where the Board and the Investment Manager believe there is an attractive opportunity to consolidate onshore wind generation assets.

 

Over time, the Company aims to achieve diversification principally through investing in a growing portfolio of assets across a number of distinct geographies and a mix of renewable energy technologies.

 

1. These are targets only and not profit forecasts. There can be no assurance that these targets can or will be met and they should not be seen as an indication of the Company's expected or actual results or returns. Accordingly, investors should not place any reliance on these targets or assume that the Company will make any distributions at all in deciding whether to invest in ordinary shares.

 

2. In order to pay a dividend, the Company will need to have sufficient distributable reserves, which will be dependent upon the approval of the High Court of Ireland, or the generation of realised profits following admission. The Company expects to make an application to the High Court of Ireland by the end of 2017.

 

DETAILS OF SECURITIES TO BE ADMITTED INCLUDING ANY RESTRICTIONS AS TO TRANSFER OF THE SECURITIES (i.e. where known, number and type of shares, nominal value and issue price to which it seeks admission and the number and type to be held as treasury shares):

 

Up to 250 million ordinary shares of nominal value €0.01 each. The issue price of each ordinary share will be €1.00.

 

There are no restrictions on the transfer of securities to be admitted.

 

CAPITAL TO BE RAISED ON ADMISSION (IF APPLICABLE) AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION:

 

The Company expects to raise up to €250 million through subscriptions of ordinary shares by certain investors and through a placing.

 

On admission, by reference to the issue price, it is expected that the market capitalisation of the Company will be approximately €250 million.

 

PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION:

 

TBC%

 

 

DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM TO WHICH THE AIM COMPANY HAS APPLIED OR AGREED TO HAVE ANY OF ITS SECURITIES (INCLUDING ITS AIM SECURITIES) ADMITTED OR TRADED:

 

Application will be made to have the ordinary shares admitted to the Enterprise Securities Market of the Irish Stock Exchange (ESM)

 

FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS (underlining the first name by which each is known or including any other name by which each is known):

 

Ronan Murphy (Non-Executive Chairman)

Kevin  McNamara (Non-Executive Director)

Emer Gilvarry (Non-Executive Director)

 

FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE CAPITAL, BEFORE AND AFTER ADMISSION (underlining the first name by which each is known or including any other name by which each is known):

 

 Name

% Issued Share Capital

Before Admission

% Issued Share Capital

After

 Admission

 

Greencoat Capital (Ireland) Limited

100%

TBC%3

 

The National Treasury Management Agency as controller and manager of the Ireland Strategic Investment Fund ("ISIF")

 

 

 

-

 

 

 

TBC%

 

Allied Irish Banks, p.l.c. ("AIB")

 

-

 

TBC%




 

AIB has committed to subscribe for between 10 million and 25 million ordinary shares and ISIF has committed to subscribe for between 76 million and 80 million ordinary shares.

 







3. Greencoat Capital LLP, and certain persons connected with it, will on Admission hold c.0.2%, based on a deed of subscription for 600,000 ordinary shares. Greencoat Capital (Ireland) Limited is a wholly owned subsidiary of Greencoat Capital LLP.

 

NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES:

 

TBC

 

(i)         ANTICIPATED ACCOUNTING REFERENCE DATE

(ii)        DATE TO WHICH THE MAIN FINANCIAL INFORMATION IN THE ADMISSION DOCUMENT HAS BEEN PREPARED (this may be represented by unaudited interim financial information)

(iii)       DATES BY WHICH IT MUST PUBLISH ITS FIRST THREE REPORTS PURSUANT TO AIM RULES 18 AND 19:

 

(i)         31 December

(ii)        31 March 2017

(iii)       31 December 2017 (in respect of 6 months ended 30 September 2017), 30 June 2018 (in respect of year ended 31 December 2017), 30 September 2018 (in respect of 6 months ended 30 June 2018)

 

 

EXPECTED ADMISSION DATE:

 

Mid July 2017

 

NAME AND ADDRESS OF NOMINATED ADVISER:

 

Davy Corporate Finance

Davy House

49 Dawson Street

Dublin 2

Ireland

 

NAME AND ADDRESS OF BROKER:

 

Davy

Davy House

49 Dawson Street

Dublin 2

Ireland

 

RBC Capital Markets

Riverbank House

2 Swan Lane

London EC4R 3BF

UK

 

OTHER THAN IN THE CASE OF A QUOTED APPLICANT, DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM, WITH A STATEMENT THAT THIS WILL CONTAIN FULL DETAILS ABOUT THE APPLICANT AND THE ADMISSION OF ITS SECURITIES:

 

Copies of the admission document will be available for download at www.greencoat-renewables.com from the date of admission. The admission document will contain full details about the applicant and the admission of its securities.

 

DATE OF NOTIFICATION:

 

19 June 2017

 

NEW/ UPDATE:

 

New

 

 

 


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