Net Asset Value, Dividend and Share Issuance

RNS Number : 3379N

Greencoat UK Wind PLC

25 October 2016

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, BY ANY MEANS OR MEDIA, IN OR INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, OR THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

This announcement is an advertisement and not a prospectus. Investors should not purchase or subscribe for any transferable securities referred to in this announcement except on the basis of information contained in the Prospectus (defined below) published by Greencoat UK Wind plc ("UKW" or the "Company") in connection with the second placing and second offer for subscription of New Ordinary Shares pursuant to the Company's share issuance programme announced on 18 April 2016 (the "Share Issuance Programme") and the admission of any New Ordinary Shares issued pursuant to the second placing and second offer for subscription to the premium segment of the Official List of the Financial Conduct Authority and to trading on London Stock Exchange plc's main market for listed securities. The prospectus published in connection with the Company's share issuance programme comprises the registration document published by the Company on 18 April 2016, the new securities note and summary expected to be published by the Company on 25 October 2016  (the "Prospectus"). This announcement is not an offer to sell, or a solicitation of an offer to acquire, securities in the United States or in any other jurisdiction. Neither this announcement nor any part of it shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever.

25 October 2016

Greencoat UK Wind

Announcement of Net Asset Value and Dividend and Launch of Second Issue under Share Issuance Programme

Greencoat UK Wind plc (the "Company" or "UKW"), the leading listed renewable infrastructure fund, invested in operating UK wind farms, today announces the launch of the Second Issue under its Share Issuance Programme (announced 14 April 2016). The proceeds will be used to pay down the Company's Revolving Facility Agreement enabling UKW to pursue a pipeline of attractive investment opportunities.

Commenting on today's announcement, Tim Ingram, Chairman of UKW, said: "I'm pleased to report another period of continued good performance, which underlines UKW's sector leading returns. The Second Issue under our Share Issuance Programme, which we announce today, offers investors an attractive investment opportunity in today's ongoing low interest rate environment."

Net Asset Value and Dividend

Unaudited NAV as of 30 September 2016 was £646.7 million (107.3p per share), which reflects an increase in the long term power price. The Company's September 2016 Factsheet is available on the Company's website, www.greencoat-ukwind.com.

The quarterly interim dividend for the period from 1 July to 30 September 2016 will be 1.585p per share. The dividend will be paid on 25 November 2016, with an ex-dividend date of 10 November 2016 and a record date of 11 November 2016.

The Share Issuance Programme

Following its initial public offering in March 2013, the Company has continued to deliver on its objectives and strategy, achieving the following key milestones:

·      Paid or declared 11 dividends equivalent to 21.7p; a total of £95.7 million; increasing the dividend by RPI every year

·      Grown Net Asset Value ("NAV") per ordinary share by c. 8% for the period since listing to 30 September 2016

·      Made 19 wind generation asset investments totalling net generating capacity of 420MW and Gross Asset Value of £891.7 million

The Board believes that the Programme offers significant benefits for all Shareholders and the Company, the proceeds of which will allow UKW to reduce borrowings under the Company's Revolving Facility Agreement and enable the Company to access a pipeline of attractive investment opportunities.

UKW has outstanding borrowings of £145 million under its Revolving Facility Agreement and £100 million under its Long Term Facility Agreement, equivalent to 27% of Gross Asset Value (total gearing limited to 40%).

The Second Issue

·      UKW will issue new ordinary shares by way of a placing and initial offer for subscription (together, the "Second Issue") at an issue price of 110p per share (new ordinary shares will be ex-dividend)

·      The closing share price as at 24 October 2016, being the last trading day prior to the announcement of the Company's intention to undertake the proposed fundraising, was 116.8p (equivalent to 115.2p ex-dividend)

·      The Company's unaudited NAV per share as at 30 September 2016 was 107.3p (105.7p ex-dividend)

Expected Timetable of Share Issue

All references to times in this Announcement are to London times, unless otherwise stated.

Prospectus expected to be published	25 October 2016
Offer for Subscription opens	1 November 2016
Placing opens	1 November 2016
Latest time and date for receipt of applications under the offer for subscription	1:00 p.m. on 15 November 2016
Latest time and date for receipt of commitments under the placing	3:00 p.m. on 17 November 2016
Announcement of the results of the Second Issue	18 November 2016
Admission to the Official List and commencement of dealings on the London Stock Exchange	8:00 a.m. on 22 November 2016
Share Issuance Programme closes	17 April 2017

A further announcement will be made upon publication of the Prospectus.

RBC Europe Limited (trading as RBC Capital Markets) is acting as sponsor and bookrunner to the Company and Kepler Partners LLP is acting as placing agent with regards to the Second Issue.

For further information, please contact:

Greencoat UK Wind	020 7832 9425
Stephen Lilley
Laurence Fumagalli
RBC Capital Markets (Sponsor and Bookrunner)	020 7653 4000
Darrell Uden Duncan Smith
Matthew Coakes
Kepler Partners (Placing Agent) Hugh van Cutsem	020 3384 8796
Tulchan Communications	020 7353 4200
Stephen Malthouse

Notes to Editors

Greencoat UK Wind PLC is the leading listed renewable infrastructure fund, invested in nineteen operating UK wind farms with net generating capacity of 420 MW.  The Company's aim is to provide investors with an annual dividend that increases in line with RPI inflation (6.34p for 2016) while preserving the capital value of its investment portfolio in the long term on a real basis through reinvestment of excess cash flow and the prudent use of portfolio leverage.

UKW is managed by an experienced team of senior executives from Greencoat Capital LLP, the cleantech and renewables focused investment management firm, and overseen by a strong and experienced independent board.

UKW is incorporated in England and Wales and is a UK Investment Trust.

For more information about UKW, please visit http://www.greencoat-ukwind.com

For more information about Greencoat Capital LLP, please visit http://www.greencoat-capital.com

This announcement and the information contained herein is not for release, publication or distribution, directly or indirectly, in whole or in part, in or into or from the United States, Canada, Australia, Japan, the Republic of South Africa or any other jurisdiction where to do so might constitute a violation of the relevant laws or regulations of such jurisdiction.

This announcement does not constitute or form part of any offer to sell, or any solicitation of an offer to buy, securities in the United States. Securities may not be offered or sold in the United States absent (i) registration under the Securities Act or (ii) an available exemption from registration under the Securities Act. The new ordinary shares have not been and will not be registered under the Securities Act or under the securities laws of any state or other jurisdiction of the United States and may not be offered, sold, resold or delivered, directly or indirectly, in or into the United States absent registration except pursuant to an exemption from or in a transaction not subject to the registration requirements of the Securities Act. No public offering of the new ordinary shares is being made in the United States.

This announcement does not constitute an offer to sell or issue or a solicitation of an offer to buy or subscribe for new ordinary shares in any jurisdiction including, without limitation, the United States, Canada, Australia, Japan, the Republic of South Africa or any other jurisdiction in which such offer or solicitation is or may be unlawful (a "Prohibited Jurisdiction"). This announcement and the information contained herein are not for publication or distribution, directly or indirectly, to persons in a Prohibited Jurisdiction unless permitted pursuant to an exemption under the relevant local law or regulation in any such jurisdiction. No action has been taken by the Company, RBC Capital Markets (RBC) or any of their respective affiliates that would permit an offer of the new ordinary shares or possession or distribution of this announcement or any other publicity material relating to such new ordinary shares in any jurisdiction where action for that purpose is required. Persons receiving this announcement are required to inform themselves about and to observe any such restrictions.

This announcement and any offer if made subsequently is subject to the Alternative Investment Fund Managers Directive ("AIFMD") as implemented by Member States of the European Economic Area. Outside of the United Kingdom, this announcement and any offer if made subsequently is directed only at professional investors in the following member states: Ireland, Belgium, Germany and the Netherlands (together with the United Kingdom, the "Eligible Member States"). The Investment Manager has not registered a passport for marketing under the passporting programme set out in the AIFMD in any other member state (each an "Ineligible Member State"). This announcement may not be distributed in any Ineligible Member State and no offers subsequent to it may be made or accepted in any Ineligible Member State. The attention of all prospective investors is drawn to disclosures required to be made under the AIFMD which are set out on the Company's website (including as set out in its most recent prospectus and annual report and accounts), which will also set out (if applicable) any periodic updates required under the rules in the FCA's Handbook (FUND 3.2.5R and 3.2.6R).

This announcement is directed at and is only being distributed to: (A) persons in member states of the European Economic Area who are "qualified investors", as defined in article 2.1(e) of the Prospective Directive (Directive 2003/71/EC) as amended, (B) if in the United Kingdom, persons who (i) have professional experience in matters relating to investments who fall within the definition of "investment professionals" in article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 as amended (the "FPO") or fall within the definition of "high net worth companies, unincorporated associations etc" in article 49(2)(a) to (d) of the FPO and (ii) are "qualified investors" as defined in section 86 of FSMA or (C) otherwise to persons to whom it may otherwise lawfully be communicated (each, a "Relevant Person").  No other person should act or rely on this announcement and persons distributing this announcement must satisfy themselves that it is lawful to do so. By accepting the terms of this announcement, you represent and agree that you are a Relevant Person.

Persons (including, without limitation, nominees and trustees) who have a contractual or other legal obligation to forward a copy of this announcement should seek appropriate advice before taking any action.

Certain statements in this announcement are forward-looking statements which are based on the Company's expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts. These forward-looking statements, which may use words such as "aim", "anticipate", "believe", "intend", "estimate", "expect" and words of similar meaning, include all matters that are not historical facts. These forward-looking statements involve risks, assumptions and uncertainties that could cause the actual results of operations, financial condition, liquidity and dividend policy and the development of the industries in which the Company's businesses operate to differ materially from the impression created by the forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Given those risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required by the FCA, the London Stock Exchange or applicable law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Any indication in this announcement of the price at which the ordinary shares of the Company have been bought or sold in the past cannot be relied upon as a guide to future performance. Persons needing advice should consult an independent financial adviser. No statement in this announcement is intended to be a profit forecast and no statement in this announcement should be interpreted to mean that earnings per share of the Company for the current or future financial years would necessarily match or exceed the historical published earnings per share of the Company.

RBC, which is authorised in the United Kingdom by the Prudential Regulatory Authority and regulated by the FCA and the Prudential Regulatory Authority, which is authorised and regulated in the United Kingdom by the FCA are acting for UKW and for no one else in connection with the Share Issuance Programme and will not be responsible to anyone other than UKW for providing the protections afforded to their respective clients or for affording advice in relation to the Share Issuance Programme, or any other matters referred to herein.

The new ordinary shares to be issued pursuant to the Share Issuance Programme will not be admitted to trading on any stock exchange other than the London Stock Exchange.

Neither the content of the Company's website (or any other website) nor the content of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

 

END

 

 

IOEUSSARNRARUUA